Credo Petroleum Announces the Selection of Marlis E. Smith, Jr. as President and Chief Executive Officer
23 December 2009 - 12:00AM
Business Wire
Credo Petroleum Corporation (NASDAQ: CRED), an independent oil
and gas company headquartered in Denver, Colorado, reported today
that its Board of Directors elected Marlis E. Smith, Jr. as the
company’s President and Chief Executive Officer, succeeding James
T. Huffman, who will retire effective January 15, 2010.
Mr. Smith, 49, has been exclusively involved in the oil and gas
industry throughout his 25 year business career. He is currently
the owner of SmithCo Properties, Inc. and a partner in Smith
Drummond Holdings, both successful exploration and production
companies based in Denver, Colorado. SmithCo and Smith Drummond own
interests in approximately 450 oil and gas wells and 125,000 gross
acres located primarily in the Mid-Continent and Rocky Mountain
regions. Prior to forming SmithCo and Smith Drummond, Mr. Smith was
a partner in 410 Exploration, a successful exploration and
production company which generated drilling prospects and purchased
producing properties in the Mid-Continent and Rocky Mountain
regions. Although Mr. Smith will retain his existing business
interests, he will devote full time to his responsibilities as
Credo’s Chief Executive Officer.
Mr. Smith holds a Bachelor of Arts degree in Petroleum Land
Management (concentration in geology) from Rice University. He
received his Masters of Business Administration Degree in Energy
Management from the University of Denver.
Mr. Smith was elected to Credo’s Board of Directors in April,
2009. For the last 10 years, his companies have invested in the
majority of Credo’s drilling projects in Oklahoma and Kansas.
During that time, the companies participated in drilling about
75 wells operated by Credo.
James T. Huffman, Chairman and Chief Executive Officer stated,
“Following a lengthy search process, Credo seized a unique
opportunity to recruit a seasoned oil and gas veteran who knows our
company and will hit the ground running. Marlis is a proven
entrepreneur with broad experience in the technical disciplines
required to build and grow a successful oil and gas business. In
addition, he brings an excellent knowledge of Credo’s business
gained from participating in our drilling ventures and from serving
as a Director. We are particularly pleased that Marlis has a
successful record for purchasing oil and gas properties because we
believe that Credo’s growth can be accelerated through
acquisitions.”
Huffman further stated, “I intend to remain as non-executive
Chairman of the Board of Directors. In that capacity, I will
actively support Marlis and assist him in any way that he deems
appropriate. My family and I continue to own a large stake in
Credo, and we are keenly interested in the company’s future growth
and success. Marlis presented an exciting vision for Credo’s future
growth to the Board, and I am confident that he will move quickly
to implement his plan to achieve that vision.”
For more information about the company, visit
http://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
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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