diff --git a/doc/conf.py b/doc/conf.py
index 0166b7c..1b2cbfe 100644
--- a/doc/conf.py
+++ b/doc/conf.py
@@ -60,9 +60,9 @@ author = u'Radovan Bast, Jonas Juselius, and contributors'
 # built documents.
 #
 # The short X.Y version.
-version = '0.0'
+version = '0.5'
 # The full version, including alpha/beta/rc tags.
-release = '0.0'
+release = '0.5.0'
 
 # The language for content autogenerated by Sphinx. Refer to documentation
 # for a list of supported languages.
diff --git a/update.py b/update.py
index 2ce6bae..01a0f6b 100644
--- a/update.py
+++ b/update.py
@@ -6,7 +6,7 @@ import datetime
 import ast
 import collections
 
-__version__ = 'X.Y.Z'
+__version__ = '0.5.0'
 
 # we do not use the nicer sys.version_info.major
 # for compatibility with Python < 2.7