Market Overview

Stockholders of Diamondback Energy, Inc. and Shareholders of Energen Corporation Approve Merger


Diamondback Energy, Inc. (NASDAQ:FANG) ("Diamondback") and Energen
Corporation (NYSE:EGN) ("Energen") today announced that all proposals
necessary for the parties' pending merger (the "Merger") were approved
by the stockholders of Diamondback and the shareholders of Energen at
each company's respective special meeting held today.

As previously announced, on August 14, 2018, Diamondback and Energen
entered into a definitive merger agreement providing for Diamondback's
acquisition of Energen in an all-stock transaction. Under the terms of
the definitive merger agreement, each eligible share of Energen's common
stock issued and outstanding immediately prior to the effective time of
the Merger will be converted into the right to receive 0.6442 of a share
Diamondback's common stock, with cash in lieu of any fractional shares.
Diamondback and Energen expect to close the Merger on November 29, 2018,
subject to satisfaction of the remaining customary closing conditions.

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

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

Forward Looking Statements

This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. All
statements, other than historical facts, that address activities that
Diamondback or Energen 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 or Energen. These include the expected
timing and likelihood of completion of the proposed transaction,
including the ability to successfully integrate the businesses, the
occurrence of any event, change or other circumstances that could give
rise to the termination of the merger agreement, the risk that the
parties may not be able to satisfy the conditions to the proposed
transaction in a timely manner or at all, risks related to disruption of
management time from ongoing business operations due to the proposed
transaction, the risk that any announcements relating to the proposed
transaction could have adverse effects on the market price of
Diamondback's common stock or Energen's common stock, the risk of any
unexpected costs or expenses resulting from the proposed transaction,
the risk of any litigation relating to the proposed transaction, the
risk that the proposed transaction and its announcement could have an
adverse effect on the ability of Diamondback and Energen to retain
customers and retain and hire key personnel and maintain relationships
with their suppliers and customers and on their operating results and
businesses generally, the risk the pending proposed transaction could
distract management of both entities and they will incur substantial
costs, the risk that problems may arise in successfully integrating the
businesses of the companies, which may result in the combined company
not operating as effectively and efficiently as expected, the risk that
the combined company may be unable to achieve synergies or other
anticipated benefits of the proposed transaction or it may take longer
than expected to achieve those synergies or benefits and other important
factors that could cause actual results to differ materially from those
projected. All such factors are difficult to predict and are beyond
Diamondback's or Energen's control, including those detailed in
Diamondback's annual reports on Form 10-K, quarterly reports on
Form 10-Q and current reports on Form 8-K that are available on its
website at
and on the SEC's website at,
and those detailed in Energen's annual reports on Form 10-K,quarterly
reports on Form 10-Q and current reports on Form 8-K that are available
on Energen's website at
and on the SEC's website at

All forward-looking statements are based on assumptions that Diamondback
or Energen believe to be reasonable but that may not prove to be
accurate. Any forward-looking statement speaks only as of the date on
which such statement is made, and Diamondback and Energen undertake no
obligation to correct or update any forward-looking statement, whether
as a result of new information, future events or otherwise, except as
required by applicable law. Readers are cautioned not to place undue
reliance on these forward-looking statements that speak only as of the
date hereof.

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