Credo Petroleum Provides Operations Update

Credo Petroleum Corporation

today provided an operations update. Marlis E. Smith, Jr., Chief Executive Officer, stated, "We are continuing to add high value oil production from new drilling, at a time when oil commands a nearly four to one energy equivalent price advantage over natural gas. The fourth quarter looks to set a new drilling record, with 19 gross [8.2 net] wells scheduled. This press release updates our drilling results and highlights significant new oil drilling activity in the North Dakota Bakken, our Kansas and Nebraska shallow drilling plays and recent Calliope successes." Two Bakken Wells Recently Drilled and Awaiting Completion; Five Additional Wells Scheduled for the Fourth Quarter In North Dakota's Bakken oil resource play, the Company recently participated with Marathon Oil Company in drilling two significant Bakken wells in Dunn County. The horizontal wells, located on a 2,560 acre spacing unit, have been drilled and cased to total depths of 19,881' and 18,718' and are currently awaiting fracture stimulation. Credo owns an approximate 15% working interest in both wells. The wells are located on the Fort Berthold Reservation about four miles southeast of the Company's previously announced Enerplus Ethan Hall, an outstanding Bakken well that has produced approximately 150,000 barrels of oil in eight months.