CREDO Announces Deeper Pool Discovery in Major County, Oklahoma
07 January 2009 - 12:00AM
Business Wire
CREDO Petroleum Corporation (NASDAQ:CRED) today announced a deeper
pool discovery from the Hunton formation in its Ball #1-18 well.
The 9,750-foot Ball well is located on the company�s 1,280 gross
acre PoolProffitt prospect. Electric logs and drilling and
completion data indicate that the Chester, Mississippian and Hunton
formations are commercially productive. The company owns a 50%
working interest and is the operator. The Hunton formation is the
deepest productive zone and contains 13 feet of highly porous and
permeable dolomite. After perforation and acid breakdown, the
Hunton zone kicked-off flowing. During the final 24-hour test, the
well produced 535 barrels of oil and an estimated 1.0 to 2.0 MMcfg
(million cubic feet of gas). Shut-in casing and tubing pressures
are 2,600 psi, indicating virgin bottom-hole pressure. The well is
currently shut-in for installation of production equipment. In
addition to the Hunton formation, the company plans to perforate
and produce over 150 feet of Mississippian formation and 35 feet of
pay with excellent porosity in the Chester formation. However,
because the Hunton zone flowed oil at high rates with virgin
pressure, completion of the up-hole zones will be delayed in order
to more fully evaluate the Hunton zone potential. James T. Huffman,
CEO, stated, �It is very unusual for a well to flow oil from a
depth of 9,300 feet. The high production rate indicates outstanding
reservoir permeability and porosity as well as excellent pressure.�
Huffman further stated, �Our Pool-Proffitt prospect has multiple
productive intervals in the Hunton, Mississippian, Chester, Inola
and Red Fork formations which we estimate will require 10 to
12�wells to fully develop.� About one mile to the north of the Ball
well, the Lemmons #1-7 is currently being completed in the
Mississippian and Chester formations. CREDO owns a 73%�working
interest and is the operator. Elsewhere, the company is currently
completing a wildcat well on a 2,150 gross acre prospect located on
the Central Kansas Uplift in which it owns an 85% working interest.
The well continues to be classified as a �tight hole�, meaning that
detailed information is not being released for proprietary business
reasons. In southern Oklahoma, drilling is complete and production
casing has been set on a high potential oil well in Carter County
in which the company owns a 44%�working interest. The Schaff #3 is
a twin well to the Schaff #1 which has produced 235,000�barrels of
oil. The new well will develop two deeper Deese formation oil sands
and the Woodford formation, both of which electric logs indicate
are�productive. Completion operations will commence this week.
Huffman further stated, �We have recently drilled four successful
wells in Oklahoma and Kansas in which CREDO owns very substantial
working interests, ranging from 44% to 85%. All of the wells are
currently in various stages of being completed for production. The
drilling and completion data looks very promising, and we believe
that these wells have the potential to significantly increase our
production and reserves. In addition, offset drilling is scheduled
on three of the wells.� For more information about the company,
visit http://www.credopetroleum.com. 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 Global Market� 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. 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.
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