Akin Gump Advises Diamondback Energy in Acquisition and Equity Offering

(Dallas) – Diamondback Energy, Inc. today announced it has entered into a definitive purchase agreement with an unrelated third party seller to acquire leasehold interests and related assets in the Southern Delaware Basin for an aggregate purchase price of $560 million, subject to certain adjustments. Upon completion, the pending acquisition will provide the company with primarily operated leasehold interests, the majority of which are located along the Pecos River in Reeves and Ward counties, Texas. Akin Gump advised Diamondback in the matter.

In a separate transaction, Akin Gump advised Diamondback in the pricing of an underwritten public offering of 6.325 million shares of its common stock. The total net proceeds of the offering were approximately $551.7 million.

The Akin Gump effort was led by corporate partner Seth Molay. The acquisition team included oil and gas partners Steve Otillar and Shar Ahmed; corporate partner Matt Zmigrosky; oil and gas associates Eduardo Canales and Marcella Burke; and tax partner Alison Chen.

The team on the equity offering included senior counsel Irina Maistrenko and associates Rachel Evans and Lech Wilkiewicz, all of the corporate practice, and Ms. Chen for tax work.

Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.

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