DENVER--(BUSINESS WIRE)--Oct. 20, 2004--CREDO Petroleum Corporation (NASDAQ:  CRED) today reported that Forbes magazine has again ranked the company as one of its 200 Best Small Companies. For 2004, Forbes ranked CREDO 14th on its 200 Best Small Companies list and in 2001, Forbes ranked the company 89th. The 2004 list appears in the November issue of Forbes magazine.

James T. Huffman, President, said: "Once again, we are pleased to be selected by Forbes as one of its best 200 small companies. To qualify, companies had to show a consistent pattern of positive growth during a five-year period as well as over the last 12 months. This recognition is another tribute to our employees and directors who have built an outstanding company in a volatile and competitive business environment."

Huffman further stated: "This recognition by Forbes does not stand alone. CREDO has developed a track record of superior performance as the following additional statistics show."

                      In 2004, Fortune Small Business magazine ranked CREDO number 47 on its list of America's Fastest Growing Companies.

                     In 2003, Fortune Small Business magazine also ranked CREDO  number 47 on its list of America's Fastest Growing Companies.

                     In 2003, John S. Herold ranked CREDO 14th among worldwide oil and gas producers in terms of profitability per unit of production.

                     In 2002 and 2003, John S. Herold ranked CREDO's three-year finding costs in the top 25% of U.S. companies.

                     In 2002, John S. Herold ranked CREDO 9th among worldwide oil and gas producers in terms of profitability per unit of production.

                     In 2001, Forbes magazine ranked CREDO 89th on its 200 Best Small Companies list.

*   *   *   *   *

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.