diff --git a/CHANGELOG.md b/CHANGELOG.md
index 618a5a2..0476bc5 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,18 @@
 # Changelog
 
+## 0.31.1
+
+**Release date:** 2023-03-10
+
+This prerelease extends the OOM watch feature introduced in `v0.31.0` with
+support for automatic detection of cgroup v1 paths, and flags to configure
+alternative paths using `--oom-watch-max-memory-path` and
+`--oom-watch-current-memory-path`.
+
+Fixes:
+- oomwatch: auto-detect well known cgroup paths
+  [#641](https://github.com/fluxcd/helm-controller/pull/641)
+
 ## 0.31.0
 
 **Release date:** 2023-03-08
diff --git a/config/manager/kustomization.yaml b/config/manager/kustomization.yaml
index 16abcec..25a4498 100644
--- a/config/manager/kustomization.yaml
+++ b/config/manager/kustomization.yaml
@@ -5,4 +5,4 @@ resources:
 images:
   - name: fluxcd/helm-controller
     newName: fluxcd/helm-controller
-    newTag: v0.31.0
+    newTag: v0.31.1
diff --git a/go.mod b/go.mod
index 0b63dca..99289c5 100644
--- a/go.mod
+++ b/go.mod
@@ -5,7 +5,7 @@ go 1.18
 replace github.com/fluxcd/helm-controller/api => ./api
 
 require (
-	github.com/fluxcd/helm-controller/api v0.31.0
+	github.com/fluxcd/helm-controller/api v0.31.1
 	github.com/fluxcd/pkg/apis/acl v0.1.0
 	github.com/fluxcd/pkg/apis/event v0.4.1
 	github.com/fluxcd/pkg/apis/kustomize v0.8.1