Diamondback Energy Announces Pricing of Secondary Common Stock Offering

Diamondback Energy Announces Pricing of Secondary Common Stock Offering

MIDLAND, Texas, June 19, 2013 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc.
(Nasdaq:FANG) ("Diamondback Energy") today announced the pricing of an
underwritten public offering of 6,000,000 shares of its common stock by
certain selling stockholdersat a price of $34.75 per share. The 6,000,000
share offering represents a 1,000,000 share upsize to the originally proposed
5,000,000 share offering. The underwriters have an option to purchase up to an
additional 869,222 shares from the selling stockholders at the public offering
price (less the underwriting discount). 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"). All of the net
proceeds will go to the selling stockholders.

The offering is expected to close on June 24, 2013, subject to customary
closing conditions.

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, and
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 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

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