CREDO: Earnings Increase 32% to New Q1 Record

For the first fiscal quarter ended January 31, 2008, CREDO Petroleum reported that net income climbed 32% to $1,801,000 compared to $1,364,000 last year. On a per diluted share basis, net income was $.19 compared to $.15 last year. Revenue rose 13% to $4,575,000 for the first quarter compared to $4,055,000 last year. Earnings before interest, taxes, depreciation, depletion and amortization ("EBITDA") grew 18% to $3,391,000 compared to $2,864,000 last year, and working capital increased 34% to $12,643,000 compared to $9,451,000 last year.

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