diff --git a/.release-please-manifest.json b/.release-please-manifest.json
index 5675f452..bb1bacd8 100644
--- a/.release-please-manifest.json
+++ b/.release-please-manifest.json
@@ -1 +1 @@
-{".":"0.3.1"}
\ No newline at end of file
+{".":"0.4.0"}
\ No newline at end of file
diff --git a/CHANGELOG.md b/CHANGELOG.md
index c0883cff..0bb8d955 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,23 @@
 # Changelog
 
+## [0.4.0](https://github.com/open-feature/python-sdk/compare/v0.3.1...v0.4.0) (2023-11-01)
+
+
+### ⚠ BREAKING CHANGES
+
+* raise error if the flag wasn't found using the in-memory provider ([#228](https://github.com/open-feature/python-sdk/issues/228))
+
+### Features
+
+* implement initialize/shutdown on provider registration ([#213](https://github.com/open-feature/python-sdk/issues/213)) ([84af1ae](https://github.com/open-feature/python-sdk/commit/84af1aec01241842289bce2beb35486153876706))
+* pass flag_metadata from resolution to evaluation details ([#212](https://github.com/open-feature/python-sdk/issues/212)) ([88a204d](https://github.com/open-feature/python-sdk/commit/88a204dc27c435f3b5faec231a07a96cb011518c))
+
+
+### Bug Fixes
+
+* Hook methods should have default non-abstract implementations ([#216](https://github.com/open-feature/python-sdk/issues/216)) ([c661ab2](https://github.com/open-feature/python-sdk/commit/c661ab20a43ff4411b7f0847c71df886af87e7ed))
+* raise error if the flag wasn't found using the in-memory provider ([#228](https://github.com/open-feature/python-sdk/issues/228)) ([0c314ab](https://github.com/open-feature/python-sdk/commit/0c314ab77cd60d3347aea7f733d324a6228e8871))
+
 ## [0.3.1](https://github.com/open-feature/python-sdk/compare/v0.3.0...v0.3.1) (2023-09-28)
 
 
diff --git a/README.md b/README.md
index 728c3c22..0eb803eb 100644
--- a/README.md
+++ b/README.md
@@ -19,8 +19,8 @@
 
   <!-- x-release-please-start-version -->
 
-  <a href="https://github.com/open-feature/python-sdk/releases/tag/v0.3.1">
-    <img alt="Latest version" src="https://img.shields.io/static/v1?label=release&message=v0.3.1&color=blue&style=for-the-badge" />
+  <a href="https://github.com/open-feature/python-sdk/releases/tag/v0.4.0">
+    <img alt="Latest version" src="https://img.shields.io/static/v1?label=release&message=v0.4.0&color=blue&style=for-the-badge" />
   </a>
 
   <!-- x-release-please-end -->
@@ -60,13 +60,13 @@
 #### Pip install
 
 ```bash
-pip install openfeature-sdk==0.3.1
+pip install openfeature-sdk==0.4.0
 ```
 
 #### requirements.txt
 
 ```bash
-openfeature-sdk==0.3.1
+openfeature-sdk==0.4.0
 ```
 
 ```python
diff --git a/pyproject.toml b/pyproject.toml
index aa77d6a0..b9056974 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -5,7 +5,7 @@ build-backend = "setuptools.build_meta"
 
 [project]
 name = "openfeature_sdk"
-version = "0.3.1"
+version = "0.4.0"
 description = "Standardizing Feature Flagging for Everyone"
 readme = "README.md"
 authors = [{ name = "OpenFeature", email = "openfeature-core@groups.io" }]