CREDO Petroleum Reports Record Production and Reserves for Fiscal 2004.DENVER Denver, city (1990 pop. 467,610), alt. 5,280 ft (1,609 m), state capital, coextensive with Denver co., N central Colo., on a plateau at the foot of the Front Range of the Rocky Mts., along the South Platte River where Cherry Creek meets it; inc. 1861. -- Production Increased 18%; Proved Reserves proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. Increased 10%; Production Replacement at 183% CREDO Petroleum Corporation (Nasdaq:CRED) today reported record production and reserves for its fiscal year ended October October: see month. 31, 2004. Proved reserves rose 10% to a record 17.7 Bcfe (billion cubic feet equivalent) at year-end 2004. Natural gas accounted for 86% of total reserves. The company added 3.6 Bcfe of new reserves, replacing 183% of its 2004 production. Of the total proved reserves, 93% are classified in the proved developed category. The company generally includes only minimal proved undeveloped reserves for offset drilling locations or Calliope calliope, in music calliope, in music, an instrument also called steam organ or steam piano in which steam is forced through a series of whistles controlled by a keyboard. candidate wells. Fiscal 2004 production rose 18% to a record 1.96 Bcfe. Production has increased an average of 23% for each of the last three years, setting successive new annual records. James T. Huffman, President, stated: "This is our tenth consecutive year of record year-end reserves, and the fourth consecutive year of record production. This significant growth has been by the drill bit and from application of our Calliope Gas Recovery System. These two core projects have again proven to be both repeatable and scaleable." The company expects to report fiscal 2004 financial results during the second week of January. Reserve values, finding costs and operating performance information will also be reported at that time. 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 Rocky Mountain Region is a floristic region within the Holarctic Kingdom in western North America (Canada and the United States) delineated by Armen Takhtajan and Robert F. Thorne. . The company's stock is traded on the NASDAQ System under the symbol "CRED" and is quoted daily in the "NASDAQ Small-Cap Small-cap A stock with a small capitalization, meaning a total equity value of less than $500 million. small-cap 1. Of or relating to the common stock of a relatively small firm having little equity and few shares of common stock Issues" section of The Wall Street Journal. This press release includes certain statements that may be deemed to be "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , 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. |
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