Credo Petroleum Reports Significantly Improved Fourth Quarter and Fiscal Year 2011 Results

Credo Petroleum Corporation CRED today reported financial and certain operating results for the quarter and fiscal year ended October 31, 2011. Credo's fourth quarter 2011 results were driven by a 111% increase in oil production. Fourth quarter net income increased 242% to $1,387,000 or $0.14 per diluted share, compared to $406,000 or $0.04 per diluted share last year. Income from operations increased 239% to $1,417,000 compared to $418,000 for last year. Total revenue increased 94% to $4,961,000 and EBITDA increased 162% to $3,686,000 For the fiscal year ended October 31, 2011, net income increased 60% to $3,518,000 or $0.35 per diluted share, compared to $2,203,000 or $0.22 per diluted share, for fiscal 2010. Income from operations increased 84% to $4,913,000 compared to $2,665,000 for fiscal 2010. Year-over-year revenue increased 45% to $16,767,000 and EBITDA increased 55% to $9,967,000