FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * SKEWES WILLIAM F   2. Issuer Name and Ticker or Trading Symbol CREDO PETROLEUM CORP [CRED] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) C/O CREDO PETROLEUM CORP, 1801 BROADWAY #900 3. Date of Earliest Transaction (Month/Day/Year) 10/08/2008 (Street) DENVER, CO 80202 4. If Amendment, Date Original Filed(Month/Day/Year) 10/09/2008 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 10/08/2008   M(1)   29,250 A $ 5.93 (2) 70,301 D

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Non-Qualified Stock Option (Right to Buy)

$ 5.93 (2)

10/08/2008

M(1)

29,250 (3)

06/13/2003

06/13/2013

Common Stock

29,250 (4)

$ 0

0 (5)

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
SKEWES WILLIAM F C/O CREDO PETROLEUM CORP 1801 BROADWAY #900 DENVER, CO 80202	X

Signatures

Alford B. Neely for William F. Skewes by POA		10/29/2008
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	This Form 4/A is filed to correct Item 3 on Table 1 and Item 4 on Table II to reflect the correct transaction codes.
(2)	The exercise price of the stock option on the date of grant was $13.34. As a result of stock splits during the intervening years (see Footnote 4), the Issuer has applied proportionate adjustments to the exercise price.
(3)	This Form 4/A is filed to correct Item 5 on Table II to reflectthe disposition, rather than the acquisition, of derivative securities.
(4)	The reporting person was granted the option to purchase 13,000 shares of common stock on June 13, 2003. In April, 2004, the Company authorized a 3 for 2 forward stock split, which increased the grant by 6,500, bringing the total option to purchse to 19,500. In September, 2005, the Company authorized a 3 for 2 forward stock split, which increased the grant by an additional 9,570, bringing the total option to purchase to 29,250.
(5)	This Form 4/A is filed to correct Item 9 on Table II to reflect the correct number of Securities Beneficially Owned following reported transactions.

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