UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form 10-Q
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(Mark
One)
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ý
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QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
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For
the quarterly period ended April 30, 2005
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o
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TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
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For
the transition period from
to
Commission
File Number: 0-8877
CREDO
PETROLEUM CORPORATION
(Exact
name of registrant as specified in its charter)
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Colorado
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84-0772991
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(State
or other jurisdiction of incorporation or organization)
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(IRS
Employer Identification No.)
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1801
Broadway, Suite 900
Denver, Colorado
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80202
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(Address
of principal executive offices)
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(Zip
Code)
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303-297-2200
(Registrant’s
telephone number, including area code)
Indicate
by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days. Yes
ý No
o
Indicate
by check mark whether the registrant is an accelerated filer (as defined in
Rule 12b-2 of the Exchange Act). Yes o
No ý
Indicate
the number of shares outstanding of each of the issuer’s classes of common
stock, net of treasury stock, as of the latest practicable date.
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Date
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Class
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Outstanding
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June 10,
2005
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Common
stock, $.10 par value
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6,055,508
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CREDO
PETROLEUM CORPORATION AND SUBSIDIARIES
Quarterly
Report on Form 10-Q For the Period Ended April 30, 2005
TABLE
OF CONTENTS
The
terms “CREDO”, “Company”, “we”, “our”, and “us” refer to
CREDO Petroleum Corporation and its subsidiaries unless the context suggests
otherwise.
2
PART I
- FINANCIAL INFORMATION
ITEM
1. FINANCIAL STATEMENTS
CREDO
PETROLEUM CORPORATION AND SUBSIDIARIES
Consolidated
Balance Sheets
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April 30,
2005
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October 31,
2004
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(Unaudited)
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A
S S E T S
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CURRENT
ASSETS:
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Cash
and cash equivalents
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$
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959,000
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$
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518,000
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Short
term investments
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5,009,000
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6,371,000
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Receivables:
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Accrued
oil and gas sales
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2,578,000
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2,051,000
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Trade
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933,000
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1,019,000
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Other
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790,000
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58,000
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Total
current assets
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10,269,000
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10,017,000
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Oil
and gas properties, at cost, using full cost method:
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Evaluated
oil and gas properties
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33,150,000
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30,072,000
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Unevaluated
oil and gas properties
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2,692,000
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2,174,000
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Less:
accumulated depreciation, depletion and amortization of oil and gas
properties
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(13,709,000
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(12,737,000
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Net
oil and gas properties, at cost, using full cost method
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22,133,000
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19,509,000
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Exclusive
license agreement, net of amortization of $326,000 in 2005 and
$291,000 in 2004
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373,000
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408,000
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Other,
net
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404,000
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1,042,000
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$
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33,179,000
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$
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30,976,000
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L
I A B I L I T I E S A N D S T O C K H O L D E R S ’ E
Q U I T Y
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CURRENT
LIABILITIES:
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Accounts
payable and accrued liabilities
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$
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2,954,000
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$
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4,394,000
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Income
taxes payable
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19,000
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12,000
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Total
current liabilities
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2,973,000
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4,406,000
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LONG-TERM
LIABILITIES:
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Deferred
income taxes, net
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5,602,000
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4,605,000
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Exclusive
license obligation, less current obligations of $58,000
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297,000
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297,000
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Asset
retirement obligation
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743,000
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748,000
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