MIDLAND, Texas, Aug. 12, 2015 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (FANG) ("Diamondback" or the "Company") announced today the launch of an underwritten public offering of 2,000,000 shares of its common stock, subject to market and other conditions. The underwriter will have an option to purchase up to an additional 300,000 shares of common stock from Diamondback. All of the shares to be sold in this offering will be sold by Diamondback. The underwriter intends to offer the shares from time to time for sale in one or more transactions on the NASDAQ Global Select Market, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices.
Diamondback intends to use the net proceeds from this offering to repay a portion of the outstanding borrowings under its revolving credit facility.
FANG has 61.5 million share fully diluted before this offering, so no big deal. The cash + cash flow from operations will cover their capital program through the end of 2016.