NEWS RELEASE
| FOR IMMEDIATE RELEASE |
RICHARD B. STEVENS RETIRES FROM CREDO PETROLEUM BOARD OF DIRECTORS
DENVER, COLORADO, April 29, 2009 - CREDO Petroleum Corporation (NASDAQ: CRED), a Denver, Colorado based independent oil and gas company, announced today that Richard B. Stevens, age 80, has elected to retire from the company's Board of Directors. The retirement is effective May 1, 2009.
Prior to joining Credo's Board, Mr. Stevens was President of SECO Energy Corporation. He joined Credo's Board after Credo purchased SECO in 1987, and has served as a director for 22 years. Mr. Stevens is an oil and gas landman by training and was an independent operator prior to forming SECO. He started his career with Gulf Oil Corporation as a landman and oil scout.
James T. Huffman, Chairman, stated, "Dick Stevens brought a wealth of practical knowledge about the oil and gas business to our Board. He knows our industry from the inside out because, as an independent operator, he has been involved in all aspects of the business.
"For more than 20 years, Dick has played a prominent role in establishing the policies and direction that have resulted in Credo's outstanding record of success. As one of Credo's largest shareholders, he has a keen interest in the success of our company, and he always faithfully represented the best interests of Credo's shareholders.
"Given the timing of Dick Steven's retirement, we are particularly fortunate that Marlis Smith, Jr. was recently elected to Credo's Board. Mr. Smith's background and experience are very similar to Mr. Stevens.
"We have relied heavily on Dick Stevens' vision, values and good judgment for many years. Put simply, we will miss his good counsel and leadership."
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For more information about the company, visit http://www.credopetroleum.com.
Contact: James
T. Huffman
Chief Executive Officer
or
Alford B. Neely
Chief Financial Officer
303-297-2200
Website: www.credopetroleum.com
CREDO Petroleum Corporation is a publicly traded independent energy company headquartered in Denver, Colorado. The company is engaged in the exploration for and the acquisition, development and marketing of natural gas and crude oil in the Mid-Continent and Rocky Mountain regions. The company's stock is traded on the NASDAQ System under the symbol "CRED" and is quoted daily in the "NASDAQ Global Market" section of The Wall Street Journal.
This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements included in this press release, other than statements of historical facts, address matters that the company reasonably expects, believes or anticipates will or may occur in the future. Such statements are subject to various assumptions, risks and uncertainties, many of which are beyond the control of the company. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those described in the forward-looking statements. Investors are encouraged to read the "Forward-Looking Statements" and "Risk Factors" sections included in the company's Annual Report on Form 10-K for more information. Although the company may from time to time voluntarily update its prior forward looking statements, it disclaims any commitment to do so except as required by securities laws.
©2000-2009 CREDO Petroleum Corporation. All rights
reserved. |
