NEWS RELEASE
| FOR IMMEDIATE RELEASE |
TIM POWNELL TO JOIN CREDO PETROLEUM AS PRESIDENT AND CHIEF OPERATING OFFICER
DENVER, COLORADO, August 26, 2008 - CREDO Petroleum Corporation (NASDAQ: CRED), an independent oil and gas company, reported today that Tim Pownell will be joining the company as President and Chief Operating Officer.
Mr. Pownell, 45, will join CREDO in early September 2008. He has over 20 years of experience in the oil and gas industry, most recently as Vice President - Exploration, Exploitation and Development for Huber Energy, a division of privately held J.M. Huber Corporation. At Huber, Mr. Pownell managed all of the company's geology, engineering, land and energy marketing functions and the associated capital investment programs. Prior to Huber, Mr. Pownell was an Asset Manager in Thailand for Chevron/Unocal. He was responsible for the overall performance of a 770,000 acre offshore concession consisting of 22 platforms with daily production of over 500 MMcfe (million cubic feet of gas equivalent) and for managing over 150 technical and operational personnel. During his career with Unocal, Mr. Pownell also closed over $400 million in property transactions in the Gulf of Mexico region, developed business strategies for Unocal's "Lower 48" business unit, and led the start-up of Unocal's internet based business initiatives. Prior to Unocal, Mr. Pownell was an Engagement Manager at McKinsey and Company where he advised executives at Fortune 200 energy companies on critical strategic, operational and organizational issues. He also spent several years at Exxon Company, U.S.A. in a variety of engineering and managerial roles, which included managing the engineering group responsible for all onshore oil and gas production facilities in the Rocky Mountain Region and California.
Mr. Pownell holds a Bachelor of Science - Chemical Engineering Degree, Magna Cum Laude, from Texas A&M University. He also holds a Masters of Business Administration Degree from the UCLA Anderson School of Management where he was selected as a Carter Fellow, the school's highest academic honor.
James T. Huffman, Chairman and CEO stated, "The Board of Directors is actively planning for CREDO's future. Part of that plan was accomplished through the RCH transaction where we added a substantial new private equity shareholder together with two new Board members who have a broad range of technical and financial experience in the oil and gas industry. The Board must also hire outstanding executive talent and develop a plan of succession for our key personnel. We are extremely pleased to have the opportunity to hire a person of Tim Pownell's caliber to play a key role in CREDO's future."
Huffman further stated, "After 30 years with CREDO, I have advised the Board of Directors that at some point in the foreseeable future I would like to step down from an executive officer role with the company in order to have more time to pursue personal interests. By bringing Tim Pownell in as President, the Board is positioning CREDO to allow for an orderly leadership transition where the Board expects that Mr. Pownell will become the company's CEO within the next year. If Mr. Pownell is appointed CEO, I intend to remain as non-executive Chairman of the Board of Directors. My family and I continue to own a very large stake in CREDO, and we are keenly interested in a management transition that will ensure the company's growth and success."
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For more information about the company, visit http://www.credopetroleum.com.
Contact: James
T. Huffman
President
or
Alford B. Neely
Chief Financial Officer
303-297-2200
Website: www.credopetroleum.com
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 2007 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.
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