MIDLAND, Texas, Dec. 14, 2016 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (NASDAQ:FANG) (“Diamondback”) announced today the
launch of an underwritten public offering of 10,500,000 shares of its common stock, subject to market and other conditions. The
underwriter will have an option to purchase up to an additional 1,575,000 shares of common stock from Diamondback. All of the
shares to be sold in this offering will be sold by Diamondback. The underwriter intends to offer the shares from time to time for
sale in one or more transactions on the NASDAQ Global Select Market, in the over-the-counter market, through negotiated
transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at
negotiated prices.
Diamondback intends to use the net proceeds from this offering, together with the net proceeds from its concurrent debt
offering, cash on hand and other financing sources, to fund the cash consideration for its previously announced pending acquisition
of certain oil and natural gas assets of Brigham Resources Operating, LLC and Brigham Resources Midstream, LLC (the “Pending
Acquisition”). Diamondback intends to use any net proceeds received upon exercise of the underwriter’s 30-day option to purchase
additional shares (plus any additional proceeds that may become available if the Pending Acquisition is not consummated or the
purchase price is reduced because it acquires less than all of the oil and natural gas assets subject to the purchase agreement) 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 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 or by email at newyork.prospectus@credit-suisse.com.
The common stock will be issued and sold pursuant to an effective automatic shelf registration statement on Form S-3 previously
filed with 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. This offering may only be made by
means of a prospectus supplement and related base prospectus.
About Diamondback Energy, Inc.
Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition,
development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West
Texas. Diamondback’s activities are primarily focused on the horizontal exploitation of multiple intervals within the Wolfcamp,
Spraberry, Bone Spring, Clearfork and Cline formations.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. All statements, other
than historical facts, that address activities that Diamondback 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. Information concerning these risks and other factors can be found in Diamondback’s
filings with the Securities and Exchange Commission, including its Forms 10-K, 10-Q and 8-K and any amendments thereto, which can
be obtained free of charge on the Securities and Exchange Commission’s website at http://www.sec.gov. Diamondback undertakes no obligation to
update or revise any forward-looking statement.
Investor Contact: Adam Lawlis +1 432.221.7467 alawlis@diamondbackenergy.com
