Credo Petroleum Announces Expansion of Its Stock Repurchase Program
April 21 2009 - 7:00AM
Business Wire
Credo Petroleum Corporation (NASDAQ: CRED) today announced that
its Board of Directors has approved repurchase of an additional
$2,000,000 of the company�s common stock under the stock repurchase
program announced in September 2008. The expansion brings the
current stock repurchase authorization to $4,000,000.
To date, the company has repurchased 224,440 shares of its stock
under the program at a weighted average price of $8.14 per share.
The stock repurchase plan is funded from working capital.
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.
James T. Huffman, Chief Executive Officer, said, �Expansion of
our stock repurchase program reflects the Board of Directors�
continuing confidence in Credo�s long-term outlook. It also
reaffirms our commitment to enhancing shareholder value. We have a
history of repurchasing Credo�s stock when we believe it is
undervalued by the market. The company has previously held as much
as 19%�of its stock in the treasury. Over the years, those
investments have yielded excellent returns for our
shareholders.�
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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