CREDO Petroleum Announces Stock Repurchase Program
September 25 2008 - 7:00AM
Business Wire
CREDO Petroleum Corporation (NASDAQ: CRED) today announced that its
Board of Directors has approved repurchase of up to $2,000,000 of
the company�s common stock. James T. Huffman, Chief Executive
Officer, said, �The stock repurchase program announced today
reflects the Board of Directors� confidence in the long-term future
of the company. This program reaffirms our commitment to enhancing
shareholder value, and it may be expanded beyond the initial
$2,000,000 authorization. �We have a history of implementing stock
repurchase programs when market conditions, share price and other
factors indicate that investing in our stock will deliver future
value for our shareholders. In past years, we have purchased
significant amounts of the company�s stock, having previously held
up to 19% of all issued shares as treasury stock.� The stock
repurchase plan will be funded using the company�s working capital.
As of July 31, 2008 the company had cash, cash equivalents and
marketable securities of approximately $27 million. The repurchases
may be made on the open market, in block trades or otherwise. The
stock repurchase program may be expanded, suspended or discontinued
at any time. 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. 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
2007�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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