Credo Petroleum Corporation updated its Kansas and Nebraska drilling project.
Michael D. Davis, Chief Executive Officer, stated, "We have recently discovered six new oil fields in Kansas and Nebraska which we expect to have a meaningful positive impact on Credo's reserves, production and cash flow. Our initial analysis of the new fields indicates potential for about 25 direct offset locations. In addition, successful offset drilling should generate step-out locations. Credo's working interest ownership in the new fields ranges from 49% to 75%. For proprietary business reasons, we are not releasing specific information, such as locations, tests and production rates.