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 *

 

SKEWES WILLIAM F		 2. Issuer Name and Ticker or Trading Symbol

 

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

 

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

 

C/O CREDO PETROLEUM CORP, 1801 BROADWAY #900		 3. Date of Earliest Transaction (MM/DD/YYYY)

 

10/8/2008
(Street)

 

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

 

10/9/2008 
 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   10/8/2008     M (1)    29250   A $5.93   (2) 70301   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
Non-Qualified Stock Option (Right to Buy)   $5.93   (2) 10/8/2008     M  (1)       29250   (3)   6/13/2003   6/13/2013   Common Stock   29250   (4) $0   0   (5) D    

Explanation of Responses:
( 1)  This Form 4/A is filed to correct Item 3 on Table 1 and Item 4 on Table II to reflect the correct transaction codes.
( 2)  The exercise price of the stock option on the date of grant was $13.34. As a result of stock splits during the intervening years (see Footnote 4), the Issuer has applied proportionate adjustments to the exercise price.
( 3)  This Form 4/A is filed to correct Item 5 on Table II to reflectthe disposition, rather than the acquisition, of derivative securities.
( 4)  The reporting person was granted the option to purchase 13,000 shares of common stock on June 13, 2003. In April, 2004, the Company authorized a 3 for 2 forward stock split, which increased the grant by 6,500, bringing the total option to purchse to 19,500. In September, 2005, the Company authorized a 3 for 2 forward stock split, which increased the grant by an additional 9,570, bringing the total option to purchase to 29,250.
( 5)  This Form 4/A is filed to correct Item 9 on Table II to reflect the correct number of Securities Beneficially Owned following reported transactions.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
SKEWES WILLIAM F
C/O CREDO PETROLEUM CORP
1801 BROADWAY #900
DENVER, CO 80202		 X



Signatures
Alford B. Neely for William F. Skewes by POA 10/29/2008
** 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 4(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.
Signatures
William F. Skewes 7/8/2008
** 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 4(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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