Corporate Overview

Corporate Profile

CREDO Petroleum Corporation (NASDAQ: CRED) is a publicly traded independent energy company founded in 1978 and headquartered in Denver, Colorado. The Company primarily explores for, produces and markets crude oil and natural gas in the Mid-Continent and Rocky Mountain regions. The Company’s operations are diversified into three primary oil plays and one natural gas play as shown below.

• North Dakota Bakken and Three Forks formations
  
• Kansas and Nebraska Lansing Kansas formation
  
• Texas Panhandle Tonkawa and Cleveland formations
  
• Oklahoma Morrow and other formations

Technology will continue to drive Credo’s drilling success. Horizontal drilling is a key to success in the North Dakota Bakken and Three Forks and in the Texas Panhandle Cleveland and Tonkawa oil plays. In Kansas and Nebraska the Company is successfully using 3-D seismic to identify structural features which are likely to trap oil. The Company is also continuing to deploy our patented Calliope Gas Recovery System to recover stranded reserves in low pressure gas reservoirs.

Credo has a time-honored commitment to maintaining profitability and financial strength.

For the past three years the Company’s business strategy has been to rapidly transform from being almost exclusively a natural gas in producer in 2009 to becoming primarily an oil producer. At the end of fiscal 2011, the Company had achieved the milestone of becoming primarily an oil producer and the milestone of relative equilibrium in both its oil and gas production and reserves. The next milestone is to achieve a significant over weighting of oil in the mix. To accomplish that goal, the Company will continue to ramp-up oil drilling in 2012 by more than doubling its drilling budget to a record $35,000,000.

The Company has built an excellent growth platform of scalable and repeatable drilling projects which will drive Credo’s long-term success. A balanced, multi-year inventory of development, exploitation, and exploration projects will propel Credo’s organic production and reserve gains in the years ahead. The substantial increase in our drilling and leasing budgets will further accelerate our growth trajectory and drive earnings and shareholder returns.

Other Corporate Information

Executive Officers
Michael D. Davis
Chief Operating Officer and
Interim Chief Executive Officer

Alford B. Neely
Vice President & Chief Financial Officer

Subsidiaries
United Oil Corporation
SECO Energy Corporation

Executive Offices
1801 Broadway, Suite 900
Denver, Colorado 80202
(303) 297-2200
Website: www.credopetroleum.com

Corporate Counsel
Davis Graham & Stubbs LLP
Denver, Colorado

Kirk and Chaney, P.C.
Oklahoma City, Oklahoma

Independent Registered Public Accounting Firm
Ernst & Young LLP
Denver, Colorado

Registrar and Transfer Agent
Computershare Trust Company, Inc.
350 Indiana Street, Suite 800
Golden, Colorado 80401

Stock Exchange
NASDAQ Global Market
NASDAQ Symbol: CRED