Texas-based energy company files IPO

A life sciences company from Texas, Diamondback Energy, recently registered with the SEC for a $50 million initial public offering in common stock.

According to 24/7 Wall St., Diamondback is 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."

It was formed recently - in December 2011 - by a private equity firm in Connecticut, and plans to use the IPO proceeds to "fund exploration and development activities for general corporate purposes including acquisitions, working capital and debt repayment."

The company's profits dropped 1.7 percent to $8.41 million during the nine months ending September 30, despite a revenue spike of 79 percent to $33 million during that same time period.

It will apply for a listing on the NASDAQ Global Marketing under the symbol FANG.

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