CREDO Petroleum Corporation updated results of fiscal 2007 drilling activities. James T. Huffman, President, stated, "We are pleased with the progress on our three drilling projects. Since our last report, we have drilled seven wells of which four have been completed as producers. Two of the producers are expected to make excellent wells and two are average wells for the area. Twelve new wells are scheduled to be drilled in the next 90 days, including high potential wells on our Humphreys, Buffalo Creek and West Mestena Prospects.

"We are placing more emphasis on drilling for oil reserves due to excellent product prices," Huffman said. "Our Central Kansas drilling project is oriented 100% to oil, and our Buffalo Creek Prospect and South East Hewitt Waterflood continue to be very successful in developing oil reserves. We are also placing increased emphasis on wildcat and high potential drilling that can significantly impact our production and reserve growth."

Oklahoma and Texas Panhandle--CREDO drills primarily on its Northern Anadarko Basin acreage inventory totaling over 75,000 gross acres. Wells generally target the Morrow, Oswego and Chester formations between 7,000 and 11,000 feet. Three new wells have recently been completed as producers. Two of the wells, Lauer #2-21 and Chappell #1-14, appear to be excellent wells. Seven new wells are currently scheduled to be drilled during the next 90 days.

In Canadian County, Oklahoma, the 11,500-foot Chappell #1-14 well is the fourth well drilled on the 640 gross acre Loosen Prospect. The well encountered pay zones in five separate formations. Electric logs and drilling data indicate that the well contains 119 feet of productive interval, including the Redfork and Skinner sands and the Oswego limestone. The Chappell well is a north offset to the recently drilled Hazel well which was completed producing 2.0 MMcf (million cubic feet of gas) and 72 barrels of oil per day. Drilling data and electric logs indicate that the Chappell well contains more pay zones and more total productive interval than the Hazel well. The well is currently awaiting completion for pipeline sales. CREDO owns a 16.5% working interest. Additional drilling is expected to further develop this multiple pay prospect.

In Harper County, Oklahoma, a 3-D seismic survey was recently completed over the company's 3,840 gross acre Buffalo Creek Prospect. Six producing wells have previously been completed on the prospect. Initially, four to six new locations have been identified, based on the seismic survey. One location has been drilled and two are currently being readied for drilling. Additional locations are expected to be identified as drilling progresses.