UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
August 15, 2006
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CREDO Petroleum Corporation
______________________________________________________________
(Exact name of registrant as specified in its charter)
Colorado 0-8877 84-0772991
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1801 Broadway, Suite 900 Denver, Colorado 80202
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(303) 297-2200
______________________________________________________________
Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions (see General
Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240-14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4
under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02 Departure of Directors or Principal Officers
David W. Vreeman has resigned as Vice President and
Chief Financial Officer.
Item 5.02 Appointment of Principal Officers
CREDO Announces Financial and Accounting Personnel
Changes and the Appointment of David E. Dennis Chief
Financial Officer.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
CREDO PETROLEUM CORPORATION
(Registrant)
Date: August 15, 2006 By: /s/ James T. Huffman
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James T. Huffman
President and Chief Executive
Officer
(Principal Executive Officer)
NEWS RELEASE
FOR IMMEDIATE RELEASE Contact: James T. Huffman
President and CEO
www.credopetroleum.com
CREDO ANNOUNCES FINANCIAL AND ACCOUNTING PERSONNEL CHANGES
Increased Regulatory Compliance Requirements Drive
Re-Alignment of Staff
DENVER, COLORADO, August 15, 2006 -- CREDO Petroleum Corporation
(NASDAQ: CRED) today announced changes in its financial and
accounting department responsibilities in response to increased
regulatory demands, including Sarbanes-Oxley compliance.
James T. Huffman, President and Chief Executive Officer, stated,
"We have been working throughout the year to implement the
requirements of the new Sarbanes-Oxley regulations and expect to
be in full compliance by fiscal year end as required by law. Our
objective is to both comply with the new regulations and, to the
extent possible, control the cost of compliance. To meet that
objective, we have re-aligned the duties and responsibilities of
our accounting and financial staff by modifying our Chief
Financial Officer's role to a part time position and adding a
full time Manager of Regulatory Compliance."
"Our company has financial management expertise at the CEO level
because I am a certified public accountant with a strong
financial background," Huffman said. "As in the past, I will
continue to be responsible for investor relations, capital
allocation decisions and strategic investing. The Chief
Financial Officer will now be primarily responsible for oversight
of financial reporting and accounting. The Manager of Regulatory
Compliance, who will report to the Chief Financial Officer, will
manage the company's financial compliance, including providing
significant direction to the accounting and information
technology departments."
David E. Dennis has been elected to the position of Chief
Financial Officer. Mr. Dennis is a certified public accountant
with over 30 years of experience in public accounting, corporate
and individual taxation and forensic accounting. He holds
Bachelor of Science and Masters of Business Administration
degrees from the University of Southern California. Mr. Dennis
has a broad range of experience including industry, public
accounting auditing and consulting, and private accounting and
consulting. Formerly with PricewaterhouseCoopers as Director in
charge of the Rocky Mountain Region consulting practice, Mr.
Dennis also was previously a partner in the firm of Holben,
Dennis & Company where he performed concurring partner reviews
for SEC engagements. He is presently in private practice.
"I have known Dave Dennis for many years dating back to his
tenure at Coopers and Lybrand," Huffman said. "Dave's background
ideally qualifies him to provide oversight of our financial
reporting and accounting."
Alford B. Neely will become the company's Manager of Regulatory
Compliance. Mr. Neely served as the company's Chief Financial
Officer from 1998 through 2000, before leaving to pursue personal
business interests. Mr. Neely has worked in public accounting
and has held senior level accounting and systems management
positions in industry.
"Al Neely is a known quantity to CREDO and he brings a strong
background in both accounting and information technology
management", Huffman said. "His systems management background is
particularly important to our ongoing Sarbanes-Oxley compliance
program. In addition, we are experiencing increasing regulation
at many levels in our business, and Mr. Neely will be responsible
for setting up and monitoring compliance systems and controls.
We were disappointed when Al chose to pursue personal business
interests in 2000, and we are now very pleased to bring him back
to CREDO."
* * * * *
Contact: James T. Huffman
President and CEO
303-297-2200
Web Site: 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 Capital 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 2005 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.