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MIDLAND, Texas, Oct. 14, 2013 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (Nasdaq:FANG) ("Diamondback") today announced that it is proud to celebrate two achievements: its one year anniversary as a public company, as well as achieving daily net production of more than 10,000 Boe on October 4, 2013 (which includes approximately 1.8 MBoe/d from the previously announced minerals acquisition).
"This achievement is a significant milestone that all of our employees, stockholders and other stakeholders can be proud of. Our team has worked hard during this past year to more than double our production and achieve exceptional execution throughout our operations. We are happy to report that our third quarter average net production was approximately 7.4 MBoe/d and our third quarter net exit rate was 9.8 MBoe/d. I am excited about continuing our remarkable growth trajectory," said Travis Stice, Diamondback's Chief Executive Officer.
Mr. Stice continued, "Looking back upon our plans and the state of the oil service industry when we went public one year ago, horizontal wells were taking more than a month to drill and today we are doing it in less than half that time. Drilling time for vertical wells are approaching one week; however, they continue to make up a smaller percentage of our drilling program, given the more favorable production rates and returns on investment we are seeing from our horizontal program. Similarly, we've made significant improvements to our cost structure, reducing lease operating expense to below $9/Boe during the third quarter of 2013 from over $18/Boe during the third quarter of 2012 by focusing on implementing best practices across the board. We acquired over $600 million of property and mineral interests in our most recent quarter, bolstering our future inventory and positioning Diamondback for significant growth. These improvements would not have been possible without the dedicated efforts of every individual on our team at Diamondback. I am optimistic about our future and look forward to many more accomplishments."