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CREDO Petroleum Reports 98% Increase in First Quarter 2006 Earnings; First Quarter Earnings Rise To A Record High Production Increases 13% To A First Quarter Record.

Publication: Business Wire
Publication Date: 20-MAR-06 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
DENVER -- CREDO Petroleum Corporation (NASDAQ: CRED) today reported its financial results for the first quarter ended January 31, 2006. Per share data has been adjusted to reflect the three-for-two stock split effective October 12, 2005.

First quarter 2006 net income increased 98% to an all time high on record first quarter production and higher product prices. For the quarter, net income was $1,695,000 compared to net income of $856,000 last year. On a per diluted share basis, net income was $.18 in the first quarter compared to $.09 last year. Revenue rose 74% to $4,538,000 compared to $2,606,000 last year.

James T. Huffman, President, said: "We continue to meet the challenge to improve our production in order to reap the full benefit of higher product prices. As a result, new first quarter records have been established in most operational and financial categories." Huffman further stated: "Three new wells commenced production shortly after first quarter end, including the Garnet State #1-27, which is discussed below. This new production together with planned drilling and Calliope installations makes us very optimistic...

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