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Successful Exploration Continues in Kansas and Texas Panhandle
Drilling Set to Commence on New Nebraska Oil PlayBakken 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.