diff --git a/CHANGELOG.md b/CHANGELOG.md
index d6c9032..ae84df4 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,4 +1,4 @@
-## Master
+## 0.5.0 - July 2, 2011
 
 ## New features
 
diff --git a/lib/guard/version.rb b/lib/guard/version.rb
index 0bfd281..583217d 100644
--- a/lib/guard/version.rb
+++ b/lib/guard/version.rb
@@ -1,3 +1,3 @@
 module Guard
-  VERSION = "0.4.2" unless defined? Guard::VERSION
+  VERSION = "0.5.0" unless defined? Guard::VERSION
 end