Credo Petroleum Update -- Press Release, January 11, 2011

Home page here. And article in Rigzone here.

Press releases here. Archived press releases are not at this link; the link is dynamic, with press releases changing.

Credo Petroleum has some nice acreage in the Fort Berthold Indian Reservation, and has working interesting in a number of wells in the Bakken. According to their webpage:

Credo has assembled approximately 8,000 gross and 6,000 net acres on the Fort Berthold Indian Reservation south and west of Parshall Field. The acreage contains approximately 50 drillable spacing units. The company expects that more than one well will be drilled on many spacing units. The project targets horizontal drilling for the Bakken and Three Forks formations.

Press release of January 11, 2011: Update on Credo's first five wells (working interesting only) in the Bakken.

Credo's first Bakken well, 10% working interest:

• 18094, 1,474, Fort Berthold 148-94-17D-08-1H, Eagle Nest field, FBIR
• 20/64" choke; cumulative: 87K in 11 months
• "...appears to be one of the best wells in the area."

Credo's second Bakken well, 6.25% WI

• 18955, 2,278, Weisz 11-14 1-H
• IP based on 48/64" choke; 52K in four months
• Painted Woods oil field (northwest of Williston)
• BEXP says the spacing unit could include 2 addition Bakken well and up to 3 Three Forks wells

Credo's third "high-rate" Bakken well, 18.75 % WI (and reason for the press release):

• 18458, 1,367, Fort Berthold 147-94-3A-10-1H, McGregory Buttes field, FBI
• Long lateral, 25 stages; IP based on restricted rate (18/64")
• Well drill last year (2010) but completion was delayed due to shortages of frac equipment
• Four miles southeast of Credo's first well, 18094 (above)

Credo's four and fifth wells with small participation, drilling complete, waiting to frac

• 18963, 1.56%, Zenergy, Dakota-3 Spotted Rabbit 14-23H, Van Hook, inside FBIR
• 18886, 3.57%, Questar, MHA 1-32-31H-150-90, Deep Water Creek, FBIR