CREDO Announces Financial Management Changes in Response
to Increased Reporting Requirements

DENVER, COLORADO, January 20, 2005 - CREDO Petroleum Corporation (NASDAQ: CRED)  today announced that James P. Garrett, formerly Chief Financial Officer, has been elected to the position of Controller and that James T. Huffman, the company's President and Chief Executive Officer, has been elected as interim Chief Financial Officer.

Mr. Huffman's appointment is expected to be short term until a permanent Chief Financial Officer is elected.

James T. Huffman, President, said: "These strategic moves are intended to prepare the company's financial management to better respond to increasing responsibilities created by rapid growth, transition from small company SEC reporting status to full reporting status, and compliance with Sarbanes-Oxley regulations. In addition, we must be prepared for accelerated filing requirements related to the company's quarterly and annual SEC reports." Huffman further stated, "The Board of Directors is being proactive in making these transitions as seamless as possible."

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CREDO Petroleum Corporation is a publicly traded independent energy company headquartered in Denver, Colorado. The company is engaged in the exploration for and the acquisition, development and marketing of natural gas and crude oil in the Mid-Continent and Rocky Mountain regions. The company's stock is traded on the NASDAQ System under the symbol "CRED" and is quoted daily in the "NASDAQ Small-Cap Issues" section of The Wall Street Journal.

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. 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.

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