DENVER, COLORADO, March 24, 2004 – CREDO Petroleum Corporation (NASDAQ: CRED) today announced that its Board of Directors has approved a three-for-two split of the Company’s Common Stock.

Shareholders of record as of the close of business on April 5, 2004 will be issued a certificate representing one additional share of CREDO Petroleum Corporation Common Stock for each two shares of Common Stock held on the record date. CREDO’s transfer agent will mail the new stock certificates on or about April 20, 2004. NASDAQ rules set the ex-dividend date one business day after the mailing date, or April 21, 2004. The stock split will increase the number of shares of Common Stock outstanding to approximately 6.0 million shares.

James T. Huffman, President said, "This action highlights the Board’s confidence in CREDO’s strong financial performance and its growth prospects. It also reflects the Board’s continuing commitment to improving the liquidity and broadening the ownership of the Company’s Common Stock."

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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.