SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
February 7, 2005
------------------
CREDO Petroleum Corporation
________________________________________________________________
(Exact name of registrant as specified in its charter)
Colorado 0-8877 84-0772991
________________________________________________________________
(State or other jurisdiction Commission IRS Employer
of incorporation) File Number Identification
No.
1801 Broadway, Suite 900 Denver, Colorado 80202
________________________________________________________________
(Address of principal executive offices) (Zip Code)
Registrant's telephone number,
including area code: (303) 297-2200
________________________________________________________________
Item 8.01 Other Events
CREDO Petroleum Corporation Press Release dated
February 7, 2005, entitled "CREDO Updates
Drilling Results"
________________________________________________________________
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.
CREDO PETROLEUM CORPORATION
(Registrant)
Date: February 7, 2005 By: /s/ David W. Vreeman
-------------------------
David W. Vreeman
Vice President and Chief
Financial Officer
(Principal Financial and
Accounting Officer)
NEWS RELEASE
FOR IMMEDIATE RELEASE Contact: David W. Vreeman
Vice President & CFO
Web Site: www.credopetroleum.com
CREDO UPDATES DRILLING RESULTS
DENVER, COLORADO, February 7, 2005 - CREDO Petroleum Corporation
(NASDAQ: CRED) today updated drilling information on its
Glacier and Gage Prospects.
The company drills primarily for natural gas on its 40,000 gross
acre inventory located along the northern shelf of the Anadarko
Basin of Oklahoma. A second exploratory well was recently
drilled on the company's Glacier Prospect located in Harper
County Oklahoma. As previously reported, the well has been
completed for production and is awaiting pipeline connection.
The well was classified as a tight hole. This release contains
additional information about the well and the prospect together
with updated information for the Gage Prospect.
The 7,600-foot Glacier #1-34 well encountered 11 feet of
productive Morrow sand. After fracture stimulation, the well
was tested at a daily rate of 4.8 MMcfg (million cubic feet of
gas) on a 20/64ths choke and a flowing tubing pressure of 1,700
psi. The pressure in the productive interval is virgin
indicating a new reservoir discovery. CREDO owns a 70% working
interest and is the operator.
The company has expanded its acreage position around the
discovery to approximately 4,500 gross acres. The well is
awaiting construction of a two-mile pipeline, and is expected to
be connected for production in mid-February. A north step-out
is scheduled for May.
When the company assembled the prospect, the nine-section area
was sparsely drilled with only one marginal producer and two dry
holes. Seven of the nine sections, including Sections 33 and
34, were undrilled. The company's first well on the prospect,
Glacier #1-33, hit the edge of a Morrow channel and encountered
two feet of porous Morrow sand. The well was plugged because
its potential did not justify the cost of building a pipeline.
However, information obtained from the well led to drilling the
Glacier #1-34 discovery.
James T. Huffman, President, stated, "All the information
obtained to date indicates that the Glacier #1-34 should be an
excellent well. However, because this is a wildcat area,
several months of production will be required before an initial
estimate can be made of reservoir size and recoverable
reserves."
Approximately 25 miles to the south on the company's 1,280 gross
acre Gage Prospect, the previously announced Skyler #1-6 well
continues to produce at a high rate. Daily rates are
approaching 2.8 MMcf, 10 to 12 barrels of oil, and 10 to 15
barrels of water. A west offset is scheduled to spud in two
weeks. The company owns a 51% working interest and is the
operator.
Huffman further stated, "Our recent Gage and Glacier Prospect
discoveries continue to demonstrate the excellent potential of
our Anadarko Shelf acreage position. These very promising wells
should provide a significant boost to our 2005 production. The
Glacier Prospect discovery, in particular, is a tribute to the
dedication and scientific excellence of our exploration staff."
* * * * *
CREDO Petroleum Corporation is a publicly traded independent
energy company headquartered in Denver, Colorado. The company
is engaged in the exploration for and the acquisition,
development and marketing of natural gas and crude oil in the
Mid-Continent and Rocky Mountain regions. The company's stock
is traded on the NASDAQ System under the symbol "CRED" and is
quoted daily in the "NASDAQ Small-Cap Issues" section of The
Wall Street Journal.
This press release includes certain statements that may be
deemed to be "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.
All statements included in this press release, other than
statements of historical facts, address matters that the company
reasonably expects, believes or anticipates will or may occur in
the future. Such statements are subject to various assumptions,
risks and uncertainties, many of which are beyond the control of
the company. Investors are cautioned that any such statements
are not guarantees of future performance and that actual results
or developments may differ materially from those described in
the forward-looking statements.