Credo Petroleum Reports 31% Increase in First Nine Months of 2006 Earnings

Credo Petroleum Corporation today reported record financial and operating results for the nine months ended July 31, 2006. Per share data has been adjusted to reflect the three-for-two stock split effective October 12, 2005.

For the first nine months of 2006, net income increased 31% to an all time high. For the period, net income was $4,373,000 on revenue of $12,255,000 compared to net income of $3,345,000 on revenue of $8,986,000 last year. On a per diluted share basis, net income was $.46 for the first nine months compared to $.36 last year. Earnings before interest, taxes, depreciation, depletion and amortization increased 39% to $8,711,000 compared to $6,284,000 last year.

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