Credo Petroleum Reports Financial Results for the Nine Months and Third Quarter Ended

Credo Petroleum Corporation (Nasdaq:CRED), an oil and gas exploration and production company with significant assets in the Williston Basin, Central Kansas, and Oklahoma, announced financial results for the nine months and quarter ended July 31, 2010.

The press release is quoted as saying:

Nine months’ net income increased 127% to $1,797,000, or $.18 per diluted share, compared to adjusted net income of $790,000, or $.08 last year. The company reported a net loss of $14,248,000, or $1.38 per diluted share last year, which included a $15,038,000 after tax, non-cash property cost impairment charge caused by last year’s energy price collapse. Nine months’ revenue increased 23% to $9,004,000 compared to $7,298,000 last year. For the third quarter ended July 31, 2010, net income increased 57% to $555,000, or $.06 per diluted share, compared to net income of $353,000, or $.03 per diluted share last year. Third quarter revenue increased to $2,917,000 compared to $2,837,000 last year.

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