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Strategies & Market Trends : Speculating in Takeover Targets
CTG 7.150+0.8%Jan 30 4:00 PM EST

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To: richardred who wrote (2691)10/17/2011 1:25:16 PM
From: richardred   of 6544
Archived news: Credo small fly interest , but imo notable due to todays Brigham Exploration Co takeover .

Credo Petroleum announces highest initial test rate in company history.

Credo Petroleum Corp., an oil and gas exploration and production company with significant operations in the Williston Basin, Central Kansas and Oklahoma, today provided an update on its North Dakota Bakken horizontal drilling program.

Weisz 11-14#1-H ("Weisz") well successfully completed
Credo's second Bakken well has been successfully completed and production tested at high rates. During testing, the Weisz 11-14#1-H ("Weisz") flowed over 2,000 barrels of oil equivalent from 37 fracture-stimulated stages of Middle Bakken perforations during an early 24-hour period. Brigham Exploration is the operator and Credo owns a 6% working interest. In coming weeks, Brigham will announce the well's exact initial flow rate, but Credo has confirmed through internal calculations that the official initial rate will in fact exceed 2,000 barrels of oil equivalent, marking the highest initial test rate of any well in which Credo has participated in the company's 32 year history.

The Weisz well is located on a 1,280 acre spacing unit about one mile east of Brigham's Olson 10-15-H well which has produced 126,000 barrels of oil equivalent in 18 months. Based on Brigham's exploration plan for the area, up to three Bakken wells are expected to be drilled on the spacing unit and potentially three additional wells to develop the deeper Sanish/Three Forks formation.

Management Comment
Marlis E. Smith, Jr., Chief Executive Officer, said, "I am extremely pleased with the test results of the Weisz, and the initial flow rate record it has set for Credo. Since joining the Board in April of 2009, I have been a staunch advocate of the Bakken, and targeted acquisition of this specific Bakken acreage with our technical team soon after becoming CEO earlier this year. This particular spacing unit could one day see up to six horizontal wells, two additional Bakken wells, and three Sanish/Three Forks wells. Along with the Bakken, the Sanish/Three Forks is highly prospective in the area.

Smith continued, "We look forward to releasing future Bakken well results, including our previously reported Petro-Hunt 1-H well, which is currently in the final stages of completion, and a well in which Credo owns an 18.75% working interest."

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