Diamondback Energy to Buy Midland Basin Oil and Gas Assets for $538 Million

MIDLAND, Texas (AP) -- Diamondback Energy will spend about $538 million to acquire drilling interests in Texas' Midland Basin.

The acquisition, which is expected to close in September, will give Diamondback an additional 13,136 net acres in the Midland Basin, bringing its total to 85,000 net acres.

The Midland company also gave an update on its production. Average daily production during the second quarter rose 32% from the previous quarter to 17,836 barrels of oil equivalent per day, the company said.

Diamondback also announced the sale of 5 million company shares. That money will go toward an earlier asset acquisition in West Texas.

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