UPDATE: Credo Petroleum Q2 Profit Surges 67%

Credo Petroleum Corp CRED reported a 67% rise in its second-quarter profit. Credo Petroleum's quarterly net income climbed to $1.1 million, or $0.11 per share, versus $255,000, or $0.03 per share, in the year-ago period. Its adjusted profit came in at $0.12 per share. Its revenue climbed 44% to $5.9 million. Total production volumes surged 30% in the quarter to 90,800 barrels of oil equivalent. Gas output fell 7% in the first half of the year. Credo Petroleum shares closed at $14.36 yesterday.