Parsley Energy Announces Midland Basin Acquisition, Offering of Common Stock

Parsley Energy, Inc. (NYSE: PE) (“Parsley Energy” or the “Company”) today announced that it has entered into an agreement to acquire certain undeveloped acreage and producing oil and gas properties located adjacent to the Company’s existing operating areas in Upton, Reagan, and Glasscock Counties, TX for an aggregate purchase price of $148.5 million in cash (subject to customary purchase price adjustments).

Acquisition Highlights

• 238 net horizontal drilling locations across 5,274 net surface acres in the Company’s core operating area
• Estimated net production of approximately 1,000 barrels of oil equivalent per day during the month of November from three producing horizontal wells. Acquisition also includes one drilled horizontal well that is anticipated to be completed by the seller prior to the closing of the transaction, scheduled for early January 2016.
• High average working interest of 87% and low average royalty burden of 20%
• 100% operated at close with no obligation to develop for two years
• Infrastructure in place to support ongoing horizontal drilling operations

About Parsley Energy, Inc.

Parsley Energy, Inc. is an independent oil and natural gas company focused on the acquisition and development of unconventional oil and natural gas reserves in the Permian Basin in West Texas. For more information, visit our website atwww.parsleyenergy.com.

Parsley Energy, Inc. (PE) (“Parsley Energy” or the “Company”) today announced that it has commenced an underwritten public offering of 8,500,000 shares of its Class A common stock by the Company and 850,000 shares of its Class A common stock by NGP X US Holdings, L.P., one of the Company’s stockholders. The Company and the selling stockholder expect to grant the underwriters an option to purchase up to an additional 1,275,000 and 127,500 shares of the Company’s Class A common stock, respectively.

The Company recently entered into a purchase and sale agreement providing for the sale and transfer by the seller (“Seller”) of Seller’s interests in 6,040 gross (5,274 net) acres located in Upton, Reagan and Glasscock Counties, Texas, with 238 associated net horizontal drilling locations, for an aggregate purchase price of $148.5 million in cash (subject to customary purchase price adjustments), which the Company intends to fund with a portion of the net proceeds of the offering, along with cash on hand. The properties to be acquired had average net production of approximately 1,000 Boe/d during the month of November and also include one horizontal well that is anticipated to be completed by the Seller prior to close. Any remaining net proceeds will be used to fund a portion of the Company’s capital program and for general corporate purposes. The Company will not receive any of the proceeds from the sale of shares by the selling stockholder.

Goldman, Sachs & Co. and Credit Suisse Securities (USA) LLC are acting as underwriters for the offering.

The offering is being made pursuant to an effective shelf registration statement, which has been filed with the Securities and Exchange Commission (the “SEC”) and became effective June 5, 2015. The offering will be made only by means of a preliminary prospectus supplement and the accompanying base prospectus, copies of which may be obtained on the SEC’s website at www.sec.gov. Alternatively, the underwriters will arrange to send you the preliminary prospectus supplement and related base prospectus if you request them by contacting:

This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall there be any sale of any such securities 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.