FANG closes BIG acquisition

[dan_s]

MIDLAND, Texas, March 01, 2017 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (FANG) ("Diamondback" or the "Company") today announced the closing of its previously announced acquisition of leasehold interests and related assets from Brigham Resources Operating, LLC and Brigham Resources Midstream, LLC ("the Sellers" or "Brigham Resources") for an aggregate purchase price of $2.55 billion. The incremental purchase price is attributable to the acquisition of additional leasehold acreage as well as mineral interests on the properties and other post effective date adjustments.

On February 28, 2017, the Company completed the acquisition of 80,185 net leasehold acres in Pecos and Reeves counties, which includes an incremental 3,866 net leasehold acres from the 76,319 net leasehold acres previously announced in December 2016. Also included are mineral interests covering 1,321 net royalty acres, including an incremental 172 net royalty acres from the 1,149 net royalty acres initially disclosed.

"Diamondback's successful completion of this transaction represents the collective efforts of our team to secure a leading resource footprint in the Southern Delaware Basin. With the transaction completed, our focus now shifts to developing this asset and expanding our track record of achieving efficient, low-cost operations from the Midland Basin into the Delaware Basin,” stated Travis Stice, Chief Executive Officer of Diamondback.