Marlis E. Smith, Jr. Elected to Credo Petroleum Board of Directors
April 15 2009 - 7:00AM
Business Wire
Credo Petroleum Corporation (NASDAQ: CRED), a Denver, Colorado
based independent oil and gas company, announced today that Marlis
E. Smith,�Jr. has been elected to the company�s Board of
Directors.
Mr. Smith, age 48, has been actively involved in the oil and gas
drilling and production business throughout his business career,
and he owns interests in hundreds of oil and gas wells. Beginning
in 1985, he arranged drilling deals for Denver based Four-Ten
Exploration. In�1987, he formed SmithCo Properties, Inc. and
partnered with other operators in numerous oil and gas property
acquisitions in the Rocky Mountain and Mid-Continent regions. Mr.
Smith is also the managing partner of Smith/Drummond Holdings,�LLP
which primarily invests, as a non-operator, in domestic oil and gas
drilling projects, including projects operated by many of the large
U.S. independent oil and gas companies.
Mr. Smith holds a BA degree in Petroleum Land Management (with
an emphasis in geology) from Rice�University and an MBA degree in
Energy Resource Management from the University of�Denver.
Mr. Smith is a Credo shareholder. Over the past 10 years,
through companies he owns and controls, Mr. Smith has participated
as a working interest owner in many of Credo�s drilling projects.
He currently owns working interests in about 50 producing wells for
which Credo is the operator.
James T. Huffman, Chairman, stated, �Marlis Smith is an
authentic �oil man� in every sense of the word. He is the son of a
successful geologist, his college education focused on the oil and
gas industry, and his entire 25-year career has been in the oil and
gas business. As an owner of independent oil and gas companies, he
has a good working knowledge of the major disciplines that drive
the exploration and production industry, including geology,
engineering, geophysics and land. That breadth of knowledge makes
him exceptionally well qualified to serve as a director of an
independent oil and gas company like Credo.
�Mr. Smith also has a long association with Credo, both as a
shareholder and as a third party investor in the company�s drilling
projects. The knowledge he has gained from investing in our
drilling deals provides a unique opportunity for us to add an
outside director who knows our business from the inside out. We are
very fortunate that Marlis has agreed to serve on our Board. I know
that he is a strong advocate for our business and our
shareholders.�
The company also announced that, at its annual meeting of
shareholders held on April�9,�2009, shareholders elected Clarence
H. Brown, James T. Huffman and W. Mark Meyer to serve as directors
until the 2012�annual meeting. Shareholders also ratified the
appointment of Ernst and Young, LLC as the company�s independent
public accountants for fiscal year 2009, and approved the proposal
to reincorporate the company from Colorado to Delaware. The
presentation made by Mr.�Huffman at the shareholder�s meeting will
be posted on the company�s website in the next few days.
For more information about the company, visit
http://www.credopetroleum.com.
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
2008�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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