DENVER, May 24, 2012 (GLOBE NEWSWIRE) -- Credo Petroleum Corporation (Nasdaq:CRED), an independent oil and gas exploration and production company with significant assets in North Dakota, Kansas, Nebraska, Texas and Oklahoma, today announced it will present at the East Coast IDEAS Investor Conference on Tuesday, June 5, 2012, at the Metro Meeting Center in Boston, Massachusetts. Credo's presentation is scheduled to begin at 2:30 p.m. EDT. The presentation will be webcast live and may be accessed at the conference website, www.IDEASConferences.com.
James T. Huffman, Chairman of the Board of Directors, stated, "Credo has rapidly and successfully made the transition from being almost exclusively a natural gas producer to becoming mostly an oil producer. At the same time, we have de-risked many of our projects and converted them into scalable and repeatable plays that will propel Credo's organic production and reserve gains for years to come. In our Bakken and Three Forks project alone, we have approximately 200 to 250 drilling locations based on two Bakken and two Three Forks wells in each spacing unit. That number could double if, as many of the larger Bakken operators predict, well density increases to eight wells per spacing unit.
"We have previously reported that the Board of Directors believes Credo has a number of viable go-forward options. Accordingly, in addition to searching for a Chief Executive Officer, the Board is considering other strategic options which may be available to the Company. That process includes efforts to enhance investor community awareness of the rapidity, success and sustainability of Credo's transition."
About Credo Petroleum
CREDO Petroleum Corporation is a publicly traded independent energy company founded in 1978 and headquartered in Denver, Colorado. In 2009, Credo foresaw the decline in the natural gas market and implemented wholesale strategy changes to successfully transition itself from almost exclusively a natural gas producer to primarily an oil producer.
Credo primarily explores for oil in the Mid-Continent and Rocky Mountain regions, and its operations are diversified into three primary oil plays and one natural gas play: North Dakota Bakken and Three Forks; Kansas and Nebraska Lansing Kansas City; Texas Panhandle Tonkawa and Cleveland; and, Oklahoma Morrow and waterfloods. Technology will continue to drive Credo's drilling success. Horizontal drilling is a key to success in the North Dakota Bakken and Three Forks and in the Texas Panhandle Tonkawa and Cleveland oil plays where the Company's drilling success rate is 100%. In Kansas and Nebraska, the Company is successfully using 3-D seismic to identify structural features which are likely to trap oil, creating a 40% drilling success rate and excellent risk adjusted economics over about 130 wells. Credo also owns the patented Calliope Gas Recovery System which recovers stranded reserves in low pressure gas reservoirs. For more information, please visit our website at www.credopetroleum.com or contact us at 303-297-2200.
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, including statements regarding Credo's future production, reserves and drilling locations and projects. 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, which are incorporated by reference herein. 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.