Credo Petroleum Announces That Marlis E. Smith, Jr. Plans to Step Down as CEO Effective January 31, 2012

Credo Petroleum Corporation

reported today that its Chief Executive Officer, Marlis E. Smith, Jr., has advised the Company that he does not intend to renew his two year employment agreement when it expires on December 31, 2011, and that he plans to step down effective January 31, 2012. Mr. Smith will return his full attention to his personal business interests at SmithCo Properties, Inc. and Smith Drummond Holdings, both private exploration and production companies based in Denver, Colorado. Mr. Smith was elected to Credo's Board of Directors in April 2009, and will continue to serve as a director of Credo.