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CREDO PETROLEUM C, (CRED) Stock Research Free Stock Rating
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CREDO Petroleum Corporation engages in the acquisition, exploration, development, and production of oil and gas in the Mid-Continent and Rocky Mountain regions of the United States. It focuses on two core projects, natural gas drilling in the Northern Anadarko Basin of Oklahoma; and recovering standard gas from low-pressure reservoirs using its Calliope Gas Recovery System. The companys developed acreage was approximately 25,200 net and 142,800 gross acres, as of October 31, 2004. Its estimated proved oil and gas reverses were approximately 407,000 billion barrels of oil and approximately 15,273,000 million cubic feet of gas, as of the above date. CREDO Petroleum Corporation owns working and royalty interests in approximately 128 wells, which are operated by outside parties. It owns working interests in approximately 69.53 net wells consisting of 16.23 net oil wells and 53.30 net gas wells. In addition, the company owns royalty and production payment interests in approximately 977 wells, primarily coal bed methane located in Wyoming. The company sells its oil production to crude oil purchasing companies. CREDO Petroleum Corporation was incorporated in 1978 and is headquartered in Denver, Colorado.
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