diff --git a/configure.ac b/configure.ac
index 9e93a15d09..8b1c56aa21 100644
--- a/configure.ac
+++ b/configure.ac
@@ -9,11 +9,13 @@ AM_CONFIG_HEADER(config.h)
 
 GST_VERSION_MAJOR=0
 GST_VERSION_MINOR=3
-GST_VERSION_MICRO=1
+GST_VERSION_MICRO=07
 
-dnl we use the release tag during CVS development
-# GST_VERSION_RELEASE=`date +%Y%m%d`
+dnl we use a datestamped release tag during CVS development
+dnl GST_VERSION_RELEASE=`date +%Y%m%d`
+dnl we use a normal release tag increased manually when releasing
 GST_VERSION_RELEASE=1
+
 GST_VERSION=$GST_VERSION_MAJOR.$GST_VERSION_MINOR.$GST_VERSION_MICRO
 
 PACKAGE=gst-plugins