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Diamondback Energy, Inc. Announces First Quarter 2014 Financial And Operating Results

MIDLAND, Texas, May 7, 2014 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (Nasdaq:FANG) ("Diamondback" or the "Company") today announced financial and operating results for the first quarter ended March 31, 2014.

During the first quarter of 2014, net income was $23.6 million, or $0.48 per diluted share. Net income for the first quarter includes a non-cash loss on commodity derivatives of $3.3 million ($2.1 million net of tax), or $0.04 per diluted share. Without the impact of this item, net income for the first quarter of 2014 would have been $25.7 million, or $0.53 per diluted share.

HIGHLIGHTS

  • The Gridiron N 1H Wolfcamp B well in Midland County, with a 8,785 foot lateral, achieved a flowing peak 24 hour initial production ("IP") 2-stream rate of 2,757 boe/d (91% oil). The 30 day flowing average to date is 1,991 boe/d (87% oil).  
  • The ST NW 25-1LS, Diamondback's first operated Lower Spraberry horizontal well in Midland County, with a 4,418 foot lateral, achieved a 24 hour 2-stream IP rate to date of 1,049 boe/d (92% oil) on ESP. The Company is currently in early stages of flowback on its first horizontal lower Spraberry test in Upton County.  
  • As previously reported, the ST 4504H Wolfcamp B well in Midland County, with a 5,041 foot lateral, achieved a peak 24 hour IP 2-stream rate of 1,454 boe/d (86% oil) on electric submersible pump ("ESP") with a peak 30 day 2-stream rate of 866 boe/d (82% oil).  
  • The Kent CSL 17-1H Wolfcamp B well in Dawson County, with a 8,543 foot lateral, achieved a peak 24 hour IP 2-stream rate of 541 boe/d (92% oil) on ESP.  
  • As previously reported in the Company's interim operational update, Q1 2014 production increased 30% to 13.6 Mboe/d from Q4 2013.  
  • EBITDA (as defined below) for the first quarter of 2014 was $81.3 million.  
  • Diamondback's agent lender under its revolving credit facility has approved a borrowing base increase of 100% to $450 million based on current oil and gas reserves.

"2014 is off to a really good start with our fourth consecutive quarter of double digit volume growth and continued achievement of execution milestones. We are very excited about our Gridiron N 1H Wolfcamp B well in Midland County which is our best well to date. This well has had cumulative production of almost 60 Mboe in 30 days and is still flowing back up casing with over 750 pounds of pressure due to facility constraints. We estimate that this roughly $9 million well could pay out in less than 120 days. This appears to be one of the top performing horizontal wells on a per foot basis in the Midland Basin," stated Travis Stice, Chief Executive Officer of Diamondback.

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