Credo Petroleum Updates Operating Activities; Successful Drilling Continues on All of the Company's Oil-Focused Drilling Projects

Credo Petroleum Corporation CRED, an oil and gas exploration and production company with significant assets in the North Dakota Bakken and Three Forks, Kansas, Nebraska, the Texas Panhandle and Oklahoma, today updated its drilling operations. Michael D. Davis, interim Chief Executive Officer, stated, "This press release updates our drilling activities since our previous updates on April 17, 2012 and May 8, 2012. We are continuing to execute an aggressive oil-focused drilling program with good results in all of our plays. In particular, we are very pleased with our new Cleveland sand horizontal wildcat discovery in the Texas Panhandle which tested 438 BOE per day during completion. Davis continued, "We are keenly aware of current uncertainty regarding the world economy and falling oil prices. We know from many years of oil industry experience that periods of uncertainty often present significant opportunities for those who take a responsible long term view." BAKKEN AND THREE FORKS DRILLING PROJECT Credo has participated in 30 Bakken and Three Forks wells to date. As shown in the tables below, 21 of the wells have been completed and all are high rate producers. Eleven new producing wells have been placed on production this fiscal year, and five producers have been added since the Company's last update. Nine wells are currently in various stages of drilling or completion, and another nine wells are on the drilling schedule for the remainder of fiscal 2012. This activity brings the Company's expected Bakken and Three Forks well count to 39 by fiscal year end. Based on drilling activity on the Fort Berthold Reservation, the Company expects additional wells to be added to this year's drilling schedule.