CREDO PETROLEUM CORP

CREDO PETROLEUM CORP

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Company Overview
Credo Petroleum Corp is a publicly quoted company engaged in the acquisition, exploration, development and production of oil and gas. The company was incorporated in 1978 and has its registered head office located in Denver, Colorado.
The company’s activities include the recovery of standard gas from low pressure reservoirs with the use of patented Calliope Gas Recovery System and operates oil and gas properties for the interests of other entities.
The company operates in the Mid-Continent Region of the United States, with minor operations in the Rocky Mountain Region. It owns approximately 1,400 wells and acts as the operator of approximately 111 wells.
Credo Petroleum Corp’s competitors include Apache, Cabot Oil & Gas, and Chesapeake Energy.
Business Summary
Credo Petroleum Corporation (Credo) and it’s wholly owned subsidiaries, SECO Energy Corporation (SECO) and United Oil Corporation (United) are independent oil and gas companies engaged in oil and gas exploration, development and production activities in the Mid-Continent and Rocky Mountain areas of the United States. During the fiscal year ended October 31, 2009 (fiscal 2009), the Company’s operations were focused on its two projects drilling in the Mid-Continent and Rocky Mountain areas of the United States and application of its Calliope Gas Recovery System (Calliope). The Company has operating activities in nine states.
Description and history
Credo Petroleum Corporation (Credo), incorporated in 1978, and it’s wholly owned subsidiaries, SECO Energy Corporation (SECO) and United Oil Corporation (United) are independent oil and gas companies engaged in oil and gas exploration, development and production activities in the Mid-Continent and Rocky Mountain areas of the United States. During the fiscal year ended October 31, 2009 (fiscal 2009), the Company’s operations were focused on its two projects drilling in the Mid-Continent and Rocky Mountain areas of the United States and application of its Calliope Gas Recovery System (Calliope). The Company has operating activities in nine states.

Drilling Activities

The Company owns approximately 70,000 gross acres located on the northern shelf of the Anadarko Basin of Oklahoma and North Texas where it owns interests in approximately 226 gross (71 net) wells, primarily natural gas wells. In central Kansas, the Company owns interests in approximately 140,000 gross acres and 77,000 net acres and it is continuing to expand its acreage position. At October 31, 2009, the Company has participated in drilling 44 wells on its acreage.

In North Dakota’s Bakken oil shale play, the Company has assembled approximately 7,600 gross 5,675 net acres on the Fort Berthold Indian Reservation south and west of Parshall Field. The acreage consist of approximately 33 drilling locations based on 640 acre spacing units and 13 locations based on 1,280 acre spacing units.

The Company competes with Royal Dutch Shell plc, Exxon Mobil Corporation, BP plc, Devon Energy Corporation, Apache Corporation, Anadarko Corporation, Anadarko Petroleum Corporation, XTO Energy Inc. Chesapeake Energy Corporation, Cabot Oil & Gas Corporation and Delta Petroleum Corp.

Business Line
Engaged in the acquisition, exploration, development and production of oil and gas
Subsidiary
UNITED OIL CORPORATION
Advisor
ERNST & YOUNG LLP
IPO date
8/18/1995
US SIC Code
1311
Company Address
Suite 900
1801, Broadway
City province or state postal code
80202, DENVER, CO
Phone: +1 303 297 2200
Fax: +1 303 297 2204
Country address: UNITED STATES OF AMERICA
Website url: www.credopetroleum.com