CREDO PETROLEUM ANNOUNCES STOCK DIVIDEND
Twenty Percent Stock Dividend Declared by the Board of Directors

DENVER, COLORADO, March 19, 2003 – CREDO Petroleum Corporation (NASDAQ: CRED) today announced that its Board of Directors has approved a 20 percent stock dividend. Shareholders of record as of the close of business on April 2, 2003 will be issued a certificate representing one additional share of CREDO Petroleum Corporation Common Stock for each five shares of Common Stock held on the record date. NASDAQ rules set the ex-dividend date two business days prior to the record date, or March 31, 2003.

CREDO’s transfer agent will mail the new stock certificates on or about April 23, 2003. The stock dividend will increase the number of shares of Common Stock outstanding to approximately 3.9 million shares.

James T. Huffman, President, stated, "This stock dividend reflects the Board’s interest in improving the liquidity and broadening the ownership of the company’s Common Stock. This action is enabled by the company’s continued success and is consistent with the Board's commitment to take actions designed to create a wider distribution of the company’s stock and improve its marketability."

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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.