Credo Confirms Previous Oil Discovery, Additional Drilling Scheduled

Credo Petroleum has confirmed a previously announced new field discovery and that additional drilling is scheduled.

The prospect, consisting of 1,400 gross acres, was identified using subsurface geology and 3-D seismic. The new field has produced about 40,000 barrels of oil since coming on line in mid-January. Credo owns an 85% working interest.

James T. Huffman, CEO, stated, "This outstanding discovery, where Credo owns the vast majority of the interest, will have significant positive impact on Credo's production, cash flow, and reserves. Detailed information regarding the field is not yet being released for proprietary business reasons.

"In addition to the intervals that are currently producing, there is significant productive sand behind pipe in one well which will be opened at a later date. After primary recovery, the field is an excellent candidate for waterflooding which can be expected to recover reserves equal to about 50% of primary recovery."

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