MIDLAND, Texas, May 22, 2013 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (Nasdaq:FANG) ("Diamondback Energy") today announced the closing of an underwritten public offering of 5,175,000 shares of its common stock at a price of $29.25 per share, including the full exercise of 675,000 shares of common stock that were subject to the underwriters' 30 day option to purchase additional shares. Net proceeds to Diamondback Energy, after underwriting discounts and commissions and estimated expenses, are expected to be approximately $144.4 million. Diamondback Energy intends to use the net proceeds from the offering to repay in full all borrowings outstanding under its revolving credit facility, with the balance of the proceeds to fund a portion of its exploration and development activities and for general corporate purposes, which may include leasehold interest and property acquisitions and working capital. Credit Suisse Securities (USA) LLC acted as sole book-running manager for the offering. Copies of the prospectus for the offering may be obtained from Credit Suisse Securities (USA) LLC, Prospectus Department (1-800-221-1037), at One Madison Avenue, New York, New York 10010. The common stock was issued pursuant to registration statements which had become effective with the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. Copies of the registration statements can be accessed through the website of the Securities and Exchange Commission at www.sec.gov. About Diamondback Energy, Inc. Diamondback Energy is an independent oil and natural gas company focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. Diamondback Energy's activities are primarily focused on the Wolfcamp, Clearfork, Spraberry, Cline, Strawn and Atoka formations.