diff --git a/CHANGELOG b/CHANGELOG
index d9d2115..bce8afe 100644
--- a/CHANGELOG
+++ b/CHANGELOG
@@ -1,6 +1,14 @@
-protobluff-0.5.0 (2016-01-xx)
+protobluff-0.5.0 (2016-01-11)
 
-  In progress
+  This release adds support for oneofs. protobluff now implements all features
+  of the Protocol Buffers 2 specification, except groups (which are deprecated)
+  and generic services which are highly implementation- and protocol-dependent.
+  However, there may be a GRPC-based service implementation in the future.
+
+  This is the last release before bumping the version to 1.0.0. proto3 support
+  is basically possible (and not that complicated to implement), and may also
+  be something that is added in the future. The libtool version has been
+  updated to 4.0.0, due to the renaming of some descriptor-related functions.
 
   Runtime:
 
diff --git a/MIGRATION b/MIGRATION
index dee6104..cde17c0 100644
--- a/MIGRATION
+++ b/MIGRATION
@@ -1,3 +1,7 @@
+0.4.0 => 0.5.0
+
+  The bindings have to be regenerated.
+
 0.3.x => 0.4.0
 
   Encoder
diff --git a/configure.ac b/configure.ac
index 88fbc75..f7f65df 100644
--- a/configure.ac
+++ b/configure.ac
@@ -24,7 +24,7 @@
 
 AC_PREREQ(2.69)
 
-AC_INIT([protobluff], [0.4.1], [martin.donath@squidfunk.com])
+AC_INIT([protobluff], [0.5.0], [martin.donath@squidfunk.com])
 AM_INIT_AUTOMAKE([subdir-objects foreign])
 
 m4_ifdef([AM_SILENT_RULES], [AM_SILENT_RULES([yes])])
@@ -48,7 +48,7 @@ AC_CONFIG_MACRO_DIR([m4])
 
 # Library versioning as <current:revision:age> - also remember to synchronize
 # this value with the version info in the core/common.h header file.
-AC_SUBST([VERSION_INFO], [3:0:0])
+AC_SUBST([VERSION_INFO], [4:0:0])
 
 # Checks for programs
 AC_PROG_AWK
diff --git a/include/protobluff/core/common.h b/include/protobluff/core/common.h
index 033d668..ca01437 100644
--- a/include/protobluff/core/common.h
+++ b/include/protobluff/core/common.h
@@ -33,7 +33,7 @@
  * Current ABI version as a single integer to test binary compatibility in
  * the generated header files: current * 10^6 + revision * 10^3 + age
  */
-#define PB_VERSION (3 * 1000000) + (0 * 1000) + 0
+#define PB_VERSION (4 * 1000000) + (0 * 1000) + 0
 
 /*
  * Agnostic C-linkage classifier for extern functions when compiling from C++