Credo Petroleum Corporation Joins Russell 3000® Index

Credo Petroleum Corporation (NASDAQ:CRED) today announced that the company was added to the broad-market Russell 3000® Index on June 26, 2009 when Russell Investments reconstituted its comprehensive set of U.S. and global equity indexes.

The Russell 3000® Index ranks the largest U.S. stocks based on total market capitalization. Membership in the Russell 3000 remains effective for one year along with inclusion in the Russell 2000® Index, as well as the appropriate growth and value style indexes. Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for investment strategies. According to Russell Investment Group, institutional investment professionals currently responsible for over $4.3 trillion in assets use Russell indexes to guide their portfolios.

James T. Huffman, Chief Executive Officer, said, “Inclusion in the Russell 3000 will significantly increase our institutional ownership. This is an important step toward improving the visibility of Credo’s stock and generating greater awareness of our business within the investment community.”

Credo is an independent exploration and production company focused on adding oil and gas reserves through the drill bit and through the application of the company’s patented fluid lift technology known as the Calliope Gas Recovery System. The company’s core operating areas are the Anadarko Basin and the Central Kansas Uplift. Credo is also engaged in the development of new fluid lift technologies that increase the recovery of natural gas stranded in low-pressure reservoirs. Credo’s long record of creating value for its shareholders is rooted in outstanding people and the rigorous application of science. Additional information about Credo Petroleum Corporation is available at 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, as well as Texas, Kansas and Louisiana. 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 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.