This Day On The Street
Continue to site
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 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. 

1 of 7

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
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.70 -0.60%
FB $101.91 0.90%
GOOG $683.11 -0.15%
TSLA $150.47 4.73%
YHOO $26.76 -1.25%


Chart of I:DJI
DOW 15,660.18 -254.56 -1.60%
S&P 500 1,829.08 -22.78 -1.23%
NASDAQ 4,266.8370 -16.7550 -0.39%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs