DENVER, COLORADO, April 15, 2002–CREDO Petroleum Corporation (NASDAQ: CRED) today provided details of a second significant well located on its Sand Creek Prospect in the Anadarko Shelf of northwestern Oklahoma. The company previously reported the well as a "tight hole".

The Redfearn #1 well was drilled approximately one-half mile north of the company’s Glendena #1 well on its 1,960-acre Sand Creek Prospect located in Ellis and Harper Counties, Oklahoma. The well tested the Morrow formation at 7,600 feet. It was completed naturally (without acid or fracture treatments) from two Morrow sands totaling 13 feet, and was tested at an absolute open flow rate of 4.0 million cubic feet of gas per day (MMcfgd). Pipeline sales commenced in late March and the well is currently producing on a 42/64-inch choke at the daily rate of 3.0 MMcfg, 14 barrels of condensate, and no water.

Combined production from the Redfearn and Glendena wells is currently 6.0 MMcfgd. The Glendena commenced production in late October 2001 at the rate of 3.0 MMcfg per day and is still producing at that rate. CREDO owns 40% of both wells and is the operator.

James T. Huffman, President, stated, "The Glendena and Redfearn wells have substantially increased our production and reserves. Initial data from the Redfearn well indicates that it extended Morrow sand production north from the Glendena well. Our geology and engineering data indicate that further reservoir extension is likely. We control considerable acreage in the area, and several additional drilling locations are presently being evaluated."

Approximately six miles north of the Redfearn well, CREDO has drilled and set production casing on the Wills #1 well located on its 1,360-acre Two Springs Prospect. The 7,400-foot well encountered two Morrow sands and three Chester zones totaling 31 feet that calculate productive on logs. The well will be completed for production in the next few weeks. CREDO owns 29% of the well and is the operator.

In Ellis County, Oklahoma, the company is currently preparing to drill its second well on the 640-acre Thurmond Prospect. The Thurmond #2 well will be located about one-half mile southeast of the company’s Thurmond State #1 well which was completed last June. The Thurmond #2 well targets several Morrow sands at about 8,800 feet. Drilling is expected to commence near month-end. CREDO will own approximately 35% of the well and will be the operator.

"Over the past several years, we have stepped-up our prospect generation and drilling along the Northern Anadarko Shelf of Oklahoma. We are very pleased with the success of this project and the substantial reserves and production that it is contributing to our company," Huffman said.

*  *  *  *  *

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.