NEWS RELEASE

FOR IMMEDIATE RELEASE Contact:    James P. Garrett, Jr.            
Vice President & CFO      
Web Site:  www.credopetroleum.com

FORTUNE SMALL BUSINESS MAGAZINE AGAIN RANKS CREDO AMONG
AMERICA’S 100 FASTEST-GROWING SMALL COMPANIES
CREDO Ranked 47th in Both 2004 and 2003

DENVER, COLORADO, June 23, 2004 – CREDO Petroleum Corporation (NASDAQ: CRED) today reported that, for the second consecutive year, FORTUNE Small Business magazine has ranked the company as one of America’s 100 fastest growing small companies. For both 2004 and 2003, CREDO ranked 47th on the FORTUNE Small Business list. The list appears in the July-August issue of FORTUNE Small Business magazine.

James T. Huffman, President, said, "CREDO is the only oil and gas company that made the FORTUNE Small Business list this year, and the only oil and gas company which has made the list for the last two consecutive years. This recognition is a tribute to our employees and directors who have built an outstanding company in a volatile and competitive business environment."

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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.

This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements included in this press release, other than statements of historical facts, address matters that the company reasonably expects, believes or anticipates will or may occur in the future. Such statements are subject to various assumptions, risks and uncertainties, many of which are beyond the control of the company. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those described in the forward-looking statements.

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