Credo Petroleum Reports Financial Condition

Following a $16.6 million stock sale in July, Denver-based Credo Petroleum Corp. reports $27 million working capital consisting primarily of cash and short term investments.
The company reports it is debt free.
Credo reports 20.5 billion cubic feet of natural gas equivalent in proved reserves with a discounted value of about $62 million, based on $5.89 per mcf for natural gas reserves and $86.61 for oil reserves. Reserve quantities are updated quarterly and have not materially changed. Reserves are currently being updated for the upcoming fiscal year-end 2008. In addition to SEC basis booked reserves, the company believes that it has very substantial unbooked reserves in other categories which provide significant upside potential.
Credo has drilling projects in Oklahoma, Kansas, Texas and North Dakota.

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