MIDLAND, Texas, Oct. 17, 2012 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (Nasdaq:FANG) ("Diamondback Energy") today announced the completion of its initial public offering of 12,500,000 shares of common stock at a public offering price of $17.50 per share (the "Diamondback Energy IPO"). Diamondback Energy's common stock commenced trading on The Nasdaq Global Select Market on October 12, 2012 under the ticker symbol "FANG." The closing of the Diamondback Energy IPO took place on October 17, 2012. The underwriters have a 30-day option to purchase from Diamondback Energy up to an additional 1,875,000 shares of common stock at the public offering price (less the underwriting discount). Net proceeds to Diamondback Energy from the sale of the shares of its common stock, after underwriting discounts and estimated expenses, are estimated to be approximately $204.6 million (or $235.3 million if the underwriters' option to purchase additional shares is exercised in full). On the closing date, Diamondback Energy repaid the outstanding borrowings under its revolving credit facility, repaid its note to Gulfport Energy Corporation ("Gulfport") in connection with Gulfport's contribution of its oil and natural gas interests in the Permian Basin to Diamondback Energy and satisfied its subordinated indebtedness owed to an affiliate of Wexford Capital LP in full. Diamondback Energy intends to use the remaining net proceeds to settle the existing crude oil swaps, fund a portion of Diamondback Energy's exploration and development activities and for general corporate purposes, which may include leasehold interest and property acquisitions, working capital and the settlement of the post-closing cash adjustment payable to Gulfport in connection with Gulfport's contribution to Diamondback Energy. Credit Suisse Securities (USA) LLC acted as book-running manager for the offering. Raymond James & Associates, Inc., Tudor, Pickering, Holt & Co. Securities, Inc., Wells Fargo Securities, LLC, Capital One Southcoast, Inc., Scotiabank / Howard Weil, Simmons & Company International, Sterne, Agee & Leach, Inc., SunTrust Robinson Humphrey, Inc. and Wunderlich Securities, Inc. served as co-managers.