MIDLAND, Texas, Oct. 23, 2013 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (Nasdaq:FANG) ("Diamondback" or the "Company") today announced financial and operating guidance for the full year of 2014.
Diamondback is currently running three horizontal rigs and one vertical rig with a fourth rig expected to arrive in early November. The Company's acreage position has expanded substantially, and now stands at over 65,000 net acres. As a result of this growth, Diamondback's management team has been working diligently to accelerate its drilling plans into 2014 in order to continue and extend the Company's substantial production growth."We are encouraged that the successful results of our 2013 drilling program, as well as the results of our industry peers, have helped de-risked both Upton and Midland Counties for Wolfcamp B development. Further, our recent successes in Andrews County have added two additional development horizons in the Clearfork and Wolfcamp B shales," commented Diamondback CEO, Travis Stice. The Company closed on its acquisitions of 11,150 net acres in Martin and Dawson Counties in September 2013 and will be moving forward with drilling initial Wolfcamp B horizontal wells on this acreage late in the fourth quarter of 2013, with results expected in the first quarter of 2014. As reported on October 14, 2013, average production for the third quarter was in line with expectations at 7.4 MBoe/d. Average daily production almost doubled relative to the same period in the prior year and net production exceeded 10,000 Boe/d for the first time in early October. Full year 2013 production guidance has not been adjusted, but volumes are expected to be at the upper end of the 7.2 to 7.5 MBoe/d range, with December exit volumes anticipated to be in excess of 11.0 Mboe/d. The Company's 2013 development program has steadily shifted towards horizontal drilling throughout the year and it is anticipated that Diamondback will have drilled between 35 and 40 horizontal wells on its acreage position this year, spending between $290 million and $320 million as per guidance. "Well costs have continued to decline and we anticipate further progress in 2014," continued Travis Stice. "I have been very pleased by our team's execution in 2013 and am optimistic about our ability to delineate our expanded acreage position."