1. Name and Address of Reporting Person * HUFFMAN, JAMES T	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                      __ X __ 10% Owner __ X __ Officer (give title below)      _____ Other (specify below) President
(Last)          (First)          (Middle) C/O CREDO PETROLEUM CORP,  1801 BROADWAY #900	3. Statement for Issuer's Fiscal Year Ended (MM/DD/YYYY) 10/31/2003
(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. Transaction Date (MM/DD/YYYY)	2A. Deemed Execution Date, if any (MM/DD/YYYY)	3. Transaction 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)
				Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or 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. Transaction Date (MM/DD/YYYY)

3A. Deemed Execution Date, if any (MM/DD/YYYY)

4. Transaction 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 (MM/DD/YYYY)

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 at End of Issuer's Fiscal Year (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Stock Option (right to buy)

$13.34

6/13/2003

J

48250   (1)

6/13/2003

6/13/2013

Common Stock $.10 par value

48250

$13.34

48250

D

Explanation of Responses:
(1)	The purpose of this Form 5 is to correct an inadvertent calculation error that caused the total shares covered by options issued pursuant to the company's 1997 Stock Option Plan to exceed the total shares available for issuance under the Plan. This Form 5 corrects information on Form 4 filed 6/17/2003.

 

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other HUFFMAN JAMES T C/O CREDO PETROLEUM CORP 1801 BROADWAY #900 DENVER, CO 80202 X X President

Signatures James T. Huffman 12/12/2003 ** 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.