Credo Petroleum Confirms New Field Discovery
May 14 2009 - 7:00AM
Business Wire
Credo Petroleum Corporation (NASDAQ: CRED) today reported that
it has confirmed a previously announced new field discovery and
that additional drilling is scheduled.
The prospect, consisting of 1,400 gross acres, was identified
using subsurface geology and 3-D seismic. The new field has
produced about 40,000 barrels of oil since coming on line in
mid-January. Credo owns an 85% working interest.
James T. Huffman, CEO, stated, �This outstanding discovery,
where Credo owns the vast majority of the interest, will have
significant positive impact on Credo�s production, cash flow, and
reserves. Detailed information regarding the field is not yet being
released for proprietary business reasons.
�In addition to the intervals that are currently producing,
there is significant productive sand behind pipe in one well which
will be opened at a later date. After primary recovery, the field
is an excellent candidate for waterflooding which can be expected
to recover reserves equal to about 50% of primary recovery.�
For more information about the company, visit
http://www.credopetroleum.com.
Credo Petroleum Corporation is a publicly traded independent
energy company headquartered in Denver, Colorado. The company is
engaged in the exploration for and the acquisition, development and
marketing of natural gas and crude oil in the Mid-Continent and
Rocky Mountain regions. The company�s stock is traded on the NASDAQ
System under the symbol �CRED� and is quoted daily in the �NASDAQ
Global Market� section of The Wall Street Journal.
This press release includes certain statements that may be
deemed to be �forward-looking statements� within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. All
statements included in this press release, other than statements of
historical facts, address matters that the company reasonably
expects, believes or anticipates will or may occur in the future.
Such statements are subject to various assumptions, risks and
uncertainties, many of which are beyond the control of the company.
Investors are cautioned that any such statements are not guarantees
of future performance and that actual results or developments may
differ materially from those described in the forward-looking
statements. Investors are encouraged to read the �Forward-Looking
Statements� and �Risk Factors� sections included in the company�s
Annual Report on Form 10-K for more information. Although the
company may from time to time voluntarily update its prior
forward-looking statements, it disclaims any commitment to do so
except as required by securities laws.
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