CRED iShares Trust

CREDO Petroleum Corporation (NASDAQ: CRED), a Denver, Colorado-based independent oil and gas company, announced today that H.�Leigh Severance has been elected to the company�s Board of Directors. He joins the Board as an independent director. Mr. Severance is a significant CREDO shareholder and a seasoned director. His career has primarily involved investing both for his own account and as a portfolio manager and securities analyst for mutual funds and investment advisory organizations. Mr. Severance owns Severance Capital Management and he holds an MBA from the University of Chicago Graduate School of Business. He is currently a member of the board of directors of Ikonics Corporation (NASDAQ: IKNX) and of two private companies. Prior to forming Severance Capital Management in 1984, Mr. Severance was employed by Cambiar Investors, Inc., an independent Denver-based investment advisory firm. Previously, he served as portfolio manager of Founder Growth Fund, portfolio manager of J.M. Hartwell and Company, and as a securities analyst for the endowment fund at the University of Rochester. James T. Huffman, Chairman and CEO, stated, �Leigh Severance is a long time CREDO shareholder who owns a significant stake in our company. In addition to being a seasoned director, he brings an institutional investment background to our Board as we consider options to attract more institutional investors to CREDO�s stock. We are fortunate that Leigh has agreed to serve on our Board. I know that he will be a strong shareholder advocate because his interests are closely aligned with those of our other shareholders.� For more information about the company, visit http://www.credopetroleum.com. 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 2007�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.