Diamondback Energy, Inc. (NasdaqGS:FANG) completed an underwritten public offering of 5.175 million shares of its common stock at a price of $29.25 per share. Diamondback expects net proceeds of approximately $144.4 million. The net proceeds are expected to be used to repay in full all borrowings outstanding under its revolving credit facility, to fund a portion of its exploration and development activities, general corporate purposes, leasehold interest and property acquisitions and working capital.

Diamondback Energy, Inc. (NasdaqGS:FANG) seeks acquisitions. Diamondback announced a launch of an underwritten public offering of 4 million shares of its common stock, subject to market and other conditions where underwriters will have an option to purchase up to an additional 0.6 million shares of common stock from Diamondback Energy. Diamondback plans to use the net proceeds from the offering to repay all borrowings outstanding under its revolving credit facility, with the balance of the proceeds to fund a portion of its exploration and development activities and for general corporate purposes, which may include leasehold interest and property acquisitions and working capital.

Diamondback Energy, Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. During the first quarter of 2013, net income was $5.4 million or $0.15 per diluted share. Net income for the first quarter includes a net unrealized gain on commodity derivatives of $1.5 million ($1.0 million net of tax), or $0.03 per share. Without the impact of this item, net income for the first quarter of 2013 would have been $4.4 million or $0.12 per share. This compares to net income of $1.5 million. First quarter 2013 income before income taxes was $8.6 million. The company's net income after taxes was $5.4 million. First quarter 2013 EBITDA was $20.3 million and first quarter 2013 revenues were $28.9 million. Net income before income tax was $8.6 million against $1.5 million of prior year period. Income from operations was $8.7 million against $6.7 million for the same period last year. The company’s first quarter 2013 exit rate production was 5.5 MBoe/d, a 21% increase from the pro forma fourth quarter 2012 exit rate. Oil exit rate increased 38% over the same period. Lease Operating Expense ("LOE") decreased 20% to $12.61/Boe in first quarter 2013, from $15.68/Boe in fourth quarter 2012, on a pro forma basis. The ST NW 2501H in Midland County, with a 4,451' lateral, was put on submersible pump and achieved a new peak 24 hour initial production ("IP") rate of 1,054 Boe/d, with a peak 30 day average IP rate of 655 Boe/d (90% oil). The company provided operating guidance for 2013. The company forecasts 2013 production to be in range of 7,200 -- 7,500 Boe/d; direct lease operating expense to be in range of $8.50 -- $10.00/Boe; horizontal per well costs to be in range of $7.5 million -- $8.5 million; depreciation, depletion and amortization expenses to be in range of $22.00 -- $25.00 /Boe and production tax to be in range of 4.6% oil, 7.5% gas and NGLs. The company forecasts capital expenditures to be in range of $270 million -- $300 million.