diff --git a/CHANGES.rst b/CHANGES.rst
index d98278f75..eeb13c444 100644
--- a/CHANGES.rst
+++ b/CHANGES.rst
@@ -5,8 +5,8 @@ This is a record of all past ``respy`` releases and what went into them in rever
 chronological order. We follow `semantic versioning <https://semver.org/>`_ and all
 releases are available on `PyPI <https://pypi.org/project/respy/>`_.
 
-2.0.0 - 2019-
--------------
+1.2.0 - 2019-04-23
+------------------
 
 - `#162 <https://github.com/OpenSourceEconomics/respy/pull/162>`_ is a wrapper around
   multiple PRs in which a new Python version is implemented.
@@ -15,10 +15,13 @@ releases are available on `PyPI <https://pypi.org/project/respy/>`_.
 - `#133 <https://github.com/OpenSourceEconomics/respy/pull/133>`_ and `#140
   <https://github.com/OpenSourceEconomics/respy/pull/140>`_ add Appveyor to test respy
   on Windows.
-- `#67 <https://github.com/OpenSourceEconomics/respy/pull/67>`_ removes everything
-  related to ambiguity.
 
-1.0.0 - 2016-09-01
+1.1.0 - 2018-03-02
+------------------
+
+- Undocumented release
+
+1.0.0 - 2016-08-10
 ------------------
 
 This is the initial release of the ``respy`` package.
diff --git a/docs/conf.py b/docs/conf.py
index a6f625c17..0d98f709e 100644
--- a/docs/conf.py
+++ b/docs/conf.py
@@ -16,9 +16,9 @@
 author = "Philipp Eisenhauer"
 
 # The short X.Y version.
-version = "2.0"
+version = "1.2"
 # The full version, including alpha/beta/rc tags.
-release = "2.0.0dev20"
+release = "1.2.0-rc.1"
 
 # -- General configuration ------------------------------------------------
 
diff --git a/docs/releases.rst b/docs/releases.rst
index c2f08c09e..c75772220 100644
--- a/docs/releases.rst
+++ b/docs/releases.rst
@@ -5,20 +5,21 @@ What is the new version number?
 -------------------------------
 
 The version number depends on the severity of the changes and adheres to `semantic
-versioning <https://semver.org/>`_.
+versioning <https://semver.org/>`_. The format is x.y.z.
 
-You are also allowed to append ``rc1`` after the last digit to indicate the first or
-higher release candidates. By that, you can test the release and deployment on PyPI and
-release preliminary versions.
+You are also allowed to append ``-rc.1`` after the last digit to indicate the first or
+higher release candidates. Thus, you can test deployment on PyPI and release preliminary
+versions.
 
 
 How to release a new version?
 -----------------------------
 
-1. At first, we need to create a new PR to prepare everything for the new version. We
-   need to
+1. At first, we need to create a new PR to prepare everything for the new version. The
+   name of the PR and the commit message will be "Release vx.y.z". We need to
 
-   - update all mentions of the old version number
+   - update all references of the old version number (``setup.py``,
+     ``respy/__init__.py``, ``docs/conf.py``).
    - update information in ``CHANGES.rst`` to have summary of the changes which
      can also be posted in the Github repository under the tag.
 
@@ -28,7 +29,7 @@ How to release a new version?
 
    .. code-block:: bash
 
-       $ git tag -m "x.x.x"
+       $ git tag -m "x.y.z"
 
    to create a tag with the version number. After that, you need to push the tag to the
    remote repository which triggers a Travis-CI build and deployment to PyPI.
diff --git a/respy/__init__.py b/respy/__init__.py
index c6b96a7a0..95dc53f67 100755
--- a/respy/__init__.py
+++ b/respy/__init__.py
@@ -16,7 +16,7 @@
 if not IS_DEBUG:
     warnings.simplefilter(action="ignore", category=FutureWarning)
 
-__version__ = "2.0.0.dev20"
+__version__ = "1.2.0-rc.1"
 
 
 def test(opt=None):
diff --git a/setup.py b/setup.py
index fd18984c1..9fa77a2ab 100644
--- a/setup.py
+++ b/setup.py
@@ -58,7 +58,7 @@ def setup_package():
                 "pre_processing/base_spec.csv",
             ]
         },
-        version="2.0.0.dev20",
+        version="1.2.0-rc.1",
         description=(
             "respy is a Python package for the simulation and estimation of a "
             "prototypical finite-horizon dynamic discrete choice model."