Viper Energy Partners LP, a Subsidiary of Diamondback Energy, Inc., Announces Launch of Initial Public Offering
June 10 2014 - 8:00AM
Viper Energy Partners LP ("Viper"), a subsidiary of Diamondback
Energy, Inc. (Nasdaq:FANG) ("Diamondback"), and Diamondback today
announced the launch of Viper's initial public offering of
5,000,000 common units representing limited partner interests
pursuant to a registration statement on Form S-1 filed with the
U.S. Securities and Exchange Commission (the "SEC"). Viper will
list its common units on the NASDAQ Global Select Market under the
ticker symbol "VNOM." Viper anticipates granting the underwriters
an option to purchase up to an additional 750,000 common units at
the initial public offering price to cover over-allotments. The net
proceeds from the offering will be distributed to Diamondback.
The common units being offered represent an approximate 7%
limited partner interest in Viper (or an approximate 8% limited
partner interest if the underwriters exercise in full their option
to purchase additional common units). Diamondback will own the
remaining approximate 93% limited partner interest in Viper (or
approximate 92% limited partner interest if the underwriters
exercise in full their option to purchase additional common units)
and the general partner of Viper.
Barclays, Credit Suisse and Wells Fargo Securities are acting as
joint book-running managers for the offering, Baird, Raymond James,
Scotiabank / Howard Weil, Simmons & Company International,
Stifel and Tudor, Pickering, Holt & Co. are acting as senior
co-managers for the offering, and Northland Capital Markets, Sterne
Agee and Wunderlich Securities are acting as co-managers for the
offering. The offering of these securities is being made only by
means of a prospectus meeting the requirements of Section 10 of the
Securities Act of 1933. When available, a copy of the
preliminary prospectus may be obtained from:
Barclays Capital Inc. |
Credit Suisse Securities (USA) LLC |
c/o Broadridge Financial Solutions |
Attention: Prospectus Department |
1155 Long Island Avenue |
Eleven Madison Avenue, Level 1B |
Edgewood, NY 11717 |
New York, NY 10010 |
1-888-603-5847 |
Telephone: 1-800-221-1037 |
Barclaysprospectus@broadridge.com |
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|
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Wells Fargo Securities, LLC |
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Attn: Equity Syndicate Department |
|
375 Park Avenue |
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New York, New York 10152 |
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Telephone: (800) 326-5897 |
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Email: cmclientsupport@wellsfargo.com |
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You may also get a copy of the preliminary prospectus for free
by visiting the SEC's website at http://www.sec.gov.
A registration statement relating to these securities has been
filed with the SEC but has not yet become effective. The common
units may not be sold nor may offers to buy be accepted prior to
the time the registration statement becomes effective. This press
release shall not constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the common units
in any state or jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state or jurisdiction.
About Viper Energy Partners LP
Viper Energy Partners LP is a limited partnership formed by
Diamondback Energy, Inc. (Nasdaq:FANG) that is engaged in owning,
acquiring and exploiting oil and natural gas properties in North
America, with an initial focus on the Permian Basin.
About Diamondback Energy, Inc.
Diamondback Energy, Inc. (Nasdaq:FANG) 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 Wolfcamp, Clearfork, Spraberry, Cline, Strawn and Atoka
formations.
Forward-Looking Statements
This press release may include forward-looking
statements. These forward-looking statements involve risks and
uncertainties. When considering these forward-looking
statements, you should keep in mind the risk factors and other
cautionary statements in Viper's prospectus and SEC filings. Viper
undertakes no obligation and does not intend to update these
forward-looking statements to reflect events or circumstances
occurring after this press release. You are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release.
CONTACT: Investor Contact:
Adam Lawlis
+1 432.221.7467
alawlis@diamondbackenergy.com
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