MIDLAND, Texas, July 21, 2014 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (Nasdaq:FANG) ("Diamondback" or the "Company") today announced the Company has entered into a definitive purchase agreement with unrelated third party sellers to acquire additional leasehold interests in the Midland Basin for an aggregate purchase price of approximately $538 million, subject to certain adjustments. Upon completion, the acquisition will provide Diamondback with primarily operated leasehold interests, the majority of which are located in Midland and western Glasscock Counties.
- 16,773 gross (13,136 net) acres, 88% of which are operated
- Net production of approximately 2,173 BOE/d in May 2014 from 131 gross (94 net) producing wells.
- Net proved reserves, based on Diamondback's internal estimates as of June 2014, were approximately 5.2 MMBOE (on a 2-stream basis).
Diamondback expects horizontal development on this acreage to represent years of growth potential:
- 396 gross identified potential horizontal drilling locations
- 256 net identified potential horizontal drilling locations
|Acreage Breakdown by County|