Diamondback Energy is not selling snake oil. It is selling crude oil. The company is engaged in the exploration and production of unconventional oil and natural gas reserves in the Permian Basin in West Texas. In particular it is focusing on the oil-rich Wolfberry play, which has a long production history, long-lived reserves, and proven drilling success rates. In 2011 Diamondback Energy reported estimated proved oil and natural gas reserves of 24.8 billion barrels of oil equivalent and more than 28,140 net acres of leasehold properties. It operates more than 140 wells. Parent Wexford Capital, a private equity firm, filed a $50 million IPO for Diamondback Energy in 2012.