CREDO PETROLEUM CORP CRED Balance Sheet

Credo petroleum corp (CRED)

Balance Sheet / Quarterly

Jul'12	Apr'12	Jan'12	Oct'11	Jul'11	Oct'10
Cash and cash equivalents
2,260	4,662	1,777	3,313	3,615	7,179
Short-term investments
394	389	388	1,487	1,985	1,990
Accrued oil and gas sales
3,818	2,486	2,636	2,343	383	1,574
Trade
4,911	3,291	3,166	1,707	2,676	479
Derivative assets
40	-	-	8	-	32
Other current assets
617	537	460	213	835	832
Total current assets
12,040	11,365	8,427	9,071	9,494	12,086
Unevaluated oil and gas properties
11,512	9,694	11,392	9,957	9,856	8,801
Evaluated oil and gas properties
129,274	118,607	107,441	100,948	93,569	83,360
Less: accumulated depreciation, depletion and amortization of oil and gas properties
66,881	64,656	62,833	61,054	59,381	56,339
Net oil and gas properties, at cost, using full cost method
73,905	63,645	56,000	49,851	44,044	35,822
Intangible assets, net of accumulated amortization of $1,634,000 in 2012 and $1,307,000 in 2011
2,815	2,924	3,033	3,142	3,251	3,578
Compressor and tubular inventory to be used in development
1,258	1,446	1,803	1,760	1,661	1,855
Other, net
28	28	122	97	70	64
Total Assets
90,046	79,408	69,385	63,921	58,520	53,405
Accounts payable and accrued liabilities
22,025	16,564	10,669	6,933	-	1,377
Accounts payable
-	-	-	-	1,437	-
Revenue distribution payable
981	980	1,087	964	1,312	565
Accrued compensation
404	474	42	246	284	466
Other accrued liabilities
-	-	-	-	1,253	-
Derivative liability
-	631	472	-	310	-
Income taxes payable
105	105	105	105	17	17
Total current liabilities
23,515	18,754	12,375	8,248	4,613	2,425
Long-term debt
6,000	2,000	-	-	-	-
Deferred income taxes, net
6,149	5,485	4,977	4,524	3,942	3,281
Non-current derivative liability
-	-	-	-	155	-
Asset retirement obligation
1,444	1,159	1,120	1,213	1,210	1,132
Total liabilities
37,108	27,398	18,472	13,985	9,920	6,838
Commitments:
0	0	0	0	0	0
Preferred stock, no par value, 5,000,000 shares authorized, none issued
0	0	0	0	0	0
Common stock, $.10 par value, 20,000,000 shares authorized, 10,660,000 issued
1,066	1,066	1,066	1,066	1,066	1,066
Capital in excess of par value
31,531	31,531	31,562	31,547	31,533	31,486
Treasury stock at cost, 619,000 shares in 2012 and 2011
4,654	4,654	4,654	4,654	4,654	4,509
Retained earnings
24,995	24,067	22,939	21,977	20,655	18,524
Total stockholders' equity
52,938	52,010	50,913	49,936	-	46,567
Total stockholders' equity
-	-	-	-	48,600	-
Total Liabilities and Stockholders' Equity
90,046	79,408	69,385	63,921	58,520	53,405