Diamondback Energy Inc (FANG)

[Wildbilly]

Diamondback Energy Announces Closing of Common Stock Offering


MIDLAND, Texas, Aug 20, 2013 (GLOBE NEWSWIRE via COMTEX) -- Diamondback Energy,
Inc. (Nasdaq:FANG) ("Diamondback Energy") today announced the closing of an
underwritten public offering of 4,000,000 shares of its common stock at a public
offering price of $40.25 per share. The underwriters have a 30-day option to
purchase up to an additional 600,000 shares from Diamondback Energy at the
public offering price (less the underwriting discount).

Diamondback Energy received net proceeds (after underwriting discounts and
commissions and estimated expenses) of approximately $154.3 million. If the
underwriters' option to purchase additional shares is exercised in full, the
aggregate net proceeds to Diamondback Energy are expected to be $177.4 million.
Diamondback Energy intends to use the net proceeds from the offering to fund its
pending acquisitions of additional acreage in the Permian Basin. To the extent
the pending acquisitions are not consummated, or the applicable purchase prices
are less than currently estimated, Diamondback Energy intends to use any
remaining net proceeds from this offering 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 a registration statement on Form S-1,
which has been declared effective by 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. A copy of the registration
statement 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.

Forward Looking Statements

This news release contains forward-looking statements within the meaning of the
federal securities laws. All statements, other than historical facts, that
address activities (including the pending acquisitions) that Diamondback Energy
assumes, plans, expects, believes, intends or anticipates (and other similar
expressions) will, should or may occur in the future are forward-looking
statements. The forward-looking statements are based on management's current
beliefs, based on currently available information, as to the outcome and timing
of future events. These forward-looking statements involve certain risks and
uncertainties that could cause the results to differ materially from those
expected by the management of Diamondback Energy. Information concerning these
risks and other factors can be found in Diamondback Energy's filings with the
Securities and Exchange Commission, including its Forms 10-K, 10-Q and 8-K,
which can be obtained free of charge on the Securities and Exchange Commission's
web site at http://www.sec.gov. Diamondback Energy undertakes no obligation to
update or revise any forward-looking statement.



CONTACT: Investor Contact:

         Adam Lawlis

         +1 432.221.7467

         [e-mail]

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KEYWORD:          MIDLAND, Texas

INDUSTRY KEYWORD: Energy Industries

SUBJECT CODE:     Company Announcement

                  Stock Market News

                  ENERGY

                  FINANCING AGREEMENTS

Source: Comtex Wall Street News