DENVER, COLORADO, September 15, 2003 – CREDO Petroleum Corporation (NASDAQ: CRED) today updated developments on its Oklahoma drilling program.

The company’s drilling program centers on its 14,000 gross acre Sand Creek Prospect and its 6,000 gross acre Two Springs Prospect, both located in Harper and Ellis Counties, Oklahoma. Drilling targets Morrow and Chester zones from 7,400 to 7,900 feet. In total, 24 wells have been drilled on the two prospects in the last two years, of which 19 were either completed as producers or are awaiting completion.

The company recently drilled four new wells on the two prospects. One well is producing, two are currently being completed for production, and one is a dry hole.

The first of these wells, the 7,280-foot Gillenwaters #1-34, extended Morrow production one mile north of the Wills #1-3. It was completed naturally (without acid or fracture treatments) from one Morrow sand totaling 10 feet, and is a very good well for the area. Pipeline sales commenced in early September and the well is currently producing on a 15/64-inch choke at the daily rate of 1.1 million cubic feet of gas (MMcfg). CREDO is the operator and owns a 34% working interest.

On the Sand Creek Prospect, the Derby #1-22 well was drilled about one mile west of the Easterwood #11-23 (discussed below). The 7,450-foot well encountered one Morrow sand totaling seven feet. The well tested good amounts of gas from a "natural" completion and is currently awaiting pipeline connection before being fracture stimulated. CREDO owns a 36% working interest and is the operator.

The Glendena #2-5 well was drilled as a 2,700-foot south offset to the Glendena #1-5 which, in October 2001, opened the recent drilling play in the area. The 7,700-foot well encountered three Morrow sands totaling 28 feet that calculate productive on logs. The lower eight-foot sand tested good amounts of gas during "natural" completion testing. The well is connected to the pipeline and the lower sand is scheduled to be fracture stimulated. The upper two sands correlate to the prolific producing sands in the Glendena #1 and Redfearn wells and will be opened for production after the lower sand is stimulated. CREDO is the operator and owns a 39.5% working interest.

The Norman Trust #1-10 was the last of the four wells recently drilled on the two prospects. The 7,850-foot well was a dry hole.

Elsewhere on the Sand Creek Prospect, CREDO has participated in drilling five previously announced wells that are operated by third parties and were classified as "tight holes". Two of the wells are now producing and appear to be very good wells for the area. The other three wells are currently being completed for production.

On the northeast side of the Sand Creek Prospect, the Easterwood #11-23 discovered Morrow production about two miles north of existing production. It was completed from one Morrow sand totaling 12 feet and was fracture stimulated. Pipeline sales commenced in early August and the well is currently producing on a 16/64-inch choke at the daily rate of 2.1 MMcfg. CREDO owns a 24% working interest.

Five miles south of the Easterwood #11-23, the Deanna #1-15 discovered new Morrow production on the southeast corner of the prospect. The 7,850-foot well was completed naturally (without acid or fracture treatments) from one Morrow sand totaling eight feet. Pipeline sales commenced in early August and the well is currently producing on a 16/64-inch choke at the daily rate of 2.0 MMcfg and 35 barrels of condensate. CREDO owns a 37% working interest.

On the northwest side of the prospect, three new wells have been drilled. The Daphne Jane #1-20 encountered two Chester zones totaling 22 feet which calculate productive on logs. A drill stem test yielded gas at rates exceeding 5.0 MMcfg per day. The operator is currently perforating and testing the lower Chester zone and will test the primary zone shortly. CREDO owns a 12% working interest.

The other two wells in which CREDO owns small interests, Blackstone #1-8 (7%) and Patch #1-17 (12%) are currently being completed for production but are expected to be marginal to below average wells.

Development drilling is continuing on the company’s 1,280 gross acre Traxler Prospect. The 7,700-foot Ronnie #1-6 encountered two Chester zones totaling 27 feet that calculate productive on logs. It also encountered a Morrow sand that appears to be productive. The lower Chester zone produces oil in the area and the middle Chester and Morrow produce gas. The Ronnie is expected to be a very good well and is awaiting pipeline connection prior to being completed for production. CREDO is the operator and owns a 60% working interest.

Successful drilling is continuing in the South Fork Field located in Woods County, Oklahoma. To date, the company has joined for its 7% interest in drilling 13 development wells in the field. Several additional wells are projected.

James T. Huffman, President, stated, "Our recent drilling results have added at least five very good wells in which CREDO owns substantial interests. These wells are expected to boost our production to record levels." Huffman further stated, "Our drilling momentum should continue with ten new locations already on the books which are expected to be drilled during the next 12 months."

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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.