Credo Petroleum announced that James T. Huffman plans to retire as Chief Executive Officer at the end of 2009.
Mr. Huffman has informed the Board of Directors that he would like to retire at year-end. Accordingly, the Board has initiated the process to search for a new CEO. In order to provide an orderly transition, Mr. Huffman will continue in his present executive capacity until a new CEO is selected and joins the company. Mr. Huffman will remain as a Director of the Company and, subject to Board approval, will continue to serve in the capacity as Chairman of the Board of Directors.
Mr. Huffman was a founder of Credo in 1978 and has served as CEO and Chairman of the Board since 1979. During that time, Credo has grown from a "penny stock" start-up to a company that has been widely recognized as one of the top performing small companies in America.
"My family and I have a significant equity stake in Credo and we are keenly interested in the company's continued growth and success," Mr. Huffman said. "I plan to remain actively involved in Credo's business in my capacities as a Director and as Chairman of the Board. I will also remain available to provide whatever assistance is required for a smooth and orderly executive transition."
Huffman further stated, "I think the entire Board shares my view that this is an excellent time for Credo to make a CEO transition because the availability of good executive talent has significantly improved due to the recent energy price downturn. Additionally, the combination of a clean balance sheet, deep inventory of oil-weighted drilling prospects and patented low-cost gas technology provides a unique competitive platform for the next generation of Credo's executive leadership."
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