Credo Petroleum Announces That Alford B. Neely, Chief Financial Officer, Plans to Retire

Credo Petroleum Corporation

announced today that its Chief Financial Officer, Alford B. Neely, has advised the Company that he plans to retire within sixty days. Mr. Neely, age 66, joined Credo in 2006, and was promoted to Chief Financial Officer in 2008. During his tenure as CFO, Credo has successfully transitioned from being primarily a natural gas producer to becoming primarily an oil producer in a relatively short time frame. As a result, the Company has experienced significant growth which recently culminated in the signing of a definitive agreement pursuant to which Forestar Group Inc. will acquire Credo in an all cash transaction for $14.50 per share, or approximately $146 million.