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CREDO Petroleum Corporation (NASDAQ:CRED) today updated its drilling and
Calliope Gas Recovery System activities.
James T. Huffman, Chief Executive Officer, stated, “We have recently
drilled successful wells in Oklahoma and Kansas in which CREDO owns very
substantial working interests, ranging from 50% to 85%. Electric logs
and drilling data for each of the wells look promising, and we believe
that the wells have the potential to significantly increase our
production and reserves. In addition, we are currently drilling a high
potential oil well in southern Oklahoma where CREDO owns a 44% working
interest.”
Central Kansas Uplift—On
the Central Kansas Uplift, CREDO has drilled a wildcat well on a
2,150 gross acre seismically defined prospect. Production pipe has been
set through the Lansing-Kansas City formation. The well is classified as
a “tight hole”, meaning that detailed information is not being released
for proprietary business reasons. CREDO owns an 85% working interest in
the prospect and is the operator. Development drilling is scheduled.
CREDO currently owns 139,000 gross (65,000 net) acres located on the
Central Kansas Uplift and is continuing to expand its acreage position
in both Kansas and Nebraska. To date, the company has participated in
drilling a total of 32 wells on the acreage, of which 47% have been
successfully completed as oil producers. Well depths range from 3,500 to
4,000 feet and drilling costs are moderate.
“Our drilling success on the Central Kansas Uplift continues to be
outstanding,” Huffman said. “In addition to providing good
diversification to our other drilling activities, this project is 100%
oil and will improve the balance between oil and natural gas in CREDO’s
reserve base. We expect the play to make a major contribution to our
reserve and production growth.”
Oklahoma—In western
Oklahoma, CREDO recently drilled two wells, Lemmons #1 and Ball #1, on
its 1,280 gross acre Pool-Proffitt Prospect. The 9,300-foot wells
targeted the Chester, Mississippian and Hunton formations. Based on
analysis of electric logs and drilling data, over 150 feet of
Mississippian formation will be perforated and tested in the Lemmons
well together with 31 feet of Chester formation. The well is currently
being completed for production. CREDO owns a 73% working interest and is
the operator.
About one mile to the south, the Ball #1-18 has been drilled and is
currently awaiting completion for production. Over 150 feet of the
Mississippian formation will be perforated and tested based on analysis
of electric logs and drilling data. In addition, the Chester formation
contains excellent porosity and 35 feet will be perforated and tested.
CREDO owns a 50% working interest and is the operator of the well.
Huffman further stated, “The Pool-Proffitt area has multiple productive
intervals in the Hunton, Mississippian and Chester formations which will
require a significant number of wells to properly develop. CREDO’s
acreage is under-drilled compared to offsetting sections to the east
where up to nine wells have been drilled in each section in order to
fully develop the reserves. We are very pleased with the outcome on the
Lemmons and Ball wells, and we expect to ultimately drill 10 to 12 wells
on the leases.”
CREDO is currently drilling a high potential oil well in Carter County,
in which it owns a 44% working interest. The Schaff #3 is a twin well to
the Schaff #1, which has produced 235,000 barrels of oil. The Schaff #1
will become part of the Twin Forks Deese Sand Waterflood Unit. The new
twin well will develop three deeper oil sands that Schaff #1 electric
logs indicate are productive but which were never perforated. CREDO is
the operator.
Calliope Gas Recovery System—Management believes that the
company is making solid progress on Calliope as it actively discusses
commercial terms related to specific wells that have been nominated by
several companies. Calliope’s low finding and production costs have
become increasingly attractive as the economics on many drilling
projects deteriorate due to lower product prices. The company also
believes that lower natural gas prices may stimulate divestitures of
marginal properties by other companies, including properties that have
Calliope potential.
CREDO owns an exclusive license to the Calliope patents and the related
technology. However, in order to establish absolute control over the
technology and to eliminate the company’s future costs for individual
well licenses, CREDO recently purchased the underlying patents. The
purchase price was $4,500,000. In addition to the Calliope patents, the
purchase price included acquisition of the patents covering a new fluid
lift technology for shallow wells known as Tractor Seal.
Management Comment—Huffman further stated, “CREDO entered
the current economic and energy price downturn in excellent financial
condition with significant cash on hand and no debt. We believe that
opportunities are rapidly improving to deploy our capital on projects
that will enhance shareholder value. Our Calliope system offers an
increasingly competitive alternative for efficient, large-scale reserve
additions, particularly in the current price and cost environment. In
addition, we are very pleased with our recent drilling results, and we
anticipate that the new wells discussed in this release will add
significantly to our production and reserves.”
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.