Credo Petroleum Announces the Retirement of Its Chief Financial Officer, Alford B. Neely
July 31 2012 - 8:00AM
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 that,
effective today, its Chief Financial Officer, Alford B. Neely, has
retired and Brian Mazeski, the Company's Controller, has been
promoted to Chief Accounting Officer and he will also now serve as
the Company's Principal Financial Officer and Principal Accounting
Officer. The Company previously announced Mr. Neely's intention to
retire in a press release dated June 14, 2012.
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.
Mr. Mazeski, age 40, 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.
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.
CONTACT: Michael D. Davis
Chief Executive Officer (Interim)
or
Brian C. Mazeski
Chief Accounting Officer
303-297-2200
Website: www.credopetroleum.com
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