Michael Davis Appointed Chief Operating Officer and Interim Chief Executive Officer
19 January 2012 - 12:00AM
Credo Petroleum Corporation (Nasdaq:CRED), an independent oil and
gas company with significant assets in the North Dakota Bakken and
Three Forks formations, Kansas, Nebraska, the Texas Panhandle and
Oklahoma, reported today that Michael D. Davis, its Vice President
of Land & Business Development, has been promoted to the
position of Chief Operating Officer. Mr. Davis will also serve as
Interim CEO when, as previously reported, Marlis E. Smith, Jr.
steps down at the end of January to return to full time management
of his personal oil and gas business. Mr. Smith will continue to
serve as a member of the Board of Directors.
Mr. Davis, 52, has over 30 years of experience in the oil and
gas industry. Prior to Credo, Mr. Davis served as Manager of
Acquisitions & Divestitures at privately held Aviva, Inc. where
he managed the company's oil and gas acquisition and divestiture
activities covering over 6,000 properties throughout 24 states.
Previous to Aviva, Mr. Davis served as Vice President of Land &
Business Development at DRM Energy Corporation where he was
responsible for corporate business development and strategic
planning for the expansion and development of E & P
opportunities in the domestic U.S. on behalf of a multi-billion
dollar international joint venture group comprised of Neumin
Production Company (USA), Formosa Petrochemical Corporation
(FPCC‑Taiwan) and Formosa Plastics (FPC-USA). Mr. Davis has also
held senior-level positions with publically held Cimarex Energy and
privately held Anschutz Exploration Company, and has owned personal
business ventures involved in oil and gas leases, royalty
acquisitions and property management.
Marlis E. Smith, Jr., Chief Executive Officer, stated, "I
appreciate the hard work the Credo team has undertaken to
reposition the Company to be primarily an oil producer. After
several rebuilding years, we achieved the milestone of becoming
primarily an oil producer in the fourth quarter of fiscal 2011. We
believe that Credo started a steep growth trajectory in 2011. To
continue this accelerated growth, we almost doubled our drilling
budget for fiscal 2012 to a record $30,000,000."
James T. Huffman, Chairman, stated, "Credo's timely decision to
become primarily an oil producer has allowed us to capitalize on
the huge price gap between oil and natural gas. That success is
clearly reflected in the Company's financial performance and
reserve values at fiscal year end 2011. Marlis did an
excellent job of executing our drilling program which proved our
technical concepts and converted our projects into repeatable and
scalable exploration plays. We are grateful for his two years
of chief executive service, and we are pleased that Credo will
continue to benefit from his knowledge and experience as a Board
member."
Huffman continued, "The Board believes that Credo has a number
of viable go-forward options due to its excellent acreage position
in multiple oil-focused plays, track record of drilling success,
and strong financial position. Accordingly, in addition to
initiating a search for a Chief Executive Officer, the Board is
considering other strategic options which may be available to the
Company. During this process, Michael Davis will also serve as
interim Chief Executive Officer."
About Credo Petroleum
Credo Petroleum Corporation (Nasdaq:CRED) is a publicly traded
independent oil and gas company headquartered in Denver,
Colorado. The Company is engaged in the exploration for and
the acquisition, development and marketing of crude oil and natural
gas in the Mid-Continent and Rocky Mountain regions with operations
primarily in North Dakota, Kansas, Nebraska, Texas Panhandle and
Oklahoma. Credo uses advanced technologies to systematically
explore for oil and gas and, through its patented Calliope Gas
Recovery System, to recover stranded reserves from depleted gas
reservoirs.
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.
CONTACT: Alford B. Neely
Chief Financial Officer
or
James T. Huffman
Chairman
303-297-2200
Web Site: www.credopetroleum.com
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