IPO FILING: Diamondback Energy (FANG)

Diamondback Energy, Inc. has filed its paperwork with the SEC to conduct an initial public offering.  While the company intends to apply for listing on The NASDAQ Global Market under the symbol “FANG,” no price range has been set and there is not even an underwriter selected. The filing is for up to $50 million in common stock, but that can change before the IPO prices.

The shares are also being sold by DB Holdings (under Wexford). Here is the company’s self description:

We are an independent oil and natural gas company currently focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. This basin, which is one of the major producing basins in the United States, is characterized by an extensive production history, a favorable operating environment, mature infrastructure, long reserve life, multiple producing horizons, enhanced recovery potential and a large number of operators.

We began operations in December 2007 with our acquisition of 4,174 net acres with production at the time of acquisition of approximately 800 net barrels of oil equivalent, or BOE, a day from 32 gross (16 net) wells in the Permian Basin. Subsequently, we acquired approximately 23,972 additional net acres, which brought our total net acreage position in the Permian Basin to 28,146 net acres at December 31, 2011. We are the operator of approximately 97% of our Permian Basin acreage. Since our initial acquisition in the Permian Basin through December 31, 2011, we have participated in the drilling of 142 gross (86 net) wells in the Permian Basin, of which we operate 132 gross (81 net) wells. Of the 142 gross wells drilled, 130 were completed as producing wells and 12 are in various stages of completion.

Our activities are primarily focused on the Clearfork, Spraberry, Wolfcamp, Cline, Strawn and Atoka formations, which we refer to collectively as the Wolfberry play. The Wolfberry play is characterized by high oil and liquids rich natural gas, multiple vertical and horizontal target horizons, extensive production history, long-lived reserves and high drilling success rates.

As of December 31, 2011, our estimated proved oil and natural gas reserves were 24,750 million BOE, or MBOE…

FULL S-1 FILING