Press Release 7-13-10 (Credo Announces Expansion of its Stock Repurchase Program) Credo Petroleum Corporation Oil and Gas Exploration

DENVER, COLORADO, June 10, 2010 - CREDO Petroleum Corporation (NASDAQ: CRED), today announced that its Board of Directors has approved expansion of the company's stock repurchase program to $5,000,000.

The stock repurchase plan is funded from working capital. Repurchases may be made on the open market, in block trades or otherwise. The stock repurchase program may be expanded, suspended or discontinued at any time.

Marlis E. Smith, Jr., Chief Executive Officer, said, "We believe that Credo's stock currently represents an outstanding value. Expansion of our stock repurchase program reflects the Board of Directors' continuing confidence in Credo's long-term outlook. It also reaffirms our commitment to enhancing shareholder value. We have a history of repurchasing Credo's stock when we believe it is undervalued by the market. The company has previously held as much as 19% of its stock in the treasury. Over the years, those investments have yielded excellent returns for our shareholders."

Contact:     Marlis E. Smith, Jr.
                    Chief Executive Officer
                        or
                    Alford B. Neely
                    Chief Financial Officer
                    303-297-2200
Website:     www.credopetroleum.com

About Credo Petroleum: Credo Petroleum Corporation is an independent exploration, development and production company based in Denver, Colorado. The company has significant operations in the Williston Basin of North Dakota, central Kansas, the Anadarko Basin of North Texas and northwest Oklahoma, and in southern Oklahoma. Credo uses advanced technologies to systematically explore for oil and gas and, through its patented Calliope Gas Recovery System, to recover stranded reserves from depleted gas reservoirs.

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. Investors are encouraged to read the "Forward-Looking Statements" and "Risk Factors" sections included in the company's Annual Report on Form 10-K for more information. Although the company may from time to time voluntarily update its prior forward looking statements, it disclaims any commitment to do so except as required by securities laws.