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Diamondback Energy, Inc. Announces Launch of Initial Public Offering

MIDLAND, Texas, Oct. 2, 2012 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. ("Diamondback Energy") today announced the commencement of its initial public offering of 12,500,000 shares of its common stock at an anticipated initial public offering price of between $17.00 and $19.00 per share. In addition, the underwriters have a 30-day option to purchase from Diamondback Energy up to an additional 1,875,000 shares of common stock, at the same price per share. Diamondback Energy will list its common stock on the NASDAQ Global Market under the symbol "FANG."

Credit Suisse Securities (USA) LLC will act as book-running manager for the proposed offering. Raymond James & Associates, Inc., Tudor, Pickering, Holt & Co. Securities, Inc., Wells Fargo Securities, LLC, Capital One Southcoast, Inc., Howard Weil Incorporated, Simmons & Company International, Sterne, Agee & Leach, Inc., SunTrust Robinson Humphrey, Inc. and Wunderlich Securities, Inc. are serving as co-managers.

The offering will be made only by means of a prospectus. When available, a prospectus relating to the offering may be obtained from:

Credit Suisse Securities (USA) LLC
Attn: Prospectus Department
One Madison Avenue
New York, NY 10010
telephone: (800) 221-1037
email: newyork.prospectus@credit-suisse.com

A registration statement relating to the shares of common stock has been filed with the Securities and Exchange Commission but has not yet become effective. The shares of common stock 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 stock 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.

This news release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements involve certain risks and uncertainties, including, among others, risks impacting the ability of Diamondback Energy to complete any public offering of its securities because of general market conditions or other factors. Diamondback Energy undertakes no obligation to publicly update or revise any forward-looking statement.

CONTACT: Diamondback Energy, Inc. Attention: Jeffrey Goldberger 500 West Texas, Suite 1225 Midland, Texas 79701 (Tel: 212-896-1249)Source:Diamondback Energy, Inc.