Credo Petroleum 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."
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