Credo Petroleum Corp. issued an operations update for the first quarter of 2011 on its oil and gas activities. The company is active in Nebraska, Texas and several other areas of the onshore United States.

Credo Petroleum has accumulated leasehold of 40,000 net acres in Nebraska and recently recompleted a previously drilled well on its properties. The well is producing 50 barrels of oil per day from the Lansing Kansas City interval, and this production is the company’s first production from the state.

Credo Petroleum has drilled and cased a second well nearby, and plans to start completion operations on the well shortly. The company is planning a third well on its Nebraska acreage later in 2011.

Credo Petroleum is accelerating its activity relative to 2010 and plans to drill 67 wells in fiscal 2011. This would represent a 67% increase over last year activity.

In Texas, Credo Petroleum has drilled and completed two successful wells on its acreage in Lipscomb County, and plans to start drilling its third horizontal well in May 2011. The company is targeting the Tonkawa formation, and believes that its acreage is also prospective for the Cleveland Sand formation.

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