diff --git a/.bumpversion.cfg b/.bumpversion.cfg
index a1911d29897..1848c763ba8 100644
--- a/.bumpversion.cfg
+++ b/.bumpversion.cfg
@@ -1,5 +1,5 @@
 [bumpversion]
-current_version = 0.7.0
+current_version = 0.7.1
 commit = True
 tag = True
 
diff --git a/CHANGELOG.md b/CHANGELOG.md
index fba7e3ce13c..d061621aaef 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,18 +1,24 @@
-## dbt 0.7.1 (unreleased)
+## dbt 0.7.1 (February 28, 2017)
 
 ### Overview
 
+- [Improved graph selection](http://dbt.readthedocs.io/en/master/guide/usage/#run)
 - A new home for dbt
 - Snowflake improvements
 
 #### New Features
 
+- improved graph selection for `dbt run` and `dbt test` ([more information](http://dbt.readthedocs.io/en/master/guide/usage/#run)) ([#279](https://github.com/fishtown-analytics/dbt/pull/279))
 - profiles.yml now supports Snowflake `role` as an option ([#291](https://github.com/fishtown-analytics/dbt/pull/291))
 
 #### A new home for dbt
 
 In v0.7.1, dbt was moved from the analyst-collective org to the fishtown-analytics org ([#300](https://github.com/fishtown-analytics/dbt/pull/300))
 
+#### Bugfixes
+
+- nicer error if `run-target` was not changed to `target` during upgrade to dbt>=0.7.0
+
 
 ## dbt 0.7.0 (February 9, 2017)
 
diff --git a/dbt/version.py b/dbt/version.py
index c88c438a57c..f818f2e8d7b 100644
--- a/dbt/version.py
+++ b/dbt/version.py
@@ -67,6 +67,6 @@ def is_latest():
     return installed == latest
 
 
-__version__ = '0.7.0'
+__version__ = '0.7.1'
 installed = get_version()
 latest = get_latest_version()
diff --git a/docs/guide/usage.md b/docs/guide/usage.md
index ead90102255..77e1e299fa7 100644
--- a/docs/guide/usage.md
+++ b/docs/guide/usage.md
@@ -17,7 +17,7 @@ Deploying new models frequently involves destroying prior versions of these mode
 
 ### Specifying models to run
 
-By default, `dbt run` will execute _all_ of the models in the dependency graph. During development (and deployment), it is useful to specify only a subset of models to run. Use the `--models` flag with `dbt run` to select a subset of models to run.
+By default, `dbt run` will execute _all_ of the models in the dependency graph. During development (and deployment), it is useful to specify only a subset of models to run. Use the `--models` flag with `dbt run` to select a subset of models to run. Note that the following arguments (`--models` and `--exclude`) also apply to `dbt test`!
 
 The `--models` flag accepts one or more arguments. Each argument can be one of:
 1. a package name
@@ -51,6 +51,12 @@ dbt run --models my_package.*+      # select all models in my_package and their
 dbt run --models +some_model+       # select some_model and all parents and children
 ```
 
+Finally, dbt provides an `--exclude` flag with the same semantics as `--models`. Models specified with the `--exclude` flag will be removed from the set of models selected with `--models`
+
+```bash
+dbt run --models my_package.*+ --exclude my_package.a_big_model+
+```
+
 ### Run dbt non-destructively
 
 If you provide the `--non-destructive` argument to `dbt run`, dbt will minimize the amount of destructive changes it runs against your database. Specifically, dbt
diff --git a/setup.py b/setup.py
index 84c8e5a7267..b5d00e94ff6 100644
--- a/setup.py
+++ b/setup.py
@@ -3,7 +3,7 @@
 import os.path
 
 package_name = "dbt"
-package_version = "0.7.0"
+package_version = "0.7.1"
 
 setup(
     name=package_name,