- Current report filing (8-K)
December 28 2009 - 4:58PM
Edgar (US Regulatory)
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):
December 28, 2009
CREDO
Petroleum Corporation
(Exact name of registrant as specified in its charter)
Delaware
|
|
0-8877
|
|
84-0772991
|
(State or other jurisdiction
|
|
(Commission
|
|
(IRS Employer
|
of incorporation)
|
|
File Number)
|
|
Identification No.)
|
1801 Broadway, Suite 900
Denver, Colorado
|
|
80202
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Registrants 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):
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240-14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Item 3.02
Unregistered
Sales of Equity Securities.
As
part of Marlis E. Smiths entry into an Employment Agreement with CREDO
Petroleum Corporation (the Company) (as described further below), on December 21,
2009, and effective as of January 1, 2010 (the Effective Date), Mr. Smith
has the right to receive options under the Companys 2007 Stock Option Plan to
acquire 50,000 shares of the Companys common stock. The exercise price of the options is equal to
the closing trading price of the Companys common stock on the date of grant.
One-third of such options shall vest on each of the first, second and third
anniversaries of the Effective Date.
The options will be issued pursuant to the exemption
from registration set forth in Section 4(2) of the Securities Act of
1933, as amended.
Item 5.02.
Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 21, 2009, Mr. Smith, age 49, was
appointed to serve as President and Chief Executive Officer of the Company,
effective as of the Effective Date, succeeding James T. Huffman who will retire
effective January 15, 2010.
Mr. Smith has been exclusively involved
in the oil and gas industry throughout his 25 year business career. He is currently the owner of SmithCo
Properties, Inc. and a partner in Smith Drummond Holdings, both
exploration and production companies based in Denver, Colorado. SmithCo and Smith Drummond own interests in
approximately 450 oil and gas wells and 125,000 gross acres located primarily
in the Mid-Continent and Rocky Mountain regions. Prior to forming SmithCo and Smith Drummond, Mr. Smith
was a partner in 410 Exploration, an exploration and production company
which generated drilling prospects and purchased producing properties in the
Mid-Continent and Rocky Mountain regions.
Although Mr. Smith will retain his existing business interests, he
will devote full time to his responsibilities as Credos Chief Executive
Officer.
Under
the terms of his employment agreement, Mr. Smith will hold the position of
President and Chief Executive Officer for an initial term of two years, with
automatic one year extensions unless otherwise terminated. His initial salary
will be $250,000 per year and he will be eligible for annual bonuses, at the
discretion of the Board of Directors.
Mr. Smith
holds a Bachelor of Arts degree in Petroleum Land Management (concentration in
geology) from Rice University. He
received his Masters of Business Administration Degree in Energy Management
from the University of Denver.
Mr. Smith
was elected to Credos Board of Directors in April, 2009. For the last 10 years, his companies have
invested in the majority of Credos drilling projects in Oklahoma and
Kansas. During that time, the companies
participated in drilling about 75 wells operated by Credo.
Item 9.01
Financial
Statements and Exhibits
(d)
Exhibits
Exhibit 10.1
|
|
Employment Agreement by and between CREDO Petroleum
Corporation and Marlis E. Smith, Jr. dated as of
December 21, 2009, effective as of January 16, 2010.
|
2
SIGNATURE
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
|
|
|
|
|
Date:
December 28, 2009
|
By:
|
/s/ Alford B. Neely
|
|
|
Alford
B. Neely
|
|
|
Vice President & Chief Financial Officer
|
3
Exhibit Index
Exhibit No.
|
|
Description
|
|
|
|
10.1
|
|
Employment Agreement by
and between CREDO Petroleum Corporation and Marlis E. Smith, Jr. dated
as of December 21, 2009, effective as of January 16, 2010.
|
4
iShares Trust (NASDAQ:CRED)
Historical Stock Chart
From Jun 2024 to Jul 2024
iShares Trust (NASDAQ:CRED)
Historical Stock Chart
From Jul 2023 to Jul 2024