Credo Petroleum Announces Expansion of Its Stock Repurchase Program

Credo Petroleum Corporation (NASDAQ: CRED) today announced that its Board of Directors has approved repurchase of an additional $2,000,000 of the company’s common stock under the stock repurchase program announced in September 2008. The expansion brings the current stock repurchase authorization to $4,000,000.

To date, the company has repurchased 224,440 shares of its stock under the program at a weighted average price of $8.14 per share. The stock repurchase plan is funded from working capital. Repurchases may be made on the open market, in block trades or otherwise. The stock repurchase program may be expanded, suspended or discontinued at any time.

James T. Huffman, Chief Executive Officer, said, “Expansion of our stock repurchase program reflects the Board of Directors’ continuing confidence in Credo’s long-term outlook. It also reaffirms our commitment to enhancing shareholder value. We have a history of repurchasing Credo’s stock when we believe it is undervalued by the market. The company has previously held as much as 19% of its stock in the treasury. Over the years, those investments have yielded excellent returns for our shareholders.”

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 2008 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.