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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, 2012

DENVER, 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%

Operating income decreased to $876,000 compared to $1,349,000 in the third quarter last year. Excluding one-time merger related costs of $994,000, operating income would have increased to $1,870,000. Revenue increased to $6,362,000 compared to $4,488,000 in the third quarter last year. Increased revenue was driven by increased production volumes which accounted for 143% of the increase which was partially offset by a decrease in prices. 

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