Market Overview

Diamondback Energy, Inc. and Energen Corporation Announce Favorable ISS and Glass Lewis Recommendations for Merger

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Diamondback Energy, Inc. (NASDAQ:FANG) ("Diamondback") and Energen
Corporation (NYSE:EGN) or ("Energen") today announced that each of
Institutional Shareholder Services Inc. and Glass, Lewis & Co., LLC,
leading proxy advisor firms, has recommended that Diamondback's
stockholders vote "FOR" the issuance of Diamondback shares in connection
with the parties' pending merger transaction and that Energen's
shareholders vote "FOR" the proposal to approve the merger agreement and
"FOR" the non-binding compensation advisory proposal. These proposals
and the proposed merger are described in more detail in the definitive
joint proxy statement/prospectus that has been distributed to the
companies' holders of common stock. Each company is scheduled to hold a
special meeting of holders of its common stock to vote on the applicable
proposal(s) on November 27, 2018.

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. For more information, please visit www.diamondbackenergy.com.

About Energen Corporation

Energen Corporation is an oil-focused exploration and production company
with operations in the Permian Basin in west Texas and New Mexico. For
more information, go to www.energen.com.

ADDITIONAL INFORMATION AND WHERE TO FIND IT

This communication does not constitute an offer to buy or sell or the
solicitation of an offer to buy or sell any securities or a solicitation
of any vote or approval. This communication relates to a proposed
business combination between Diamondback and Energen. In connection with
the proposed transaction, Diamondback has filed with the Securities and
Exchange Commission (the "SEC") a registration statement on
Form S-4 that includes a joint proxy statement of Diamondback and
Energen that also constitutes a prospectus of Diamondback. The
registration statement was declared effective on October 24, 2018. Each
of Diamondback and Energen also plan to file other relevant documents
with the SEC regarding the proposed transaction. No offering of
securities shall be made except by means of a prospectus meeting the
requirements of Section 10 of the U.S. Securities Act of 1933, as
amended. The definitive joint proxy statement/prospectus was first
mailed to stockholders of Diamondback and shareholders of Energen on or
about October 26, 2018. INVESTORS AND SECURITY HOLDERS OF DIAMONDBACK
AND ENERGEN ARE URGED TO READ THE REGISTRATION STATEMENT, JOINT PROXY
STATEMENT/PROSPECTUS AND OTHER DOCUMENTS THAT HAVE BEEN OR MAY BE FILED
WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY AS AND WHEN THEY ARE
AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION
ABOUT THE PROPOSED TRANSACTION. Investors and security holders may
obtain free copies of these documents and other documents containing
important information about Diamondback and Energen, once such documents
are filed with the SEC through the website maintained by the SEC at http://www.sec.gov.
Copies of the documents filed with the SEC by Diamondback are available
free of charge on Diamondback's website at http://www.diamondbackenergy.com
or by contacting Diamondback's Investor Relations Department by email at IR@Diamondbackenergy.com,
alawlis@diamondbackenergy.com,
or by phone at 432-221-7467. Copies of the documents filed with the SEC
by Energen are available free of charge on Energen website at http://www.energen.com
or by phone at 205-326-2634.

CERTAIN INFORMATION CONCERNING PARTICIPANTS

Diamondback, Energen and certain of their respective directors and
executive officers may be deemed to be participants in the solicitation
of proxies in respect of the proposed transaction. Information about the
directors and executive officers of Energen is set forth in Energen's
proxy statement for its 2018 annual meeting of shareholders, which was
filed with the SEC on March 22, 2018. Information about the directors
and executive officers of Diamondback is set forth in its proxy
statement for its 2018 annual meeting of shareholders, which was filed
with the SEC on April 27, 2018. These documents can be obtained free of
charge from the sources indicated above. Other information regarding the
participants in the proxy solicitations and a description of their
direct and indirect interests, by security holdings or otherwise, are
contained in the joint proxy statement/prospectus and other relevant
materials filed with the SEC. Investors should read the joint proxy
statement/prospectus carefully before making any voting or investment
decisions. You may obtain free copies of these documents from
Diamondback or Energen using the sources indicated above.

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