Exploration & Production
Credo Petroleum Update Bakken Drilling
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Credo Petroleum Corporation, today provided an operations update.Michael D. Davis, Chief Executive Officer (interim), stated, “Credo passed the milestone of becoming primarily an oil producer in the fourth quarter of fiscal 2011, just as oil began selling for five times more than natural gas on an energy equivalent basis.
We will build further momentum in fiscal 2012 by setting new drilling records, with 85 gross (37 net) oil wells currently on our drilling schedule. As a result, our 2012 drilling budget of $35,000,000 is more than double last year. Sixty‑five percent (65%) of our 2012 budget is allocated for Bakken and Three Forks drilling where we started the year by successfully completing the Company’s first Three Forks well. This press release highlights our new Three Forks…
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