SEC Form 3 ABN 7/8/08 Credo Petroleum Corporation Oil and Gas Exploration

FORM 3	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES	OMB APPROVAL OMB Number: 3235-0104 Expires: February 28, 2011 Estimated average burden hours per response... 0.5
	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

1. Name and Address of Reporting Person ^*
Neely Alford B
2. Date of Event Requiring Statement (MM/DD/YYYY) 7/8/2008
3. Issuer Name and Ticker or Trading Symbol
CREDO PETROLEUM CORP [CRED]

(Last)        (First)        (Middle)
1801 BROADWAY, SUITE 900
4. Relationship of Reporting Person(s) to Issuer (Check all applicable)
_____ Director                            _____ 10% Owner
___ X ___ Officer (give title below)          _____ Other (specify below)
Vice President, CFO & Secretar /

(Street)
DENVER, CO 80202
(City)              (State)              (Zip) 5. If Amendment, Date Original Filed (MM/DD/YYYY)

6. Individual or Joint/Group Filing (Check Applicable Line)
_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned

1.Title of Security
(Instr. 4) 2. Amount of Securities Beneficially Owned
(Instr. 4) 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5) 4. Nature of Indirect Beneficial Ownership
(Instr. 5)

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)

1. Title of Derivate Security
(Instr. 4) 2. Date Exercisable and Expiration Date
(MM/DD/YYYY) 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4) 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5) 6. Nature of Indirect Beneficial Ownership
(Instr. 5)

Date Exercisable Expiration Date Title Amount or Number of Shares

CREDO Petroleum Corporation Qualified Stock Options 12/6/2007 12/6/2016 CREDO Petroleum Corporation Common Stock 20000   ⁽¹⁾ $12.78 D

Explanation of Responses:

( 1) Total option grant of 20,000 shares, 5,000 shares currently exercisable, an additional 5,000 shares exercisable December 6, 2008, 2009 and 2010, respectively.

Reporting Owners

Reporting Owner Name / Address Relationships

Director 10% Owner Officer Other

Neely Alford B
1801 BROADWAY, SUITE 900
DENVER, CO 80202

Vice President, CFO & Secretar

Signatures

Alford B. Neely 7/9/2008

^**Signature of Reporting Person Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

End of Filing

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