Credo Petroleum Corporation Joins Russell 3000 Index

DENVER--(Business Wire)--
Credo Petroleum Corporation (NASDAQ:CRED) today announced that the company was
added to the broad-market Russell 3000 Index on June 26, 2009 when Russell
Investments reconstituted its comprehensive set of U.S. and global equity
indexes.

The Russell 3000 Index ranks the largest U.S. stocks based on total market
capitalization. Membership in the Russell 3000 remains effective for one year
along with inclusion in the Russell 2000 Index, as well as the appropriate
growth and value style indexes. Russell indexes are widely used by investment
managers and institutional investors for index funds and as benchmarks for
investment strategies. According to Russell Investment Group, institutional
investment professionals currently responsible for over $4.3 trillion in assets
use Russell indexes to guide their portfolios.

James T. Huffman, Chief Executive Officer, said, "Inclusion in the Russell 3000
will significantly increase our institutional ownership. This is an important
step toward improving the visibility of Credo`s stock and generating greater
awareness of our business within the investment community."

Credo is an independent exploration and production company focused on adding oil
and gas reserves through the drill bit and through the application of the
company`s patented fluid lift technology known as the Calliope Gas Recovery
System. The company`s core operating areas are the Anadarko Basin and the
Central Kansas Uplift. Credo is also engaged in the development of new fluid
lift technologies that increase the recovery of natural gas stranded in
low-pressure reservoirs. Credo`s long record of creating value for its
shareholders is rooted in outstanding people and the rigorous application of
science. Additional information about Credo Petroleum Corporation is available
at 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, as well as Texas, Kansas and
Louisiana. 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.

Credo Petroleum Corporation
Alford B. Neely, 303-297-2200
Vice President & CFO
www.credopetroleum.com

Copyright Business Wire 2009