Diamondback Energy Inc (FANG)

[Wildbilly]

Diamondback Holders Cash Out After Spin-Off


17:00 EDT - Diamondback Energy (FANG) investors Wexford Capital and Gulfport Energy (GPOR) are selling 2M shares in the Texas oil driller, on the heels

of Diamondback's well-received spinoff of its mineral rights unit Viper Energy (VNOM) last week. FANG bought some mineral rights--claims to royalties on

sales of energy pumped from beneath a swath of Texas land--for $440M in September and spun them out via the IPO of VNOM, which was valued at $1.98B

in its debut. Not a bad trade. Thanks to FANG's dealmaking and surging production from its own oil wells, its shares are up 73% YTD.

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(END) Dow Jones Newswires
June 23, 2014 17:00 ET (21:00 GMT)
Copyright (c) 2014 Dow Jones & Company, Inc.- - 05 00 PM EDT 06-23-14



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