Credo Upbeat on Anadarko Basin Discoveries

Credo Petroleum provides an update on developments for its Oklahoma drilling program. The company drills primarily for natural gas along the shelf of the Northern Anadarko Basin of Oklahoma.

Two previously reported wells have recently been completed for production and three additional wells have been drilled and are awaiting pipeline connection. All of the wells are either producing or appear to be productive. Intermediate casing has been set on a sixth well and the objective formation will be drilled shortly.

The Owens #1-21 (previously reported as a "tight hole") has been completed for production on the company's 2,560 gross acre Buffalo Creek Prospect located in Harper County, Oklahoma. The 6,900-foot well encountered 14 feet of porous Oswego limestone. After a small acid treatment, it commenced sales flowing at a daily rate of approximately 225 barrels of oil and 150 Mcfg (thousand cubic feet of gas) on a 19/64ths-inch choke. Production is being optimized at flowing rates between 125 and 170 barrels of oil per day. CREDO is the operator and owns a 31% working interest. Two additional wells are being permitted for drilling and more wells are expected.

Approximately eight miles to the south, the Eva #1-34 was recently drilled on the company's 6,000 gross acre Two Springs Prospect located in Harper County, Oklahoma. It is the seventh well drilled on the prospect and extended Morrow sand production about one-half mile north of the Gillenwaters #1-34. The 7,200-foot well encountered seven feet of porous Morrow sand. Drilling data and electric logs indicate that it will be productive and it is currently awaiting pipeline connection before being completed for production. CREDO is the operator and owns a 30% working interest.

Approximately eight miles to the south, the previously reported Bobby-John #1-10 was completed on the company's 17,000 gross acre Sand Creek Prospect located in Ellis and Harper Counties, Oklahoma. It is the 20th well drilled on the prospect and extended Morrow sand production about one-half mile north. The 7,850-foot well has been completed in porous Morrow sand totaling six feet. After fracture stimulation, it commenced pipeline sales on a 20/64-inch choke at a daily rate of over 1.5 MMcfg (million cubic feet of gas). It is currently producing about 600 Mcf of gas per day. The company is operator and owns a 53% working interest.

One mile to the west, the Rosalee #1-9 well has been drilled and is awaiting completion for pipeline sales. The 7,825-foot well encountered 10 feet of porous Morrow sand that drilling data and electric logs indicate is productive. CREDO is the operator and owns a 23% working interest.

One mile to the west, the Pittman #A-2 has been drilled and completed as an oil producer. The Pittman encountered 15 feet of porous Oswego limestone and was completed producing over 300 barrels of oil per day. Although the company has a very small interest in the Pittman, it owns a 39.5% working interest in a north offset. The company is preparing to drill this offset pending the outcome of issues before the Oklahoma Corporation Commission.

About 12 miles to the east of the Pittman, the company has drilled and set intermediate casing on the Horseshoe #1-7. This is the first well on its 1,920 gross acre Horseshoe Prospect. The well will test the Morrow formation at 7,200 feet. Drilling of the potential pay zone will commence shortly using a specialized rig. CREDO is the operator and owns a 49% working interest.

Eight additional wells are currently scheduled for drilling, mostly during the summer of this year. A rank wildcat will test the company's new 1,920 gross acre Glacier Prospect in Harper County, Oklahoma. The prospect is located about five miles east of the Sand Creek Prospect.

James T. Huffman, President, said: "We continue to be pleased with the results of our Northern Anadarko Basin drilling program. This program has contributed substantially to the rapid growth in our production over the past three years. With natural gas prices at record levels, we will continue to use our substantial acreage inventory to create value through the drill bit."
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