Credo Petroleum Corporation today published the contents of its annual report containing important information and estimates of the company.
The contents of the report are as under-
Despite of the economic downturn, low energy prices and financial loss in fiscal 2009(2nd time) the company has managed to undertake expansion of its business.
The capital issue of 2008 helped in acreage acquisition and drilling programs set new records of oil production and for the first time in 31 years of company’s history has the revenue of oil exceeded natural gas, the oil revenue being 59% of company’s revenue & the increase being 108%.
This focus on oil has resulted in an increase of 23% in oil reserves which now account for 26% of company’s reserves.
A success rate of approximately 50% is achieved in Central Kansas oil drilling project. The discovery of new field in Barton County, Kansas and acquisition in the North Dakota Bakken has added new dimension to company’s resource.
The successful completion of the first well with initial roduction rate of 1,474 barrels of oil per day paved the way for other nine in the immediate area. The second well is expected to complete in nine months.
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Marlis E. Smith, Jr, a successful "oil man" who has spent his entire life in this industry has been appointed as the CEO. This step has been taken in purview of company’s goal of doubling in not more than 3 to 4 years.
His first report contains his commitment to bring additional capital to be invested in the repeatable and successful exploration model of the company.
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