Diamondback Energy Inc (FANG)

[Wildbilly]

FANG - (Diamondback Energy Q3 net income increases)


Nov 13, 2013 (MarketLine via COMTEX) -- Diamondback Energy, Inc., an oil and
natural gas acquisition, development, exploration and exploitation company, has
reported that net income for the third quarter ended September 30, 2013 was
$14.60 million, compared to $452,000 for the same quarter ended September 30,
2012.

Oil and natural gas revenues for the third quarter ended September 30, 2013 were
$57.79 million, compared to $16.81 million for the same quarter ended September
30, 2012.

Net income for the nine months ended September 30, 2013 was $34.46 million,
compared to $15.55 million for the same period ended September 30, 2012.

Oil and natural gas revenues for the nine months ended September 30, 2013 were
$132.09 million, compared to $49.19 million for the same period ended September
30, 2012.

Travis Stice, CEO of Diamondback, stated, "I'm proud of the quarterly results as
we again demonstrated our ability to reduce total well costs, reduce drilling
cycle time, reduce our operating expenses, and continue our production ramp. Our
cash margins during the third quarter were almost $70/boe and I believe we are
delivering results and returns to our stockholders that are among the best in
the Midland Basin.

"We are extremely excited about the early results from a test in the Middle
Spraberry zone in Midland County as a non-operated partner furthering our belief
that multiple shale benches are viable development horizons. These results have
meaningfully increased our identified potential Spraberry horizontal drilling
locations from 181 gross locations to 360 gross locations.

"Finally, our first 9,000 foot lateral was drilled and completed in Midland
County for $8.5 million and has the potential to be the best horizontal well to
date for Diamondback once placed on artificial lift. We have now drilled over
200,000 feet of horizontal laterals and remain encouraged by the success of our
development program. Our average production from these wells is performing at or
above the type curve we predicted."



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Source: Comtex Wall Street News