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Viper Energy Partners LP, a Subsidiary of Diamondback Energy, Inc., Announces Launch of Initial Public Offering

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MIDLAND, Texas, June 10, 2014 (GLOBE NEWSWIRE) -- Viper Energy Partners LP ("Viper"), a subsidiary of Diamondback Energy, Inc. (Nasdaq:FANG) ("Diamondback"), and Diamondback today announced the launch of Viper's initial public offering of 5,000,000 common units representing limited partner interests pursuant to a registration statement on Form S-1 filed with the U.S. Securities and Exchange Commission (the "SEC"). Viper will list its common units on the NASDAQ Global Select Market under the ticker symbol "VNOM." Viper anticipates granting the underwriters an option to purchase up to an additional 750,000 common units at the initial public offering price to cover over-allotments. The net proceeds from the offering will be distributed to Diamondback.



The common units being offered represent an approximate 7% limited partner interest in Viper (or an approximate 8% limited partner interest if the underwriters exercise in full their option to purchase additional common units). Diamondback will own the remaining approximate 93% limited partner interest in Viper (or approximate 92% limited partner interest if the underwriters exercise in full their option to purchase additional common units) and the general partner of Viper.

Barclays, Credit Suisse and Wells Fargo Securities are acting as joint book-running managers for the offering, Baird, Raymond James, Scotiabank / Howard Weil, Simmons & Company International, Stifel and Tudor, Pickering, Holt & Co. are acting as senior co-managers for the offering, and Northland Capital Markets, Sterne Agee and Wunderlich Securities are acting as co-managers for the offering. The offering of these securities is being made only by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933. When available, a copy of the preliminary prospectus may be obtained from:

Barclays Capital Inc. Credit Suisse Securities (USA) LLC
c/o Broadridge Financial Solutions Attention: Prospectus Department
1155 Long Island Avenue Eleven Madison Avenue, Level 1B
Edgewood, NY 11717 New York, NY 10010
1-888-603-5847 Telephone: 1-800-221-1037
Barclaysprospectus@broadridge.com
Wells Fargo Securities, LLC
Attn: Equity Syndicate Department
375 Park Avenue
New York, New York 10152
Telephone: (800) 326-5897
Email: cmclientsupport@wellsfargo.com

You may also get a copy of the preliminary prospectus for free by visiting the SEC's website at http://www.sec.gov.

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. The common units may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. 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 the common units 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 any such state or jurisdiction.

About Viper Energy Partners LP

Viper Energy Partners LP is a limited partnership formed by Diamondback Energy, Inc. (Nasdaq:FANG) that is engaged in owning, acquiring and exploiting oil and natural gas properties in North America, with an initial focus on the Permian Basin.

About Diamondback Energy, Inc.

Diamondback Energy, Inc. (Nasdaq:FANG) 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 Wolfcamp, Clearfork, Spraberry, Cline, Strawn and Atoka formations.

Forward-Looking Statements

This press release may include forward-looking statements. These forward-looking statements involve risks and uncertainties. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in Viper's prospectus and SEC filings. Viper undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

CONTACT: Investor Contact: Adam Lawlis +1 432.221.7467 alawlis@diamondbackenergy.com

Source:Viper Energy Partners LP;Diamondback Energy, Inc.