CREDO Named Top Performing Colorado Energy Stock for 2008

  
    
  
  
    
      CREDO Petroleum Corporation (NASDAQ:CRED) said today that the Denver 
      Post newspaper reported that the company ranked as the top 
      performing energy company stock in Colorado for 2008. The list appears 
      in the January 1, 2009 issue of the Denver Post. Among 
      all Colorado public companies, CREDO ranked as the 7th best performer. 
      The ranking is based on stock performance for calendar 2008 as reported 
      by Bloomberg’s Colorado Index.
    
    
      James T. Huffman, Chief Executive Officer, said, “There are many oil and 
      gas exploration and production companies located in Colorado, and we are 
      very pleased that CREDO was the top performer in 2008.” Huffman further 
      stated, “CREDO completed a private equity stock sale in July 2008 and 
      entered the current economic downturn flush in cash and with no debt. We 
      are now very well positioned to opportunistically build on our asset 
      base.”
    
    
      Also in 2008, Forbes magazine again ranked CREDO as one of the 
      “200 Best Small Companies” in America. That ranking appeared in the 
      October 27, 2008 issue of Forbes magazine.
    
    
      CREDO has performed at a consistently high level, without using 
      leverage, over a long period of time and through multiple economic and 
      energy price cycles. These following citations are recognition of 
      CREDO’s outstanding performance.
    
    
      
        200 Best Small Companies — 2008, 2006, 2004, 2001 (Forbes 
        Magazine)
      
      
        America’s Fastest Growing Small Companies — 2006, 2005, 2004, 2003 (Fortune 
        Small Business Magazine)
      
      
        Top Performing 25 Stocks in the Past 25 Years — 2007 (USA Today)
      
    
    
      Huffman further stated, “CREDO is ‘built-to-last’ and has a business 
      model that focuses on long-term objectives. This year marks our 30th 
      year as a public company. During those years, we have prospered during 
      both good and bad times because we maintain a strong financial position, 
      we are fiscally responsible, and we focus on profitable operations. That 
      success has been reflected in the price of CREDO’s stock which has 
      consistently and substantially outperformed most of its peers, as well 
      as the various stock indices.”
    
    
      For more information about the company, visit http://www.credopetroleum.com.
    
    
      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 Global Market” 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. Investors are encouraged to read 
      the "Forward-Looking Statements" and "Risk Factors" sections included in 
      the company's 2007 Annual Report on Form 10-K for more information. 
      Although the company may from time to time voluntarily update its 
      prior forward looking statements, it disclaims any commitment to do so 
      except as required by securities laws.