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Diamondback Energy Launches Secondary Common Stock Offering



Diamondback Energy Launches Secondary Common Stock Offering

MIDLAND, Texas, June 18, 2013 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc.
(Nasdaq:FANG) ("Diamondback Energy") announced today the launch of an
underwritten public offering of 5,000,000 shares of its common stock by
certain selling stockholders, subject to market and other conditions. The
underwriters will have an option to purchase up to an additional 750,000
shares of common stock from the selling stockholders. The shares to be sold in
the offering will be sold by certain entities controlled by Wexford Capital LP
and by Gulfport Energy Corporation (Nasdaq:GPOR) ("Gulfport Energy"). The
Wexford entities intend to sell 3,373,516 shares and Gulfport intends to sell
1,626,484 shares. All of the net proceeds will go to the selling stockholders.

Credit Suisse Securities (USA) LLC is acting as sole book-running manager for
the offering. When available, copies of the written 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.

A registration statement relating to these securities has been filed with the
Securities and Exchange Commission but has not yet become effective. These
securities may not be sold nor may offers to buy be accepted prior to the time
the registration statement becomes effective. A copy of the registration
statement can be accessed through the website of the Securities and Exchange
Commission at www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of these securities in any
state in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state or
jurisdiction. This offering may only be made by means of a prospectus.

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 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
         alawlis@diamondbackenergy.com

Diamondback Energy, Inc. logo
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