Credo Petroleum (CRED)

[OilStockReport]

Credo Petroleum (CRED) is another company flying under the radar.Recent chart bottom and improved oil demand is positioning CRED to do very well in 2012.

It seems Credo is worth a look. Starting in 2006 and lasting a decade, Credo appreciated its stock price from around a half dollar to $30. It seems they were a natural gas company with Calliope, a natural gas recovery system.

Since then they have converted to oil in quick fashion, with a 150,000 gross acreage in Kansas and 7,200 gross acreage in the Bakken. They also have another 70,000 acres in Western Oklahoma and the Texas Panhandle that Credo has stated will start to drill as soon as gas prices improve. In January, Credo completed its third Bakken well. This created a large spike in stock price from around $8 to $12. It is currently trading around $9.50.