Credo Reports Flow Back Rate on Bakken Well


Bakken Shale
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Credo Petroleum provided an update on its North Dakota Bakken horizontal drilling program.

WEISZ 11-14#1-H ("WEISZ") WELL COMPLETION RESULTS OFFICIAL

The average early 24-hour peak flow back rate on Credo's second Bakken well, the Weisz 11-14#1-H ("Weisz"), has been officially announced by the well's operator, Brigham Exploration. The reported rate of 2,278 barrels of oil equivalent is confirmed to be the highest initial test rate of any well in which Credo has participated in the company's 32 year history.

Located on a 1,280 acre spacing unit in Williams County, North Dakota, the Weisz is a 37 stage, long lateral horizontal Bakken producer in which Credo owns a 6% working interest. Operator development plans for the spacing unit could potentially include two additional Bakken wells and up to three Sanish/Three Forks wells. Similar to the Bakken, the deeper Sanish/Three Forks formation is highly prospective in the area.

MANAGEMENT COMMENT

Marlis E. Smith, Jr., Chief Executive Officer, stated, "Our own internal calculations have been confirmed regarding the initial flow rate for the Weisz. We now look forward to reporting additional future Bakken results, including the upcoming Petro-Hunt 1-H, a well in which Credo owns an 18.75% working interest.

Smith further said, "Credo has barely scratched the surface of our Bakken oil drilling program, having developed less than 10% of our approximately 6,000 net acres in the nation's most exciting oil resource play."

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