DENVER, June 14, 2012 (GLOBE NEWSWIRE) -- Credo Petroleum Corporation (Nasdaq:CRED), an independent oil and gas company headquartered in Denver, Colorado, with significant assets in the North Dakota Bakken and Three Forks, Kansas, Nebraska, the Texas Panhandle and Oklahoma, announced today that its Chief Financial Officer, Alford B. Neely, has advised the Company that he plans to retire within sixty days.
Mr. Neely, age 66, joined Credo in 2006, and was promoted to Chief Financial Officer in 2008. During his tenure as CFO, Credo has successfully transitioned from being primarily a natural gas producer to becoming primarily an oil producer in a relatively short time frame. As a result, the Company has experienced significant growth which recently culminated in the signing of a definitive agreement pursuant to which Forestar Group Inc. will acquire Credo in an all cash transaction for $14.50 per share, or approximately $146 million.
Oakley Hall, Chairman of the Audit Committee, stated, "Al Neely has been planning his retirement for several years. Fortunately for us, the exact timing of his retirement has been dependent on the Company's specific needs and transition planning. We have concluded that the pending Forestar transaction provides the right opportunity for a leadership transition in our financial and accounting department. We are very appreciative of Al's service and his contributions to our success, and we wish him well in retirement."
On the effective date of Mr. Neely's retirement, Brian Mazeski, the Company's Controller, will be promoted to Chief Accounting Officer. Mr. Mazeski, age 39, is a certified public accountant, and he worked for PriceWaterhouseCoopers, LLP. from 1996 to 2001. He has subsequently been employed as Controller by several public companies and, most recently, served as Principal Accounting Officer of a public company.
"The position of Chief Financial Officer will not be filled pending shareholder consideration of the Forestar/Credo merger agreement," Hall continued. "However, we have an immediate need for a Chief Accounting Officer, and Brian Mazeski's seasoned public company accounting background makes him well qualified to oversee our accounting department."
About Credo Petroleum
Credo Petroleum Corporation is an independent oil and gas exploration, development and production company based in Denver, Colorado. The Company has significant operations in the Williston Basin of North Dakota, Kansas, Nebraska, the Anadarko Basin of the Texas Panhandle and northwest Oklahoma, and in southern Oklahoma. Credo uses advanced technologies to systematically explore for oil and gas and, through its patented Calliope Gas Recovery System, to recover additional reserves from largely depleted gas reservoirs. For more information, please visit our website at www.credopetroleum.com or contact us at 303-297-2200.
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/A 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.