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Current Price
107.61
Bid
105.17
Ask
114.94
Volume
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0.00 Day's Range 0.00
0.00 52 Week Range 0.00
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107.61
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CRED Discussion

View Posts
Timothy Smith Timothy Smith 12 years ago
CREDO Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, development, and marketing of crude oil and natural gas properties in the Mid-Continent and Rocky Mountain regions of the United States.

It operates projects in Texas, Kansas, Wyoming, Colorado, Nebraska, Oklahoma, and North Dakota. The company also owns the patents covering its Calliope Gas Recovery System, to recover stranded reserves from depleted gas reservoirs.

It operates approximately 108 wells, as well as owns working interests in 337 producing wells and overriding royalty interests in approximately 1,200 wells.
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Alice-N-Wonderland Alice-N-Wonderland 12 years ago
Merger News

AUSTIN, Texas, Jun 04, 2012 (BUSINESS WIRE) -- Forestar Group Inc. /quotes/zigman/492604/quotes/nls/for FOR -5.04% today announced the signing of a definitive agreement to acquire CREDO Petroleum Corporation /quotes/zigman/70610/quotes/nls/cred CRED +4.12% in an all cash transaction for $14.50 per share, representing an equity purchase price of approximately $146 million. The agreement has been approved by each company's Board of Directors.

"This strategic acquisition is consistent with our recently announced Triple in FOR initiatives to accelerate value realization, optimize transparency and disclosure and raise net asset value through strategic and disciplined investments," said Jim DeCosmo, president and chief executive officer of Forestar. "This acquisition is expected to more than double Forestar's existing oil and gas production and proven reserves, provide Forestar with operating flexibility, and create a solid platform for continued growth."

Following closing of the proposed transaction, Forestar will have meaningful ownership and operations in several strategic oil and gas formations including the Bakken and Three Forks, increased exposure to oil, and additional transparency and disclosure benefits.

Key highlights of the acquisition include:

-- Securing mineral leasehold interests in approximately 125,000 net mineral acres, including approximately 6,000 net mineral acres comprising about 50 units in the core of the Bakken and Three Forks formations

-- Increasing Forestar's reserves by over 135% to 7.1 million BOE (barrels of oil equivalent) based upon year-end 2011 reserves, with oil representing 43% of total combined reserves (on a BOE basis)

http://www.marketwatch.com/story/forestar-to-acquire-credo-petroleum-2012-06-04
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Trueheart Trueheart 12 years ago
OSR looks very good from this point.

Trueheart
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OilStockReport OilStockReport 12 years ago
Credo Petroleum (CRED) is another company flying under the radar.Recent chart bottom and improved oil demand is positioning CRED to do very well in 2012.

It seems Credo is worth a look. Starting in 2006 and lasting a decade, Credo appreciated its stock price from around a half dollar to $30. It seems they were a natural gas company with Calliope, a natural gas recovery system.

Since then they have converted to oil in quick fashion, with a 150,000 gross acreage in Kansas and 7,200 gross acreage in the Bakken. They also have another 70,000 acres in Western Oklahoma and the Texas Panhandle that Credo has stated will start to drill as soon as gas prices improve. In January, Credo completed its third Bakken well. This created a large spike in stock price from around $8 to $12. It is currently trading around $9.50.

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OilStockReport OilStockReport 13 years ago
Their shift to oil could pay off.


Credo Petroleum (CRED) is another spec play I own. Over the past few years Credo has changed the focus of its business from natural gas to oil. Its has acreage in:

Central Kansas Uplift-150000 Gross Acres
NW Oklahoma-75000 Gross Acres
Southern Oklahoma-10000 Gross Acres
ND Bakken-7000 Gross Acres
Texas Panhandle-3000 Gross Acres
Its Bakken acreage is in a very good location. The Fort Berthold Indian Reservation is near some of the best wells to date in the play. It currently has 50 drillable spacing units. Locations will grow as Credo estimates more than one well will be drilled on each spacing unit. Its Kansas acreage provides low cost, repeatable projects with a very good return at today's oil prices. In 2010, Credo managed to create 59% of its revenue from oil. Credo's plan creates revenue from its Kansas holdings, to finance horizontal wells in other areas. Credo is not for the faint of heart with a market cap below $100 million, but there could be opportunity here. If Credo is able to create enough revenue to purchase acres in other plays, or if natural gas prices recover this stock's market cap could increase significantly.
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OilStockReport OilStockReport 13 years ago
Bakken looks good for CRED.


Credo Petroleum (CRED) has 7,260 gross or 5,734 net acres in North Dakota. Its acreages are in Dunn, McKenzie, Mercer, and Mountrail Counties. Credo controls more then 150,000 gross acres in Kansas and 75,000 gross acres in Northwest Oklahoma. Credo has drilled five wells to date in the Bakken. Three are excellent producers. Two smaller interest wells are awaiting completion. Credo will drill 9 wells in 2011. By Credo estimates, 200 gross wells have been drilled in the Fort Berthold Reservation. Well spacing is four per 1280 acres. Average well cost is $6.5 million. Reserves per well are 350 MBO and 300 MMCF. Net reserves are 4.2 Million Bbls and 3.6 BCF. Credo's PV10% is $84 million, using $85/barrel pricing. Credo believes well spacing is estimated too high, and may add more locations to current estimate. An example of a current Credo well is Petro-Hunt 3A. Credo has a working interest of 18.75%. Its IP rate was 1,367 BOEP/D. Credo's current per acres valuation may be higher then previously estimated. November of last year, Williams (WMB) spent $925 million on 86000 acres. This purchase was $11,000 per acre. It was significantly higher then the $5,300 Hess paid in the same area. One variable to watch is derivative losses. Credo's 2010 derivative losses were (705,000) versus a loss of (14,000) for the final three months of 2009. Credo had a year over year increase of 19% oil production and 13% increase in comparable earnings. Oil accounts for 69% of production. Lastly, watch this company's success rate. There have been some recent dry holes in Kansas. Although these are inexpensive wells, it could place a downward pressure in earnings.
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OilStockReport OilStockReport 13 years ago
I see continued upside. What do you think?


Credo Petroleum (CRED) seems to be in a position for improvement. Credo has seen better times as it once traded at $30 a share. This company used to derive most of its revenue from natural gas. Credo is trying to change with the current pricing environment and is increasing oil production. Credo's areas of operation are:

Central Kansas Uplift - 150,000 Gross/90,000 Net Acres
N.W. Oklahoma - 75,000 Gross Acres
North Dakota - 7,000 Gross/5,734 Net Acres
Texas Panhandle - 3,000 Gross Acres
Southern Oklahoma - 4 Waterfloods
Although its Kansas acreage is worth a fraction of its Bakken, Credo is increasing production. It has had a 40% success rate, and has a completed well cost of $465,000. Credo estimates reserves per well of 42 MBO. Total net reserves of 1.6 million barrels of oil. Credo's Bakken acreage is a prime location. Acreages adjacent to its positions are owned by Marathon (MRO), XTO (XOM) and Williams (WMB). On November 15, 2010, Williams purchased 86,000 acres in the area for $11,000/acre. Credo maintains net reserves of 4.2 million Bbls and 3.6 Bcf are in its Bakken acres. The waterfloods in southern Oklahoma have a 400 Bopd with a 70% oil cut. Humphreys Prospect has net reserves of 640,000 Bbls and 10 Bcf. Credo has the ability to increase production and will be able to add gas production when pricing improves. For more information on this stock check out Credo Petroleum: Worth a Look.

P/E Ratio- 62
Price to Sales- 7.04
Price to Tangible Book- 1.87
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OilStockReport OilStockReport 13 years ago
DENVER, Nov. 22, 2010 (GLOBE NEWSWIRE) -- Credo Petroleum Corporation (Nasdaq:CRED), an oil and gas exploration and production company with significant operations in the Rocky Mountain and Mid-Continent Regions, has launched a completely redesigned corporate website.

"Over the past three years, Credo has successfully transitioned from predominately natural gas to predominately crude oil production on a value basis," said Marlis E. Smith, Jr., CEO. "Thanks to the vision of our Board of Directors, we made the transition at an opportune time because oil is currently four times more valuable than natural gas on an energy equivalent basis. That makes a huge difference to our bottom line.

"Credo has now assembled significant undeveloped acreage positions in four separate oil plays located in Kansas, Nebraska, the Texas Panhandle and anchored by the Bakken horizontal drilling play in North Dakota. Although three of the plays are still in their infancy, our success is already evident in Credo's financial performance where, in 2009, oil revenue overtook natural gas revenue for the first time in the company's history.

"Our goal is to exploit the new acreage to take advantage of excellent oil prices. To accomplish that objective, we recently announced that Credo has more than doubled its drilling budget for 2011.

Smith continued, "With Credo's geographically diversified and rapidly expanding exploration program, I expect steady financial and operational gains. One of my objectives is to better communicate with the investment community. The website contains significantly expanded information about our drilling activities and our Calliope Gas Recovery System. The website is our initial step in a broader plan to better communicate Credo's story, including our aggressive transition to oil plays."

About Credo Petroleum: Credo Petroleum Corporation is an independent exploration, development and production company based in Denver, Colorado. The company has significant operations in the Williston Basin of North Dakota, central Kansas, the Anadarko Basin of North Texas and northwest Oklahoma, and in southern Oklahoma. Credo uses advanced technologies to systematically explore for oil and gas and, through its patented Calliope Gas Recovery System, to recover stranded reserves from depleted gas reservoirs.
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GuruTrader GuruTrader 15 years ago
Credo Petroleum Updates Mid-Continent Operational Activities
Significant New Field Discovery on Central Kansas Uplift

License Completed for Calliope Pilot Project

Press Release
Source: Credo Petroleum Corporation
On Wednesday September 23, 2009, 8:00 am EDT
Buzz up! 0 Print.Companies:Credo Petroleum Corp.
DENVER--(BUSINESS WIRE)--Credo Petroleum Corporation (NASDAQ:CRED - News), an oil and gas exploration and production company with significant assets in Central Kansas, Oklahoma and the Williston Basin, today provided an update on its Mid-Continent operational activities and for its Calliope Gas Recovery System.

Related Quotes
Symbol Price Change
CRED 10.10 0.00


{"s" : "cred","k" : "c10,l10,p20,t10","o" : "","j" : ""} Central Kansas

In Central Kansas, Credo owns a large acreage position on which it has an excellent drilling record and a significant new field discovery.

Credo currently owns 153,000 gross (75,000 net) acres located in Central Kansas (primarily on the Uplift) and is continuing to expand its acreage position. The acreage consists of about 25 blocks in which the company owns interests ranging from 12.5% to 85%. To date, 41 wells have been drilled on the acreage, of which 46% have been successfully completed as oil producers. Well depths range from 3,500 to 4,000 feet and drilling costs are moderate.

The company recently discovered a significant Lansing-Kansas City oil field on its 85% owned Lanterman prospect in Barton County. To date, four wells have been drilled, three of which were completed as producers. A fifth well is currently drilling. The field has produced 73,000 barrels of oil in about seven months. Volumetric engineering analysis based on early production data indicates that the existing wells should produce approximately 500,000 barrels of oil during both primary and secondary waterflood recovery.

Approximately 100 miles to the north in Graham County, the company recently drilled the Worcester well on its 4,700 gross acre White Anticline Prospect. The well was completed producing about 100 barrels of oil per day. The Worcester is the fifth producing well drilled on the prospect and brings the drilling success rate for the prospect to 65%. Credo owns a 12.5% interest in the prospect and up to a 47% interest in other prospects located in Graham County. Seismic and drilling are currently underway to evaluate the potential of those prospects.

James T. Huffman, Chief Executive Officer commented, “Our drilling success in Central Kansas continues to be outstanding, and the play has already made a substantial contribution to our oil production and reserves. The Kansas play is shallow and relatively inexpensive with short discovery to first production cycle times, making it an excellent complement to our deeper and longer cycle Bakken project. We are actively expanding our acreage position and expect to drill two to three wells per month during the remainder of 2009.”

Oklahoma and Texas Panhandle

Credo owns approximately 75,000 gross acres along the northern portion of the Anadarko Basin of Northwest Oklahoma and the Texas Panhandle. The company has historically conducted an active natural gas oriented drilling program in this core operating area targeting the Morrow, Oswego and Chester formations. However, drilling for natural gas has been de-emphasized due to low natural gas prices, and the company is currently limiting natural gas drilling to wells required to protect its acreage and working interests.

The company has increased its focus on drilling for oil and on secondary oil recovery projects from waterfloods in southern Oklahoma. Credo currently owns working interests in four Deese Sand waterflood units. The most mature of these is the exceptionally successful S.E. Hewitt project which has produced 785,000 secondary barrels of oil to date, or approximately 1.75 times the primary recovery of 450,000 barrels. The production rate has continued to increase to a current rate of approximately 300 barrels of oil per day with a water cut of only 27%. Two additional wells are scheduled to be drilled in the next few months to further enhance the production rate. Ultimate secondary recovery could exceed 1.2 million barrels of oil. Credo owns a 17% working interest.

Credo also owns working interests in three other Deese Sand waterfloods located near S.E. Hewitt. These are early stage oil projects that are expected to begin responding over the next 18 to 24 months.

Calliope Gas Recovery System

Credo recently entered into a Calliope license agreement with a mid-sized independent oil and gas producer to install Calliope on a pilot project. In addition, the company is in late stage discussions with a large independent for a Calliope pilot project over a cross section of applications that will test its efficacy for a large population of wells.

The company’s patented Calliope Gas Recovery system continues to achieve impressive results over a wide range of applications. Calliope’s low “all in” finding and operating costs, ranging from $1.00 to $1.50 per Mcf (thousand cubic feet), make it a particularly attractive investment opportunity in today’s low natural gas price environment. By any measure, these costs are far below industry averages, which in some natural gas basins exceed $4.00 to $5.00 per Mcf.

Calliope has achieved compelling results on its non-R&D, go-forward applications. For example, a group of 14 such wells were producing a total of only 88 Mcfd when Calliope was installed. Those same 14 wells have now produced an incremental 4.7 Bcfe (billion cubic feet of gas equivalent) with Calliope, and they are still producing about 1.8 MMcfd (million cubic feet per day). The 14 wells represented a substantial plugging liability before Calliope was installed. However, Calliope added estimated proved producing reserves totaling between 11 and 14 Bcf, depending on product prices. The wells are now worth tens of millions of dollars.

Management Comment

“We have successfully expanded both the breadth and volume of our drilling activities,” Huffman stated. “We are very pleased with the early results of our transition to oil focused drilling. For the third quarter 2009, oil provided 42% of Credo’s total production (expressed in equivalent units) compared to only 17% last year. Importantly, due to the substantial price differential between oil and natural gas, oil accounted for more than 70% of the company’s revenues for the third quarter.

“Last week we announced drilling on the company’s first well in the North Dakota Bakken play. Credo has made a significant commitment to that project because it is a major oil resource play that has already proven to contain enormous potential. The company now has a deep inventory of oil focused acreage and drilling projects in Kansas, North Dakota and Oklahoma which we expect to contribute significant future oil production and reserves.

“For Calliope, our ultimate goal is to strike balanced agreements that suit the needs of Calliope users, and which maximize the economic potential of this proven, proprietary technology for the benefit of our shareholders. We believe Calliope offers end users an increasingly competitive alternative for efficient, large-scale reserve additions, particularly in this environment of low natural gas prices and constrained capital markets.”

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 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.


Contact:
Credo Petroleum CorporationJames T. HuffmanChief Executive OfficerorAlford B. NeelyChief Financial Officer 303-297-2200 303-297-2200www.credopetroleum.com
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frenchee frenchee 16 years ago
Credo in presignal area for a sell. Will go on a sell with a decisive close < 5-day EMA. See daily charts in iBox.
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frenchee frenchee 16 years ago
CREDO Petroleum Reports Record Reserves for Fiscal 2007


Total Proved Reserves Increase 11%; Oil Reserves Increase 40%
DENVER--(BUSINESS WIRE)--January 03, 2008-- CREDO Petroleum Corporation (NASDAQ: CRED) today reported that proved reserves rose to a record 20.5 billion cubic feet equivalent ("Bcfe") at its October 31, 2007 fiscal year-end, representing an 11% increase over 18.5 Bcfe at year-end 2006. For 2007, CREDO replaced 189% of its production. Natural gas reserves increased 6% while oil reserves increased 40%. Natural gas accounts for 83% of total reserves compared to 86% last year.

The company's reserve replacement cost for 2007 was $1.68 per thousand cubic fee of natural gas equivalent ("Mcfe"), excluding the cost of purchasing undeveloped properties. Including the $2.14 million cost of purchasing undeveloped properties, the company's reserve replacement cost was $2.09 per Mcfe. By comparison, reserve replacement costs for 2006 were $2.95 per Mcfe before the cost of purchasing undeveloped properties and $3.54 per Mcfe including the cost of undeveloped properties.

The undiscounted value of reserves was $101,501,000 at October 31, 2007, and the discounted value (at 10%) was $62,071,000. Average fiscal year end wellhead prices used to calculate reserves were $5.89 per Mcf and $86.61 per barrel. By comparison, the undiscounted value of reserves was $84,861,000 at year-end 2006, and the discounted value (at 10%) was $52,328,000. Average fiscal year end wellhead prices used to calculate 2006 reserves were $6.32 per Mcf and $53.69 per barrel.

James T. Huffman, President and CEO, said, "This is the fourteenth consecutive year that CREDO has reported record reserve quantities. We are particularly pleased with the substantial growth in our oil reserves, as our central Kansas drilling project begins to show promising results and several of our Oklahoma projects continue to yield success."

In 2007, proved undeveloped reserves were booked for a carbonate resource play in Major County, Oklahoma on sections in which the company owns interests ranging from 50% to 75%. At fiscal year end, proved developed reserves represent 76% of proved reserves and proved undeveloped reserves represent 24%. This compares to proved developed reserves of 87% and proved undeveloped reserves of 13% last year.

"We have always taken a conservative approach to booking proved undeveloped reserves, and that continues to be the case," Huffman said. "This year we booked the Major County carbonate resource play reserves because our sections already produce from the carbonates and new drilling and completion technology is showing good promise to enhance production from new wells. Although we have received substantial offers from other companies that are active in the play, we currently plan to hold the acreage and begin development drilling in 2008."
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frenchee frenchee 16 years ago
Credo in presignal area for a buy. A decisive close > its 5-day EMA signals a short-term buy. See daily charts in iBox.
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frenchee frenchee 16 years ago
CRED consolidating for a base. Should break out in the near future.

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Jesse Livermore Jesse Livermore 19 years ago
Looks like Chavez is not sharing...
http://news.moneycentral.msn.com/provider/providerarticle.asp?feed=AP&Date=20050920&ID=51283...
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Jesse Livermore Jesse Livermore 19 years ago
still like gold stocks, kry is risky but if Chavez let's them play in his sand box it is a $10 stock!
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Magdelina Magdelina 19 years ago
Law' Jesse, I can't even remember the Belmont, let alone who ran. lol

Good to know you're making money. What else do you like?
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Jesse Livermore Jesse Livermore 19 years ago
Hi maggy, I had Afleet Alex in all three races, but the Belmont was a beaut!

Credo splitting 3:2 again. This is the second split 3:2 since my $10 buy.
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Magdelina Magdelina 20 years ago
Much better call than the $4 on that other stock.

Who's your money on for the Belmont?


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Jesse Livermore Jesse Livermore 20 years ago
Credo: The little gas company that can. Jesse likes this companies ability to get gas from old wells. Purchased at $10 and can double again.

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