Credo Petroleum Corporation Announces Planned Chief Executive Retirement
03 September 2009 - 10:00PM
Business Wire
Credo Petroleum Corporation (NASDAQ: CRED) announced today that
James T. Huffman plans to retire as Chief Executive Officer at the
end of 2009.
Mr. Huffman has informed the Board of Directors that he would
like to retire at year-end. Accordingly, the Board has initiated
the process to search for a new CEO. In order to provide an orderly
transition, Mr. Huffman will continue in his present executive
capacity until a new CEO is selected and joins the company. Mr.
Huffman will remain as a Director of the Company and, subject to
Board approval, will continue to serve in the capacity as Chairman
of the Board of Directors.
Mr. Huffman was a founder of Credo in 1978 and has served as CEO
and Chairman of the Board since 1979. During that time, Credo has
grown from a “penny stock” start-up to a company that has been
widely recognized as one of the top performing small companies in
America.
“My family and I have a significant equity stake in Credo and we
are keenly interested in the company’s continued growth and
success,” Mr. Huffman said. “I plan to remain actively involved in
Credo’s business in my capacities as a Director and as Chairman of
the Board. I will also remain available to provide whatever
assistance is required for a smooth and orderly executive
transition.”
Huffman further stated, “I think the entire Board shares my view
that this is an excellent time for Credo to make a CEO transition
because the availability of good executive talent has significantly
improved due to the recent energy price downturn. Additionally, the
combination of a clean balance sheet, deep inventory of
oil-weighted drilling prospects and patented low-cost gas
technology provides a unique competitive platform for the next
generation of Credo’s executive leadership.”
Credo is an independent exploration and production company
focused on adding oil and gas reserves through the drill bit and
through the application of the company’s patented fluid lift
technology known as the Calliope Gas Recovery System. The company’s
core operating areas are the Anadarko Basin and the Central Kansas
Uplift. The company is currently building a significant leasehold
position in the BakkenSanish oil play in North Dakota with drilling
expected to commence shortly. Credo is also engaged in the
development of new fluid lift technologies that increase the
recovery of natural gas stranded in low-pressure reservoirs.
Credo’s long record of creating value for its shareholders is
rooted in outstanding people and the rigorous application of
science. Additional information about Credo Petroleum Corporation
is available at 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, as well as Texas, Kansas and Louisiana. 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.
iShares Trust (NASDAQ:CRED)
Historical Stock Chart
From Jun 2024 to Jul 2024
iShares Trust (NASDAQ:CRED)
Historical Stock Chart
From Jul 2023 to Jul 2024