Forbes Magazine Ranks CREDO among Its 200 Best Small Companies

  
    
  
  
    
      CREDO Petroleum Corporation (NASDAQ: CRED) today reported that Forbes 
      magazine has again ranked the company as one of its 200 Best Small 
      Companies. For 2008, Forbes ranked CREDO 103rd 
      on its 200 Best Small Companies list. The 2008 list appears in the 
      October 27, 2008 issue of Forbes magazine.
    
    
      James T. Huffman, Chief Executive Officer, said, “Once 
      again, we are pleased to be selected by Forbes as one of the best 
      small companies in America. To qualify, a company must show a consistent 
      and outstanding pattern of positive growth during a five-year period as 
      well as over the last 12 months. In today’s 
      economic environment, it is worth pointing out that we have been able to 
      perform at a consistently high level over a long period of time without 
      using leverage.”
    
    
      This year’s recognition by Forbes does 
      not stand alone. CREDO has a long record of consistent and outstanding 
      performance as the following citations show:
    
    
      
        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 (#17) — 
        2007 (USA Today)
      
    
    
      Huffman further stated, “This year marks our 30th 
      year as a public company. During those years, we have prospered during a 
      number of turbulent cycles because we maintain a strong financial 
      position. We are proud that we have always provided a financially sound 
      and profitable business for our shareholders, employees, and customers. 
      Inclusion in Forbes list is recognition that our employees and 
      directors have built an outstanding company 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 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.