Credo Restated Financials for Quarter Ended January 31

Credo Petroleum Corporation CRED today reported that it will restate financial results for its first fiscal quarter of 2012. The information reported in this press release is subject to final review by the Company's independent accountants. The financial statement adjustments are expected to reduce net income reported for the first quarter ended January 31, 2012 by $127,000, or $.01 per share. Restated net income is expected to be $913,000, or $.09 per share, compared to $1,040,000, or $.10 per share, previously reported. Restated EBITDA for the first quarter is expected to decline $99,000 to $3,743,000, compared to $3,842,000 as previously reported. The adjustments are also expected to reduce working capital at January 31, 2011 from $1,708,000 to a working capital deficit of $4,410,000.