Press Release

Diamondback Energy, Inc. to Present at the 2013 Credit Suisse Energy Summit

January 29, 2013

MIDLAND, Texas, Jan. 29, 2013 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (Nasdaq:FANG) ("Diamondback Energy") announced today that Travis Stice, Chief Executive Officer, and Tracy Dick, Chief Financial Officer, will present at the 2013 Credit Suisse Energy Summit on Thursday, February 7, 2013 in Vail, Colorado.

The Company's presentation is scheduled to begin at 12:10 p.m. MT (2:10 p.m. ET) and will be available via a live webcast. To access the webcast, go to and select "Events & Presentations" under the "Investor Relations" section of the site. In addition, a copy of the accompanying presentation will be made available for download on the Diamondback site.

About Diamondback Energy, Inc.

Diamondback Energy is an independent oil and natural gas company focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. Diamondback Energy'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 Energy 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 involve certain risks and uncertainties that could cause the results to differ materially from those expected by the management of Diamondback Energy. Diamondback Energy undertakes no obligation to update or revise any forward-looking statement.

CONTACT: Investor Contacts:

         KCSA Strategic Communications

         Jeffrey Goldberger / Philip Carlson

         +1 212.896.1249 / +1 212.896.1233