MIDLAND, Texas, Aug. 09, 2017 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (NASDAQ:FANG) (“Diamondback”) announced
today the launch of an underwritten public offering of 3,000,000 shares of its common stock by certain selling stockholders,
subject to market and other conditions. The underwriter will have an option to purchase up to an additional 450,000 shares of
common stock from the selling stockholders. Diamondback will not receive any proceeds for the sale of the shares by the
selling stockholders. 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.
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 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, Clearfork, Bone Spring 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
