Diamondback Energy Inc. announced the pricing of its initial public offering of 12.5 million shares of common stock at a public offering price of $17.50 per share. The common stock will commence trading on the Nasdaq global select market on under the ticker symbol "FANG."

Net proceeds to Diamondback Energy from the sale of the shares of its common stock are estimated to be approximately $204.6 million. Diamondback Energy intends to use the net proceeds from this offering to repay the outstanding borrowings under its revolving credit facility, repay the note to Gulfport Energy Corp. in connection with Gulfport's contribution of its oil and natural gas interests in the Permian Basin to Diamondback Energy, repay its subordinated indebtedness owed to an affiliate of Wexford Capital LP and settle the existing crude oil swaps. The remaining net proceeds will be used to fund a portion of Diamondback Energy's exploration and development activities and for general corporate purposes, which may include leasehold interest and property acquisitions, working capital and the settlement of the post-closing cash adjustment payable to Gulfport in connection with Gulfport's contribution to Diamondback Energy.

The offering is expected to close on or about Oct. 17, 2012, subject to satisfaction of closing conditions.

Credit Suisse Securities (USA) LLC acted as book-running manager for the offering. Raymond James & Associates Inc., Tudor, Pickering, Holt & Co. Securities Inc., Wells Fargo Securities LLC, Capital One Southcoast Inc., Scotiabank/Howard Weil, Simmons & Company International, Sterne, Agee & Leach Inc., SunTrust Robinson Humphrey Inc. and Wunderlich Securities Inc. served as co-managers.