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  <p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
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  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED
  STATES</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">SECURITIES
  AND EXCHANGE COMMISSION</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington, D.C.&nbsp;&nbsp; 20549</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM&nbsp;8-K</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT
  REPORT</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Pursuant
  to Section&nbsp;13 or 15(d)&nbsp;of the
  Securities&nbsp;Exchange&nbsp;Act&nbsp;of&nbsp;1934</font></b></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of Report (Date of earliest event reported):<b>&nbsp; June&nbsp;3,
  2008</b></font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">CREDO
  Petroleum Corporation</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of registrant as specified in its
  charter)</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <div align="center">
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Colorado</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">0-8877</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">84-0772991</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or other jurisdiction</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Commission</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(IRS Employer</font></p>
    </td>
   </tr>
   <tr>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of incorporation)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">File Number)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Identification No.)</font></p>
    </td>
   </tr>
   <tr>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="66%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:66.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1801 Broadway, Suite&nbsp;900<br>
    Denver, Colorado</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">80202</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="66%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:66.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of principal executive offices)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Zip Code)</font></p>
    </td>
   </tr>
  </table>
  
  </div>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrant&#146;s telephone number, including area
  code:<b>&#160;
  (303)&nbsp;297-2200</b></font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate box below if the Form&nbsp;8-K filing is intended
  to simultaneously satisfy the filing obligation of the registrant under any of
  the following provisions (see General Instruction&nbsp;A.2. below):</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Written
  communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR
  230.425)</p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Soliciting
  material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240-14a-12)</p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Pre-commencement
  communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act
  (17&nbsp;CFR 240.14d-2(b))</p>
  
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Pre-commencement
  communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act
  (17&nbsp;CFR 240.13e-4(c))</p>
  
  <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0in 0in 0in 0in;">
  
  <p style="border:none;margin:0in 0in .0001pt .5in;padding:0in;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  </div>
  
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='',FILE='C:\JMS\c900132\08-15997-1\task2974006\15997-1-ba.htm',USER='c900132',CD='Jun  5 05:09 2008' -->
  
  
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  <div>
  
  <h1 style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:auto;"><font face="Times New Roman">&nbsp;</font></h1>
  
  <h1 style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 1.01.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">Entry into a Material Definitive Agreement</font></h1>
  
  <h1 style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:auto;"><font face="Times New Roman">&nbsp;</font></h1>
  
  <h1 style="margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Company Stock Purchase Agreement</font></b></h1>
  
  <h1 style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:auto;"><font face="Times New Roman">&nbsp;</font></h1>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On June&nbsp;3, 2008, CREDO Petroleum
  Corporation, a Colorado corporation (the &#147;Company&#148;), entered into a Company
  Stock Purchase Agreement (the &#147;Purchase Agreement&#148;) with RCH Energy Opportunity
  Fund II, LP, a Delaware limited partnership (&#147;Purchaser&#148;).</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the terms of the Purchase
  Agreement, the Company has agreed to sell to Purchaser, and Purchaser has
  agreed to purchase, 1,150,000 shares of newly-issued common stock, par value
  $0.10 per share, of the Company (the &#147;Stock&#148;) at a price of $14.50 per share in
  cash (the &#147;Purchase Price&#148;).&#160; The closing
  of the Stock sale (the &#147;Closing&#148;) is subject to customary closing conditions as
  well as the contemporaneous closing of a private sale to Purchaser of 687,000
  shares of Stock from certain directors of the Company, also at a price of
  $14.50 per share (the &#147;Secondary Stock Purchase&#148;).</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Purchase Agreement provides that,
  following the Closing, Purchaser will be entitled to designate two directors to
  serve on the Company&#146;s board of directors for so long as it beneficially owns
  at least 15% of the outstanding Stock, and one director so long as it
  beneficially owns at least 10% of the outstanding Stock.&#160; The Purchase Agreement also contains a &#147;standstill&#148;
  provision that will prohibit Purchaser from acquiring any additional shares of
  Stock for a period of two years following the Closing without the consent of
  the Company.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At the Closing, Purchaser and the Company
  will enter into a registration rights agreement in a customary form pursuant to
  which Purchaser will be entitled to require the Company to register its shares
  of Stock for resale under the Securities Act of 1933 in certain circumstances.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The foregoing summary of the Purchase
  Agreement does not purport to be complete and is subject to, and qualified in
  its entirety by, the full text of such document, which is attached hereto as Exhibit&nbsp;10.1
  and incorporated herein by reference.&#160;
  The foregoing summary is also subject to, and qualified in its entirety
  by, the full text of the agreement governing the Secondary Stock Purchase, the
  full text of which is attached hereto as Exhibit&nbsp;99.1 and is incorporated
  herein by reference.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company&#146;s press release with respect to
  these matters, dated June&nbsp;4, 2008, is filed as Exhibit&nbsp;99.2 to this
  Current Report on Form&nbsp;8-K.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <h1 style="margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Second Amendment to Rights Agreement</font></b></h1>
  
  <h1 style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:auto;"><font face="Times New Roman">&nbsp;</font></h1>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with the transactions
  contemplated by the Purchase Agreement and effective June&nbsp;3, 2008, the
  Company amended its Rights Agreement, dated as of April&nbsp;11, 1989, as
  amended (the &#147;Rights Agreement&#148;), between the Company and Computershare Trust
  Company, N.A., in order to exempt the Purchase Agreement, the agreement
  governing the Secondary Stock Purchase and the related transactions from
  application of the Rights Agreement.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The foregoing summary of the Second Amendment
  to Rights Agreement does not purport to be complete and is subject to, and
  qualified in its entirety by, the full text of such document, which is attached
  hereto as Exhibit&nbsp;4.1 and incorporated herein by reference.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <h1 style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 3.02</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">Unregistered Sales of Equity Securities</font></h1>
  
  <h1 style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:auto;"><font face="Times New Roman">&nbsp;</font></h1>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The information set forth in Item 1.01 of this Current Report on Form&nbsp;8-K
  is incorporated into this Item 3.02 by reference.&#160; The issuance and sale of Stock to Purchaser
  pursuant to the Purchase </font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='2',FILE='C:\JMS\c900132\08-15997-1\task2974006\15997-1-ba.htm',USER='c900132',CD='Jun  5 05:09 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div style="font-family:Times New Roman;">
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Agreement will be made in reliance on the exemptions from registration
  provided by Section&nbsp;4(2)&nbsp;of the Securities Act of 1933 and/or Rule&nbsp;506
  of Regulation D promulgated thereunder.&#160; Purchaser
  represented to the Company that it is an accredited investor and that it is
  acquiring the Stock for investment purposes.&#160;
  The aggregate proceeds of the transaction to the Company will be
  $16,675,000.&#160; No underwriting discounts
  or commissions will be payable; however, the Company will pay an advisory fee
  to Merrill Lynch&nbsp;&amp; Co. in connection with the transaction.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <h1 style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 3.03</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">Material Modification to Rights of Security Holders</font></h1>
  
  <h1 style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:auto;"><font face="Times New Roman">&nbsp;</font></h1>
  
  <h1 style="margin:0in 0in .0001pt;page-break-after:auto;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">The information set forth in Item 1.01 of
  this Current Report on Form&nbsp;8-K with respect to the Second Amendment to
  the Rights Agreement, is incorporated into this Item 3.03 by reference.</font></b></h1>
  
  <h1 style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:auto;"><font face="Times New Roman">&nbsp;</font></h1>
  
  <h1 style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 9.01</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">Financial Statements and Exhibits</font></h1>
  
  <h1 style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:auto;"><font face="Times New Roman">&nbsp;</font></h1>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>&nbsp;Exhibits</p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="85%" style="border-collapse:collapse;margin-left:74.05pt;width:85.62%;">
   <tr>
    <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:10.38%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit&nbsp;No.</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.24%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="87%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:87.38%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="10%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:10.38%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.24%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="87%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:87.38%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.38%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.24%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.38%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Second Amendment to Rights Agreement, dated as of June&nbsp;3, 2008,
    by and between the Company and Computershare Trust Company, N.A.</font></p>
    </td>
   </tr>
   <tr>
    <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.38%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.24%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.38%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.38%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.1</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.24%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.38%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Company Stock Purchase Agreement, dated as of June&nbsp;3, 2008, by
    and between the Company and RCH Energy Opportunity Fund II, LP.</font></p>
    </td>
   </tr>
   <tr>
    <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.38%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.24%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.38%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.38%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.1</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.24%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.38%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stock Purchase Agreement, dated as of June&nbsp;3, 2008, by and among
    RCH Energy Opportunity Fund II, LP, James T. Huffman, Richard B. Stevens and
    William F. Skewes.</font></p>
    </td>
   </tr>
   <tr>
    <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.38%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.24%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.38%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.38%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.2</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.24%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.38%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Press Release of CREDO Petroleum Corporation, dated June&nbsp;4,
    2008, announcing the Strategic Investment in the Company by RCH Energy
    Opportunity Fund II, LP.</font></p>
    </td>
   </tr>
  </table>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='3',FILE='C:\JMS\c900132\08-15997-1\task2974006\15997-1-ba.htm',USER='c900132',CD='Jun  5 05:09 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the
  Securities Exchange Act of 1934, the registrant has duly caused this report to
  be signed on its behalf by the undersigned hereunto duly authorized.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.34%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: June&nbsp;4, 2008</font></p>
    </td>
    <td width="47%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:47.66%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CREDO PETROLEUM CORPORATION</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.34%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="47%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:47.66%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Registrant)</font></p>
    </td>
   </tr>
   <tr>
    <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.34%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="47%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:47.66%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.34%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="47%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:47.66%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.34%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
    </td>
    <td width="44%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.16%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ James T. Huffman</font></p>
    </td>
   </tr>
   <tr>
    <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.34%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.16%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">James T. Huffman<br>
    Chief Executive Officer</font></p>
    </td>
   </tr>
  </table>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='4',FILE='C:\JMS\c900132\08-15997-1\task2974006\15997-1-ba.htm',USER='c900132',CD='Jun  5 05:09 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT INDEX</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.5%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">EXHIBIT
    NO.</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.08%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="86%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:86.42%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">DESCRIPTION</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.5%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1</font></p>
    </td>
    <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.08%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="86%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:86.42%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Second Amendment to Rights Agreement, dated as of June&nbsp;3, 2008,
    by and between the Company and Computershare Trust Company, N.A.</font></p>
    </td>
   </tr>
   <tr>
    <td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.5%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.1</font></p>
    </td>
    <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.08%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="86%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:86.42%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Company Stock Purchase Agreement, dated as of June&nbsp;3, 2008, by
    and between the Company and RCH Energy Opportunity Fund II, LP</font></p>
    </td>
   </tr>
   <tr>
    <td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.5%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.1</font></p>
    </td>
    <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.08%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="86%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:86.42%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stock Purchase Agreement, dated as of June&nbsp;3, 2008, by and among
    RCH Energy Opportunity Fund II, LP, James T. Huffman, Richard B. Stevens and
    William F. Skewes.</font></p>
    </td>
   </tr>
   <tr>
    <td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.5%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.2</font></p>
    </td>
    <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.08%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="86%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:86.42%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Press Release of CREDO Petroleum Corporation, dated June&nbsp;4,
    2008, announcing the Strategic Investment in the Company by RCH Energy
    Opportunity Fund II, LP.</font></p>
    </td>
   </tr>
  </table>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
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text: UNITED
  STATES
  SECURITIES
  AND EXCHANGE COMMISSION
  Washington, D.C.   20549
  FORM 8-K
  CURRENT
  REPORT
  Pursuant
  to Section 13 or 15(d) of the
  Securities Exchange Act of 1934
  Date of Report (Date of earliest event reported):
  June 3,
  2008
  CREDO
  Petroleum Corporation
  (Exact name of registrant as specified in its
  charter)
  Colorado
  0-8877
  84-0772991
  (State or other jurisdiction
  (Commission
  (IRS Employer
  of incorporation)
  File Number)
  Identification No.)
  1801 Broadway, Suite 900
  Denver, Colorado
  80202
  (Address of principal executive offices)
  (Zip Code)
  Registrant's telephone number, including area
  code:
  (303) 297-2200
  Check the appropriate box below if the Form 8-K filing is intended
  to simultaneously satisfy the filing obligation of the registrant under any of
  the following provisions (see General Instruction A.2. below):
  o
  Written
  communications pursuant to Rule 425 under the Securities Act (17 CFR
  230.425)
  o
  Soliciting
  material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240-14a-12)
  o
  Pre-commencement
  communications pursuant to Rule 14d-2(b) under the Exchange Act
  (17 CFR 240.14d-2(b))
  o
  Pre-commencement
  communications pursuant to Rule 13e-4(c) under the Exchange Act
  (17 CFR 240.13e-4(c))
  Item 1.01.
  Entry into a Material Definitive Agreement
  Company Stock Purchase Agreement
  On June 3, 2008, CREDO Petroleum
  Corporation, a Colorado corporation (the "Company"), entered into a Company
  Stock Purchase Agreement (the "Purchase Agreement") with RCH Energy Opportunity
  Fund II, LP, a Delaware limited partnership ("Purchaser").
  Pursuant to the terms of the Purchase
  Agreement, the Company has agreed to sell to Purchaser, and Purchaser has
  agreed to purchase, 1,150,000 shares of newly-issued common stock, par value
  $0.10 per share, of the Company (the "Stock") at a price of $14.50 per share in
  cash (the "Purchase Price").  The closing
  of the Stock sale (the "Closing") is subject to customary closing conditions as
  well as the contemporaneous closing of a private sale to Purchaser of 687,000
  shares of Stock from certain directors of the Company, also at a price of
  $14.50 per share (the "Secondary Stock Purchase").
  The Purchase Agreement provides that,
  following the Closing, Purchaser will be entitled to designate two directors to
  serve on the Company's board of directors for so long as it beneficially owns
  at least 15% of the outstanding Stock, and one director so long as it
  beneficially owns at least 10% of the outstanding Stock.  The Purchase Agreement also contains a "standstill"
  provision that will prohibit Purchaser from acquiring any additional shares of
  Stock for a period of two years following the Closing without the consent of
  the Company.
  At the Closing, Purchaser and the Company
  will enter into a registration rights agreement in a customary form pursuant to
  which Purchaser will be entitled to require the Company to register its shares
  of Stock for resale under the Securities Act of 1933 in certain circumstances.
  The foregoing summary of the Purchase
  Agreement does not purport to be complete and is subject to, and qualified in
  its entirety by, the full text of such document, which is attached hereto as Exhibit 10.1
  and incorporated herein by reference. 
  The foregoing summary is also subject to, and qualified in its entirety
  by, the full text of the agreement governing the Secondary Stock Purchase, the
  full text of which is attached hereto as Exhibit 99.1 and is incorporated
  herein by reference.
  The Company's press release with respect to
  these matters, dated June 4, 2008, is filed as Exhibit 99.2 to this
  Current Report on Form 8-K.
  Second Amendment to Rights Agreement
  In connection with the transactions
  contemplated by the Purchase Agreement and effective June 3, 2008, the
  Company amended its Rights Agreement, dated as of April 11, 1989, as
  amended (the "Rights Agreement"), between the Company and Computershare Trust
  Company, N.A., in order to exempt the Purchase Agreement, the agreement
  governing the Secondary Stock Purchase and the related transactions from
  application of the Rights Agreement.
  The foregoing summary of the Second Amendment
  to Rights Agreement does not purport to be complete and is subject to, and
  qualified in its entirety by, the full text of such document, which is attached
  hereto as Exhibit 4.1 and incorporated herein by reference.
  Item 3.02
  Unregistered Sales of Equity Securities
  The information set forth in Item 1.01 of this Current Report on Form 8-K
  is incorporated into this Item 3.02 by reference.  The issuance and sale of Stock to Purchaser
  pursuant to the Purchase
  2
  Agreement will be made in reliance on the exemptions from registration
  provided by Section 4(2) of the Securities Act of 1933 and/or Rule 506
  of Regulation D promulgated thereunder.  Purchaser
  represented to the Company that it is an accredited investor and that it is
  acquiring the Stock for investment purposes. 
  The aggregate proceeds of the transaction to the Company will be
  $16,675,000.  No underwriting discounts
  or commissions will be payable; however, the Company will pay an advisory fee
  to Merrill Lynch & Co. in connection with the transaction.
  Item 3.03
  Material Modification to Rights of Security Holders
  The information set forth in Item 1.01 of
  this Current Report on Form 8-K with respect to the Second Amendment to
  the Rights Agreement, is incorporated into this Item 3.03 by reference.
  Item 9.01
  Financial Statements and Exhibits
  (d)
  Exhibits
  Exhibit No.
  Description
  4.1
  Second Amendment to Rights Agreement, dated as of June 3, 2008,
    by and between the Company and Computershare Trust Company, N.A.
  10.1
  Company Stock Purchase Agreement, dated as of June 3, 2008, by
    and between the Company and RCH Energy Opportunity Fund II, LP.
  99.1
  Stock Purchase Agreement, dated as of June 3, 2008, by and among
    RCH Energy Opportunity Fund II, LP, James T. Huffman, Richard B. Stevens and
    William F. Skewes.
  99.2
  Press Release of CREDO Petroleum Corporation, dated June 4,
    2008, announcing the Strategic Investment in the Company by RCH Energy
    Opportunity Fund II, LP.
  3
  SIGNATURES
  Pursuant to the requirements of the
  Securities Exchange Act of 1934, the registrant has duly caused this report to
  be signed on its behalf by the undersigned hereunto duly authorized.
  Date: June 4, 2008
  CREDO PETROLEUM CORPORATION
  (Registrant)
  By:
  /s/ James T. Huffman
  James T. Huffman
  Chief Executive Officer
  4
  EXHIBIT INDEX
  EXHIBIT
    NO.
  DESCRIPTION
  4.1
  Second Amendment to Rights Agreement, dated as of June 3, 2008,
    by and between the Company and Computershare Trust Company, N.A.
  10.1
  Company Stock Purchase Agreement, dated as of June 3, 2008, by
    and between the Company and RCH Energy Opportunity Fund II, LP
  99.1
  Stock Purchase Agreement, dated as of June 3, 2008, by and among
    RCH Energy Opportunity Fund II, LP, James T. Huffman, Richard B. Stevens and
    William F. Skewes.
  99.2
  Press Release of CREDO Petroleum Corporation, dated June 4,
    2008, announcing the Strategic Investment in the Company by RCH Energy
    Opportunity Fund II, LP.
  5