Proxy Card

THIS PROXY IS SOLICITED BY THE BOARD OF DIRECTORS

Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting of Shareholders to be Held on April 7, 2011.

The Company’s Notice, Proxy Statement and Annual Report to Stockholders are available at http://www.credopetroleum.com.

In addition, and in accordance with SEC rules, you may also access the Notice and Proxy Statement and vote via the Internet at http://www.proxyvote.com, which does not have “cookies” that identify visitors to the site.

The undersigned shareholder of Credo Petroleum Corporation (the “Company”) acknowledges receipt of the Notice of Annual Meeting of Shareholders to be held April 7, 2011, at 2:30 p.m., MDT, at the Brown Palace Hotel, 321 Seventeenth Street, Denver, Colorado 80202, and hereby appoints Oakley Hall or William F. Skewes, or either of them, as Proxy, with the power of substitution, to vote all the shares of the undersigned at said Annual Meeting of Shareholders and at all adjournments thereof, hereby ratifying and confirming all that said Proxy may do or cause to be done by virtue thereof. The above named Proxy is instructed to vote all of the undersigned’s shares as follows:

1. Election of Director:
   • FOR the Class I nominees (except as marked to the contrary below)
   • WITHHOLD AUTHORITY to vote for the Class I nominees listed below
   INSTRUCTION: To withhold authority to vote for any individual nominee, strike a line through the nominee’s name in the list below.
   • John A. Rigas
   • H. Leigh Severance
2. Proposal to ratify appointment of Ernst & Young, LLP as the Company’s independent registered public accounting firm for fiscal 2011:
   • FOR
   • AGAINST
   • ABSTAIN
3. To approve a non-binding advisory resolution approving the compensation of Credo's named executive officers:
   • FOR
   • AGAINST
   • ABSTAIN
4. To provide a non-binding advisory vote as to the frequency of the non-binding shareholder vote to approve the compensation of Credo's named executive officers:
   • 1 year
   • 2 years
   • 3 years
   • Abstain

In his discretion, the Proxy is authorized to vote upon such other business as may properly come before the meeting.

THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED AS DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR PROPOSALS 1, 2 AND 3 AND FOR A THREE YEAR FREQUENCY IN PROPOSAL 4.

Dated this _______ day of _______________ , 2011.

Signature __________________________________

Signature __________________________________

Please sign your name exactly as it appears on your stock certificate. If shares are held jointly, each holder must sign. Executors, trustees and other fiduciaries should so indicate when signing.