Marlis E. Smith, Jr. Elected to Credo Petroleum Board of Directors

Credo Petroleum Corporation (NASDAQ: CRED), a Denver, Colorado based independent oil and gas company, announced today that Marlis E. Smith, Jr. has been elected to the company’s Board of Directors.

Mr. Smith, age 48, has been actively involved in the oil and gas drilling and production business throughout his business career, and he owns interests in hundreds of oil and gas wells. Beginning in 1985, he arranged drilling deals for Denver based Four-Ten Exploration. In 1987, he formed SmithCo Properties, Inc. and partnered with other operators in numerous oil and gas property acquisitions in the Rocky Mountain and Mid-Continent regions. Mr. Smith is also the managing partner of Smith/Drummond Holdings, LLP which primarily invests, as a non-operator, in domestic oil and gas drilling projects, including projects operated by many of the large U.S. independent oil and gas companies.

Mr. Smith holds a BA degree in Petroleum Land Management (with an emphasis in geology) from Rice University and an MBA degree in Energy Resource Management from the University of Denver.

Mr. Smith is a Credo shareholder. Over the past 10 years, through companies he owns and controls, Mr. Smith has participated as a working interest owner in many of Credo’s drilling projects. He currently owns working interests in about 50 producing wells for which Credo is the operator.

James T. Huffman, Chairman, stated, “Marlis Smith is an authentic ‘oil man’ in every sense of the word. He is the son of a successful geologist, his college education focused on the oil and gas industry, and his entire 25-year career has been in the oil and gas business. As an owner of independent oil and gas companies, he has a good working knowledge of the major disciplines that drive the exploration and production industry, including geology, engineering, geophysics and land. That breadth of knowledge makes him exceptionally well qualified to serve as a director of an independent oil and gas company like Credo.

“Mr. Smith also has a long association with Credo, both as a shareholder and as a third party investor in the company’s drilling projects. The knowledge he has gained from investing in our drilling deals provides a unique opportunity for us to add an outside director who knows our business from the inside out. We are very fortunate that Marlis has agreed to serve on our Board. I know that he is a strong advocate for our business and our shareholders.”

The company also announced that, at its annual meeting of shareholders held on April 9, 2009, shareholders elected Clarence H. Brown, James T. Huffman and W. Mark Meyer to serve as directors until the 2012 annual meeting. Shareholders also ratified the appointment of Ernst and Young, LLC as the company’s independent public accountants for fiscal year 2009, and approved the proposal to reincorporate the company from Colorado to Delaware. The presentation made by Mr. Huffman at the shareholder’s meeting will be posted on the company’s website in the next few days.

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.