CREDO Completes Three New Wells in the Northern Anadarko Basin of Oklahoma.

Business Editors

DENVER--(BUSINESS WIRE)--June 13, 2002

CREDO Petroleum Corporation (NASDAQ: CRED) announced that, subsequent to its April 30 second quarter-end, three new wells have been drilled in Harper and Ellis Counties, Oklahoma. One of the wells has commenced sales and the other two are awaiting completion for production.

The Easterwood #1-28 well was recently drilled about one mile north of the previously announced Redfearn #1-33 well on the company's 2,900-acre Sand Creek Prospect located in Harper and Ellis Counties, Oklahoma. The Easterwood well is the third well completed on the prospect after the Glendena #1-5 and Redfearn #1-33 wells. The 7,400-foot well is currently awaiting completion for production. It is classified as a "tight hole," meaning that for proprietary business reasons the company is not releasing detailed information about the well. CREDO owns 40% of the well and is the operator. An east offset will be drilled in the third quarter.

Approximately five miles to the north of the Easterwood well in Harper County, the company has completed the Wills #1-3 well. This 7,400-foot well is located on the company's 2,300-acre Two Springs Prospect. It was placed on production in late May 2002 and is also classified as a "tight hole". CREDO owns 29% of the well and is the operator. The company is preparing to drill an east offset during the third quarter.

James T. Huffman, President, stated: "Our geological and engineering data indicate that further reservoir extension is likely on both the Sand Creek and Two Springs prospects. We control considerable acreage on both prospects, and several additional drilling locations are being evaluated."

In Ellis County, Oklahoma, approximately 13 miles southwest of the Easterwood well, the company has set production casing on a second well on its 640-acre Thurmond Prospect. This 8,800-foot Thurmond #2-36 well encountered 10 feet of Morrow sand which wireline logs and drilling data indicate are productive. The well is awaiting completion. CREDO owns 37% of the well and is the operator.

"We are very pleased with the success of our Northern Anadarko Basin drilling program," Huffman said. "New wells resulted in an 82% production increase for the second quarter of fiscal 2002 and a 79% production increase for the first half of fiscal 2002. We expect CREDO's production to continue to increase in the last half for fiscal 2002 as new wells come on-stream and the Redfearn well contributes for full reporting periods."

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. The company's stock is traded on the NASDAQ System under the symbol "CRED" and is quoted daily in the "NASDAQ Small-Cap Issues" 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.