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Credo Petroleum Corp. (CRED) Completes New Bakken Well, Breaks Company Initial Test Rate Record

|Includes: Forestar Group Inc. (FOR)

Credo Petroleum, credopetroleum.com – the independent oil and gas firm with major operations in the Williston (ND) and Anadarko (TX, OK) Basins which holds exclusive license to the patented calliope gas recovery system, provided an update report today on the horizontal drilling program in the North Dakota Bakken.

CRED, which also has operations in Kansas, noted that the second well (WEISZ 11-14#1-H) drilled into the Bakken shows extremely good production output levels, flowing in excess of 2k BOE from some 34 fracture-stimulated stages of Middle Bakken perforations during an early period of a 24-hour evaluation.

Although the exact initial flow rate is yet to be announced by operator Brigham Exploration, CRED (which owns a 6% working interest) has calculated the initial rate to be over 2k BOEPD, making it a record breaker and the single highest initial test rate of any well in 32 years of the Company’s history.

CEO of CRED, Marlis E. Smith, Jr., beamed at the test results and initial flow rate record and described this as a validation of his drive to grow in the Bakken, having hand-picked this particular site shortly after becoming CEO this year.

Smith projected the potential for up to six horizontal wells, two additional Bakken wells and three Sanish/Three Forks wells, within this particular spacing unit, and noted the Bakken-like potential of the Sanish/Three Forks in particular.

The Weisz is situated on a 1,280-acre spacing unit about a mile north of Brigham’s Olson 10-15-H that has output 126k BOE in 18 months.

Smith pointed to the previously reported Petro-Hunt 1-H Bakken well (final stage of completion) in which CRED has an 18.75% working interest, tipping his hat to investors that things are going swimmingly for the Company and promising to update them very soon with more news about future Bakken results.
 
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