Credo Reports Financial Results For The Third Quarter And Nine Months Ended July 31, 2012
Third Quarter Oil Production Increased 92% and Achieved 1,187 BOE Per Day
Third Quarter Revenue Increased 42% and EBITDA Increased 30%
Stockholder Meeting to Consider Forestar Merger Set for September 25, 2012DENVER, Sept. 11, 2012 (GLOBE NEWSWIRE) -- Credo Petroleum Corporation (Nasdaq:CRED), an oil and gas exploration and production company with significant assets in the North Dakota Bakken and Three Forks, Kansas, Nebraska, the Texas Panhandle and Oklahoma, today reported financial results for the quarter and nine months ended July 31, 2012. Higher oil production volumes continued to drive improved financial performance in the third quarter and nine months ended July 31, 2012. The following table shows the changes in certain financial and operational categories for the third quarter and nine months ended July 31, 2012 compared to the same periods last year.
|3 rd Quarter||Nine Months|
|Revenue||+ 42%||+ 53%|
|EBITDA||+ 30%||+ 59%|
|Net Income||- 46%||+ 42%|
|Adjusted Net Income||- 41%||+ 20%|
|Adjusted Net Income excluding merger costs||+ 55%||+ 56%|
|Total Production (BOE)||+ 41%||+ 36%|
|Oil Production (BO)||+ 92%||+ 86%|
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