This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Credo Petroleum Updates Oil Drilling Activities

Successful Exploration Continues in Kansas and Texas Panhandle

Drilling Set to Commence on New Nebraska Oil Play

Bakken Continues as Credo's Flagship Drilling Play

DENVER, March 23, 2011 (GLOBE NEWSWIRE) -- Credo Petroleum Corporation (Nasdaq:CRED), an independent oil and gas exploration and production company with significant assets in the North Dakota Bakken, Kansas, Nebraska, the Texas Panhandle and Oklahoma, today updated its drilling activities.

"While the North Dakota Bakken continues to be Credo's flagship drilling play, we are also excited about the company's Texas Panhandle, Kansas and Nebraska drilling plays," said Marlis E. Smith, Jr., Chief Executive Officer. "We have had excellent success in Kansas, and the emerging Texas Panhandle horizontal Tonkawa drilling play looks promising. We expect both plays to add substantial production and reserves. In addition, we are preparing to extend our success on the Central Kansas Uplift into Nebraska, where we will begin drilling in April."

KANSAS DRILLING YIELDS FOUR NEW DISCOVERIES

The Company has recently drilled and completed three new wildcat discoveries on the Central Kansas Uplift. For proprietary business reasons, the names and locations of the discoveries are being withheld; however, initial production for each well ranges from 75 to 110 barrels of oil. All three wells have development potential, and plans are underway to drill offset wells in the second quarter of 2011. Credo's working interests range from 23% to 46%.

In addition, the Company has reached a total depth of 4,700' on the first well in its northern Lane County Project. A drill stem test of the Lansing Kansas City formation recovered substantial oil and gas with good pressures, indicating a productive oil reservoir. The well is currently awaiting completion. Credo owns a 70% working interest and is the operator. 

To date, Credo has drilled 80 wells in Kansas, of which 40% have been successful. The Company is currently drilling two to three wells per month in Kansas, and expects to maintain that pace for the next few years. 

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs