OilVoice - CREDO Announces Impressive Flowing Test Rates on Wildcat Discovery

CREDO Announces Impressive Flowing Test Rates on Wildcat Discovery

Friday, January 16, 2009

CREDO Petroleum Corporation has participated in drilling a wildcat discovery well which has flowed oil at impressive initial rates during completion testing. Seven hourly tests on an open choke yielded flow rates ranging between 900 and 1,100 barrels of oil per day when extrapolated to a 24 hour basis. There has not, however, been a sequential 24-hour test. Credo owns a significant interest in the well and the prospect, and expects a material positive effect on its production if the well continues to produce at high rates.

The well is classified as a ”tight hole,” meaning that detailed information is not being released for proprietary business reasons.

James T. Huffman, CEO, stated, “The initial test results on this well are extremely encouraging. However, several months of production and pressure data are needed to better assess the well’s long-term potential. If the well produces as we expect, several offset wells will be drilled this year.”

CREDO Petroleum 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.