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Diamondback Energy Announces Closing Of Common Stock Offering

MIDLAND, Texas, Aug. 20, 2013 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (Nasdaq:FANG) ("Diamondback Energy") today announced the closing of an underwritten public offering of 4,000,000 shares of its common stock at a public offering price of $40.25 per share. The underwriters have a 30-day option to purchase up to an additional 600,000 shares from Diamondback Energy at the public offering price (less the underwriting discount).

Diamondback Energy received net proceeds (after underwriting discounts and commissions and estimated expenses) of approximately $154.3 million. If the underwriters' option to purchase additional shares is exercised in full, the aggregate net proceeds to Diamondback Energy are expected to be $177.4 million. Diamondback Energy intends to use the net proceeds from the offering to fund its pending acquisitions of additional acreage in the Permian Basin. To the extent the pending acquisitions are not consummated, or the applicable purchase prices are less than currently estimated, Diamondback Energy intends to use any remaining net proceeds from this offering to fund a portion of its exploration and development activities and for general corporate purposes, which may include leasehold interest and property acquisitions and working capital.

Credit Suisse Securities (USA) LLC acted as sole book-running manager for the offering. Copies of the prospectus for the offering may be obtained from Credit Suisse Securities (USA) LLC, Prospectus Department (1-800-221-1037), at One Madison Avenue, New York, New York 10010.

The common stock was issued pursuant to a registration statement on Form S-1, which has been declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. A copy of the registration statement can be accessed through the website of the Securities and Exchange Commission at www.sec.gov.

About Diamondback Energy, Inc.

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