Credo Petroleum Announces That Alford B. Neely, Chief Financial Officer, Plans to Retire
14 Juin 2012 - 2:00PM
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.
CONTACT: Michael D. Davis
Chief Executive Officer (Interim)
or
Alford B. Neely
Chief Financial Officer
303-297-2200
www.credopetroleum.com
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