MIDLAND, Texas, April 10, 2014 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (Nasdaq:FANG) ("Diamondback" or the "Company") today announced updated guidance for the full year of 2014 to reflect its recent acquisition in southwest Martin County and provided an operational update for the quarter ended March 31, 2014.
- Q1 2014 production increased 30% to 13.6 Mboe/d from Q4 2013, with a quarter-end exit rate in excess of 16 Mboe/d.
- Full year 2014 production guidance increases 10% from 15 to 16 Mboe/d to 16 to 18 Mboe/d. This reflects an estimated 132% production growth year over year at the midpoint of the estimated production range, 2.5-3.0 Mboe/d of this production growth is estimated to come from our mineral interests.
- On February 28, 2014 Diamondback closed another accretive acquisition of 6,450 gross (4,785 net) acres in Martin County for an asset purchase price of $294.4 million from private sellers.
- Fifth horizontal rig added as planned.
- In Martin County:
--The Mabee Breedlove 22-1H well in northwest Martin County, with a 8,296 foot lateral, achieved a peak 24 hour initial production ("IP") rate of 1,029 boe/d (87% oil) on electric submersible pump ("ESP"), with a peak 30 day rate of 788 boe/d (85% oil).
--The Nail 2601H well in southern Martin County, with a 4,552 foot lateral, achieved a peak 24 hour IP rate 1,265 boe/d (87% oil) on ESP, with a peak 30 day rate of 832 boe/d (84% oil).
- In Upton County:
--The Charlotte B – 2H well, with a 9,995 foot lateral, achieved a peak 24 hour IP rate of 1,201 boe/d (89% oil) on ESP with a peak 30 day rate of 887 boe/d (88% oil). This well was drilled in the western block of the Company's Upton County acreage position.
- In Midland County:
--The ST 4504H well, with a 5,041 lateral length, achieved a peak 24 hour IP rate of 1,454 boe/d (86% oil).OPERATIONS UPDATE "We are encouraged by our continued horizontal well success across our acreage base and we are especially excited about our results further north in the Midland Basin. Early indications from the Mabee Breedlove 22-1H in northwest Martin County appear to better than industry offset wells by more than 25%. These early results appear to validate our production model on this acreage block acquired last year for considerably below current market prices," commented Diamondback CEO, Travis Stice. Stice continued, "We exited the quarter at more than 16 Mboe/d of production; however we continue to expect production variability going forward due to the effects of pad drilling."