Credo Petroleum announced today that Richard B. Stevens, age 80, has elected to retire from the company's Board of Directors. The retirement is effective May 1, 2009.
Prior to joining Credo's Board, Mr. Stevens was President of SECO Energy Corporation. He joined Credo's Board after Credo purchased SECO in 1987, and has served as a director for 22 years. Mr. Stevens is an oil and gas landman by training and was an independent operator prior to forming SECO. He started his career with Gulf Oil Corporation as a landman and oil scout.
James T. Huffman, Chairman, stated, "Dick Stevens brought a wealth of practical knowledge about the oil and gas business to our Board. He knows our industry from the inside out because, as an independent operator, he has been involved in all aspects of the business.
"For more than 20 years, Dick has played a prominent role in establishing the policies and direction that have resulted in Credo's outstanding record of success. As one of Credo's largest shareholders, he has a keen interest in the success of our company, and he always faithfully represented the best interests of Credo's shareholders.
"Given the timing of Dick Steven's retirement, we are particularly fortunate that Marlis Smith, Jr. was recently elected to Credo's Board. Mr. Smith's background and experience are very similar to Mr. Stevens.
"We have relied heavily on Dick Stevens' vision, values and good judgment for many years. Put simply, we will miss his good counsel and leadership."
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