Diamondback Energy Announces 4M Share Offering

Diamondback Energy, Inc.

("Diamondback Energy") announced today the launch of an underwritten public offering of 4,000,000 shares of its common stock, subject to market and other conditions. The underwriters will have an option to purchase up to an additional 600,000 shares of common stock from Diamondback Energy. All of the shares to be sold in the offering will be sold by Diamondback Energy. Diamondback Energy intends to use the net proceeds from the offering to fund its pending acquisitions of additional acreage in the Permian Basin. To the extent the pending acquisitions are not consummated, or the applicable purchase prices are less than currently estimated, Diamondback Energy intends to use any remaining net proceeds from this offering 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.