diff --git a/DESCRIPTION b/DESCRIPTION
index 398a86d33..b7ba8bc1f 100644
--- a/DESCRIPTION
+++ b/DESCRIPTION
@@ -1,5 +1,5 @@
 Package: pak
-Version: 0.3.1.9999
+Version: 0.4.0
 Title: Another Approach to Package Installation
 Description: The goal of 'pak' is to make package installation faster and
     more reliable. In particular, it performs all HTTP operations in parallel,
diff --git a/NEWS.md b/NEWS.md
index d7a302e9a..c51f0b321 100644
--- a/NEWS.md
+++ b/NEWS.md
@@ -1,4 +1,4 @@
-# pak (development version)
+# pak 0.4.0
 
 * pak has much improved and more informative error messages now.
   This work is not yet finished, so if you find an unclear error message,