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. Acquisition Highlights:
- 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).
- 396 gross identified potential horizontal drilling locations
- 256 net identified potential horizontal drilling locations
|Acreage Breakdown by County|