iShares Trust (NASDAQ:CRED)
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CREDO Petroleum Corporation (NASDAQ: CRED) today announced that its
Board of Directors has approved repurchase of up to $2,000,000 of the
company’s common stock.
James T. Huffman, Chief Executive Officer, said, “The
stock repurchase program announced today reflects the Board of Directors’
confidence in the long-term future of the company. This program
reaffirms our commitment to enhancing shareholder value, and it may be
expanded beyond the initial $2,000,000 authorization.
“We have a history of implementing stock
repurchase programs when market conditions, share price and other
factors indicate that investing in our stock will deliver future value
for our shareholders. In past years, we have purchased significant
amounts of the company’s stock, having
previously held up to 19% of all issued shares as treasury stock.”
The stock repurchase plan will be funded using the company’s
working capital. As of July 31, 2008 the company had cash, cash
equivalents and marketable securities of approximately $27 million. The
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.
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 Global
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 2007 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.