DENVER, COLORADO, November 7, 2001--CREDO Petroleum Corporation (NASDAQ: CRED) today announced completion of a significant well located on the Anadarko Shelf of northwestern Oklahoma.

The exploratory well was drilled on the company’s 1,280-acre Sand Creek Prospect to test the Morrow formation at 7,600 feet. It encountered two Morrow zones totaling 31 feet which calculate productive on logs. The well was completed naturally (without acid or fracture treatments) from one of the two Morrow zones, and was tested at an absolute open flow rate of 6.3 million cubic feet of gas per day (MMcfgd). It was put on pipeline sales in late October and is currently producing on a 24/64-inch choke at the daily rate of 3.0 MMcfg, six barrels of condensate, and no water. The reservoir pressure is stable at near virgin levels. CREDO owns 40% of the well and is the operator.

James T. Huffman, President, stated, "Initial production data from the new well is very encouraging with good stabilized pressures and high production rates. Because one zone came in naturally at a high rate, it is not prudent to complete the second zone at this time. Our geology indicates that the reservoir may have good extent and we anticipate drilling additional delineation wells."

Approximately six miles north of the new well, CREDO has commenced drilling on its 1,320-acre Two Springs Prospect to test the Morrow and Chester formations at approximately 7,400 feet. CREDO owns 48% of the well and is the operator.

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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.