CREDO Announces the Election of David W. Vreeman as
Vice President and Chief Financial Officer

DENVER, COLORADO, January 31, 2005 - CREDO Petroleum Corporation (NASDAQ: CRED)  today announced that David W. Vreeman has been elected to the position of Vice President and Chief Financial Officer.

Prior to joining the company, and since September 1998, Mr. Vreeman was the Vice President - Controller for Birner Dental Management Services, Inc., a publicly traded dental practice management company. Mr. Vreeman has over 20 years of financial accounting and reporting experience in healthcare, manufacturing, oil and gas, and public accounting. He specializes in financial reporting, SEC compliance, and financial process and control improvement. He recently implemented Sarbanes-Oxley Section 404 requirements at Birner Dental Management Services, Inc.  Mr. Vreeman is a certified public accountant in the state of Colorado and is a member of the American Institute of Certified Public Accountants and the Colorado Society of Certified Public Accountants.

James T. Huffman, President, said: "The addition of Mr. Vreeman as Chief Financial Officer will further buttress our financial management in preparation for significant new regulations and responsibilities related to our 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."

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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.