diff --git a/README.md b/README.md
index 3f4c2320c92..06740117a23 100644
--- a/README.md
+++ b/README.md
@@ -28,10 +28,10 @@ Branch Info
 ===========
 
    * Releases are named after Van Halen songs.
-   * The master branch corresponds to release 0.5 "Amsterdam".
-   * The devel branch corresponds to release 0.6 "Cabo".
+   * The devel branch corresponds to release 0.7, "Panama".
+   * Various release-X.Y branches exist for previous releases
    * All feature work happens on the development branch.
-   * Major bug fixes will be made to the master branch, but not minor ones.
+   * Major bug fixes will be made to the last release branch only
    * See CHANGELOG.md for release notes to track each release.
 
 Patch Instructions
@@ -41,7 +41,7 @@ Contributions to the core and modules are greatly welcome.
 
    * Required Process:
        * Submit github pull requests to the "ansible/devel" branch for features
-       * Fixes for bugs may be submitted to "ansible/master"
+       * Fixes for bugs may also be submitted to "ansible/release-X.Y" for the last release
        * Make sure "make tests" passes before submitting any requests.
    * Bonus points:
        * Joining the mailing list
@@ -51,7 +51,7 @@ Contributions to the core and modules are greatly welcome.
        * Adding more unit tests
    * Avoid:
        * Sending patches to the mailing list directly.
-       * Sending feature pull requests to the 'master' branch instead of the devel branch
+       * Sending feature pull requests to the 'release' branch instead of the devel branch
        * Sending pull requests to mpdehaan's personal ansible fork.