Press Release

MIDLAND, Texas, April 10, 2014 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (Nasdaq:FANG) ("Diamondback" or the "Company") today announced updated guidance for the full year of 2014 to reflect its recent acquisition in southwest Martin County and provided an operational update for the quarter ended March 31, 2014.

HIGHLIGHTS

• Q1 2014 production increased 30% to 13.6 Mboe/d from Q4 2013, with a quarter-end exit rate in excess of 16 Mboe/d.
• Full year 2014 production guidance increases 10% from 15 to 16 Mboe/d to 16 to 18 Mboe/d. This reflects an estimated 132% production growth year over year at the midpoint of the estimated production range, 2.5-3.0 Mboe/d of this production growth is estimated to come from our mineral interests.
• On February 28, 2014 Diamondback closed another accretive acquisition of 6,450 gross (4,785 net) acres in Martin County for an asset purchase price of $294.4 million from private sellers.
• Fifth horizontal rig added as planned.
• In Martin County:

--The Mabee Breedlove 22-1H well in northwest Martin County, with a 8,296 foot lateral, achieved a peak 24 hour initial production ("IP") rate of 1,029 boe/d (87% oil) on electric submersible pump ("ESP"), with a peak 30 day rate of 788 boe/d (85% oil).

--The Nail 2601H well in southern Martin County, with a 4,552 foot lateral, achieved a peak 24 hour IP rate 1,265 boe/d (87% oil) on ESP, with a peak 30 day rate of 832 boe/d (84% oil).

• In Upton County:

--The Charlotte B - 2H well, with a 9,995 foot lateral, achieved a peak 24 hour IP rate of 1,201 boe/d (89% oil) on ESP with a peak 30 day rate of 887 boe/d (88% oil). This well was drilled in the western block of the Company's Upton County acreage position.

• In Midland County:

--The ST 4504H well, with a 5,041 lateral length, achieved a peak 24 hour IP rate of 1,454 boe/d (86% oil).

OPERATIONS UPDATE

"We are encouraged by our continued horizontal well success across our acreage base and we are especially excited about our results further north in the Midland Basin. Early indications from the Mabee Breedlove 22-1H in northwest Martin County appear to better than industry offset wells by more than 25%. These early results appear to validate our production model on this acreage block acquired last year for considerably below current market prices," commented Diamondback CEO, Travis Stice. Stice continued, "We exited the quarter at more than 16 Mboe/d of production; however we continue to expect production variability going forward due to the effects of pad drilling."

HORIZONTAL DRILLING UPDATE

• 11 operated Wolfcamp B wells were completed during Q1 2014, ten of which have sufficient production history for an average 24 hour ("IP") rate of 989 boe/d (90% oil) from an average lateral length of 6,548 feet.
• Eight of these wells have sufficient production history for an average peak 30 day rate of 696 boe/d (85% oil) from an average lateral length of 6,510 feet.
• Diamondback expects to complete 17 to 20 wells per quarter going forward in 2014.

Diamondback has completed its first well in Dawson County, a 7,975 foot lateral targeting the Wolfcamp B, which is currently in early stages of flowback. Upcoming strategic well tests are listed below:

ACQUISITIONS UPDATE

On February 28, 2014, Diamondback acquired 6,450 gross (4,785 net) acres in Martin County for $294.4 million from private sellers. Additionally, in separate asset acquisitions in Martin County, the Company acquired approximately 1,500 net acres, with approximately 70 boe/d of current production, for approximately $19 million which the Company believes is prospective in numerous horizontal targets. The Company was also able to acquire additional mineral interests in Midland County, adding approximately 126 net mineral acres with approximately 25 boe/d of production for approximately $3.9 million. Diamondback's acreage position now stands at approximately 72,000 net leasehold acres and approximately 12,700 net mineral acres.

PRODUCTION UPDATE

UPDATED FULL YEAR 2014 GUIDANCE

About Diamondback Energy, Inc.

Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional onshore oil and natural gas reserves in the Permian Basin in West Texas. Diamondback's activities are primarily focused on the Clearfork, Spraberry, Wolfcamp, Cline, Strawn and Atoka formations, which we refer to collectively as the Wolfberry play.

Forward Looking Statements

This news release contains forward-looking statements within the meaning of the federal securities laws. All statements, other than historical facts, that address activities that Diamondback assumes, plans, expects, believes, intends or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. The forward-looking statements are based on management's current belief, based on currently available information, as to the outcome and timing of future events. These forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include the factors discussed or referenced in the Company's filings with the Securities and Exchange Commission ("SEC"), including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, that could cause actual results to differ materially from those projected. These filings are available for free at the SEC's website (http://www.sec.gov). Any forward-looking statement made in this new release speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.

CONTACT: Investor Contact:

         Adam Lawlis

         +1 432.221.7467

         alawlis@diamondbackenergy.com