DENVER, Nov. 22, 2010 (GLOBE NEWSWIRE) -- Credo Petroleum Corporation (Nasdaq:CRED), an oil and gas exploration and production company with significant operations in the Rocky Mountain and Mid-Continent Regions, has launched a completely redesigned corporate website.
"Over the past three years, Credo has successfully transitioned from predominately natural gas to predominately crude oil production on a value basis," said Marlis E. Smith, Jr., CEO. "Thanks to the vision of our Board of Directors, we made the transition at an opportune time because oil is currently four times more valuable than natural gas on an energy equivalent basis. That makes a huge difference to our bottom line.
"Credo has now assembled significant undeveloped acreage positions in four separate oil plays located in Kansas, Nebraska, the Texas Panhandle and anchored by the Bakken horizontal drilling play in North Dakota. Although three of the plays are still in their infancy, our success is already evident in Credo's financial performance where, in 2009, oil revenue overtook natural gas revenue for the first time in the company's history.
"Our goal is to exploit the new acreage to take advantage of excellent oil prices. To accomplish that objective, we recently announced that Credo has more than doubled its drilling budget for 2011.
Smith continued, "With Credo's geographically diversified and rapidly expanding exploration program, I expect steady financial and operational gains. One of my objectives is to better communicate with the investment community. The website contains significantly expanded information about our drilling activities and our Calliope Gas Recovery System. The website is our initial step in a broader plan to better communicate Credo's story, including our aggressive transition to oil plays."
About Credo Petroleum: Credo Petroleum Corporation is an independent exploration, development and production company based in Denver, Colorado. The company has significant operations in the Williston Basin of North Dakota, central Kansas, the Anadarko Basin of North Texas and northwest Oklahoma, and in southern Oklahoma. Credo uses advanced technologies to systematically explore for oil and gas and, through its patented Calliope Gas Recovery System, to recover stranded reserves from depleted gas reservoirs.
This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements included in this press release, other than statements of historical facts, address matters that the company reasonably expects, believes or anticipates will or may occur in the future. Such statements are subject to various assumptions, risks and uncertainties, many of which are beyond the control of the company. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those described in the forward-looking statements. Investors are encouraged to read the "Forward-Looking Statements" and "Risk Factors" sections included in the company's Annual Report on Form 10-K for more information. Although the company may from time to time voluntarily update its prior forward looking statements, it disclaims any commitment to do so except as required by securities laws.
CONTACT: Credo Petroleum Corporation Marlis E. Smith, Jr., Chief Executive Officer Alford B. Neely, Chief Financial Officer 303-297-2200 www.credopetroleum.com