MIDLAND, Texas, July 21, 2014 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (Nasdaq:FANG) ("Diamondback" or the "Company") announced today the pricing of an underwritten public offering of 5,000,000 shares of its common stock at a price to the public of $87.00 per share. The underwriters have an option to purchase up to an additional 750,000 shares of common stock from Diamondback at the public offering price (less the underwriting discount). Net proceeds to Diamondback from the sale of the 5,000,000 shares of its common stock, after the underwriting discount and estimated offering expenses, will be approximately $421.7 million (or $484.9 million, if the underwriters exercise their option in full). Diamondback intends to use the net proceeds from this offering and borrowings under its revolving credit facility to fund its previously announced pending acquisition of certain leasehold interests in the Permian Basin (the "Pending Acquisition"). To the extent the Pending Acquisition is not consummated, or the actual purchase price is less than the net proceeds from this offering, Diamondback intends to use any remaining net 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. The offering is expected to close on July 25, 2014, subject to customary closing conditions. Credit Suisse Securities (USA) LLC is acting as sole book-running manager for the offering. Copies of the preliminary prospectus supplement for the offering may be obtained on the website of the Securities and Exchange Commission, www.sec.gov or by contacting Credit Suisse Securities (USA) LLC, Prospectus Department (1-800-221-1037), at One Madison Avenue, New York, New York 10010. The common stock will be issued and sold pursuant to an effective automatic shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission.