FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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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(f) of the Investment Company Act of 1940
                       

 

 

1. Name and Address of Reporting Person *

 

Vreeman David W		 2. Issuer Name and Ticker or Trading Symbol

 

CREDO PETROLEUM CORP [ CRED ]		 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

 

_____ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
Vice President & CFO
(Last)          (First)          (Middle)

 

1801 BROADWAY, SUITE 900		 3. Date of Earliest Transaction (MM/DD/YYYY)

 

4/28/2006
(Street)

 

DENVER, CO 80202
(City)        (State)        (Zip)
 4. 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 Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock $.10 par value   4/28/2006     I    8438   A $8.93   8438   D    

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Incentive Stock Options (right to buy)   $8.93   9/26/2005   9/26/2005   J  (1)    11250       1/20/2005   (2) 1/20/2015   Common Stock $.10 Par Value   11250   $8.93   33750   D    
Incentive Stock Options (right to buy)   $8.93   4/28/2006   4/28/2006   I        8438    1/20/2006   1/20/2015   Common Stock $.10 Par Value   8438   $8.93   25312   D    

Explanation of Responses:
( 1)  Additional stock options acquired as a result of the company's 3 for 2 stock split on 9/26/05.
( 2)  The options vest at 25% per year beginning on the first anniversary of the grant date with final vesting occurring on 1/20/09.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Vreeman David W
1801 BROADWAY, SUITE 900
DENVER, CO 80202

Vice President & CFO

Signatures
David W. Vreeman 4/28/2006
** Signature of Reporting Person Date

 
End of Filing

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