H. Leigh Severance Joins CREDO Petroleum Board of Directors

  
    
  
  
    
      CREDO Petroleum Corporation (NASDAQ: CRED), a Denver, Colorado-based 
      independent oil and gas company, announced today that H. Leigh Severance 
      has been elected to the company’s Board of Directors. He joins the Board 
      as an independent director.
    
    
      Mr. Severance is a significant CREDO shareholder and a seasoned 
      director. His career has primarily involved investing both for his own 
      account and as a portfolio manager and securities analyst for mutual 
      funds and investment advisory organizations. Mr. Severance owns 
      Severance Capital Management and he holds an MBA from the University of 
      Chicago Graduate School of Business. He is currently a member of the 
      board of directors of Ikonics Corporation (NASDAQ: IKNX) and of two 
      private companies.
    
    
      Prior to forming Severance Capital Management in 1984, Mr. Severance was 
      employed by Cambiar Investors, Inc., an independent Denver-based 
      investment advisory firm. Previously, he served as portfolio manager of 
      Founder Growth Fund, portfolio manager of J.M. Hartwell and Company, and 
      as a securities analyst for the endowment fund at the University of 
      Rochester.
    
    
      James T. Huffman, Chairman and CEO, stated, “Leigh Severance is a long 
      time CREDO shareholder who owns a significant stake in our company. In 
      addition to being a seasoned director, he brings an institutional 
      investment background to our Board as we consider options to attract 
      more institutional investors to CREDO’s stock. We are fortunate that 
      Leigh has agreed to serve on our Board. I know that he will be a strong 
      shareholder advocate because his interests are closely aligned with 
      those of our other shareholders.”
    
    
      For more information about the company, visit http://www.credopetroleum.com.
    
    
      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.