Diamondback Energy commenced operations in December 2007 with the acquisition of 4,174 net acres in the Permian Basin. In October 2012, the Company completed an initial public offering of common stock priced at $17.50 per share. As of June 30, 2017, Diamondback's total acreage position had grown to approximately 191,000 net acres in the Permian Basin, where the Company's activities are primarily focused on the horizontal development of the Spraberry and Wolfcamp formations in the Midland Basin and the Wolfcamp and Bone Spring formations in the Delaware Basin.