CREDO Updates Drilling Results in Beaver County, Oklahoma

Business Wire, June 4, 2001

Business Editors

DENVER--(BUSINESS WIRE)--June 4, 2001

CREDO Petroleum Corporation (NASDAQ: CRED) today announced completion results of an important company well located in Beaver County, Oklahoma.

The 7,800-foot Bill-Judy Brown No.1-6 well was recently drilled to test the Morrow and St. Louis formations. The well has been completed in the Morrow formation and was tested at an absolute open flow rate of approximately 3.3 million cubic feet of gas per day (MMcfgd) and three to four barrels of oil. The well is currently producing on a 20/64-inch choke at a daily rate of 1.56 MMcfg and eight barrels of oil. The company is continuing to prudently ramp-up the well's production to an optimum rate. CREDO owns a 60 percent working interest and a 49 percent net revenue interest in the well, and is the operator.

The Bill-Judy Brown well was drilled as an offset to the Wilkerson No.1 well which was recently completed in the Lower Morrow sands flowing 500 barrels of oil and 200 Mcfg per day. CREDO owns a 15 percent interest in the Wilkerson well.

James T. Huffman, President, stated: "The Bill-Judy Brown and Wilkerson No.1 wells are located in our core drilling area along the Anadarko Shelf of northwestern Oklahoma. These wells clearly demonstrate the excellent potential this area holds for drilling." Huffman further stated, "Our acreage position in the area is sufficient to accommodate offset drilling locations to both wells."

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 Small-Cap Issues" 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.