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Wiki	Wiki Summary
Operation Mincemeat	Operation Mincemeat was a successful British deception operation of the Second World War to disguise the 1943 Allied invasion of Sicily. Two members of British intelligence obtained the body of Glyndwr Michael, a tramp who died from eating rat poison, dressed him as an officer of the Royal Marines and placed personal items on him identifying him as the fictitious Captain (Acting Major) William Martin.
Adverse	Adverse or adverse interest, in law, is anything that functions contrary to a party's interest. This word should not be confused with averse.
Adverse possession	Adverse possession, sometimes colloquially described as "squatter's rights", is a legal principle in the Anglo-American common law under which a person who does not have legal title to a piece of property—usually land (real property)—may acquire legal ownership based on continuous possession or occupation of the property without the permission (licence) of its legal owner. The possession by a person is not adverse if they are in possession as a tenant or licensee of the legal owner.
Adverse food reaction	An adverse food reaction is an adverse response by the body to food or a specific type of food.The most common adverse reaction is a food allergy, which is an adverse immune response to either a specific type or a range of food proteins.\nHowever, other adverse responses to food are not allergies.
Anthony Adverse	Anthony Adverse is a 1936 American epic historical drama film directed by Mervyn LeRoy and starring Fredric March and Olivia de Havilland. The screenplay by Sheridan Gibney draws elements of its plot from eight of the nine books in Hervey Allen's historical novel, Anthony Adverse.
Adverse party	An adverse party is an opposing party in a lawsuit under an adversary system of law. In general, an adverse party is a party against whom judgment is sought or "a party interested in sustaining a judgment or decree." For example, the adverse party for a defendant is the plaintiff.
Adverse (film)	Adverse is a 2020 American crime thriller film written and directed by Brian Metcalf and starring Thomas Nicholas, Lou Diamond Phillips, Sean Astin, Kelly Arjen, Penelope Ann Miller, and Mickey Rourke. It premiered at the Fantasporto Film Festival, Portugal's largest film festival, on February 28, 2020.
Material adverse change	In the fields of mergers and acquisitions and corporate finance, a material adverse change (abbreviated MAC), material adverse event (MAE), or material adverse effect (also MAE) is a change in circumstances that significantly reduces the value of a company. A contract to acquire, invest in, or lend money to a company often contains a term that allows the acquirer, investor, or lender to cancel the transaction if a material adverse change occurs.
Hostile witness	A hostile witness, also known as an adverse witness or an unfavorable witness, is a witness at trial whose testimony on direct examination is either openly antagonistic or appears to be contrary to the legal position of the party who called the witness. This concept is used in the legal proceedings in the United States, and analogues of it exist in other legal systems in Western countries.
Liquefied natural gas	Liquefied natural gas (LNG) is natural gas (predominantly methane, CH4, with some mixture of ethane, C2H6) that has been cooled down to liquid form for ease and safety of non-pressurized storage or transport. It takes up about 1/600th the volume of natural gas in the gaseous state (at standard conditions for temperature and pressure).
Compressed natural gas	Compressed natural gas (CNG) is a fuel gas made of petrol which is mainly composed of methane (CH4), compressed to less than 1% of the volume it occupies at standard atmospheric pressure. It is stored and distributed in hard containers at a pressure of 20–25 MPa (2,900–3,600 psi), usually in cylindrical or spherical shapes.
Natural gas vehicle	A natural gas vehicle (NGV) is an alternative fuel vehicle that uses compressed natural gas (CNG) or liquefied natural gas (LNG). Natural gas vehicles should not be confused with autogas vehicles powered by liquefied petroleum gas (LPG), mainly propane, a fuel with a fundamentally different composition.
List of countries by natural gas production	This is a list of countries by natural gas production based on statistics from The World Factbook, and OECD members natural gas production by International Energy Agency (down) \n\n\n== Countries by natural gas production ==\nThe data in the following table comes from The World Factbook.
Pipeline transport	Pipeline transport is the long-distance transportation of a liquid or gas through a system of pipes—a pipeline—typically to a market area for consumption. The latest data from 2014 gives a total of slightly less than 2,175,000 miles (3,500,000 km) of pipeline in 120 countries of the world.
Natural gas in Ukraine	Ukraine has been estimated to possess natural gas reserves of over 1 trillion cubic meters and in 2018 was ranked 26th among countries with proved reserves of natural gas. Its total gas reserves have been estimated at 5.4 trillion cubic meters.
Natural-gas processing	Natural-gas processing is a range of industrial processes designed to purify raw natural gas by removing impurities, contaminants and higher molecular mass hydrocarbons to produce what is known as pipeline quality dry natural gas. Natural gas has to be processed in order to prepare it for final use and ensure that elimination of contaminants.Natural-gas processing starts underground or at the well-head.
Natural gas prices	Natural gas prices, as with other commodity prices, are mainly driven by supply and demand fundamentals. However, natural gas prices may also be linked to the price of crude oil and petroleum products, especially in continental Europe.
Natural-gas condensate	Natural-gas condensate, also called natural gas liquids, is a low-density mixture of hydrocarbon liquids that are present as gaseous components in the raw natural gas produced from many natural gas fields. Some gas species within the raw natural gas will condense to a liquid state if the temperature is reduced to below the hydrocarbon dew point temperature at a set pressure.
Oil and gas industry in India	The oil and gas industry in India dates back to 1889 when the first oil deposits in the country were discovered near the town of Digboi in the state of Assam. The natural gas industry in India began in the 1960s with the discovery of gas fields in Assam and Maharashtra (Mumbai High Field).
Significant figures	Significant figures (also known as the significant digits, precision or resolution) of a number in positional notation are digits in the number that are reliable and necessary to indicate the quantity of something.\nIf a number expressing the result of a measurement (e.g., length, pressure, volume, or mass) has more digits than the number of digits allowed by the measurement resolution, then only as many digits as allowed by the measurement resolution are reliable, and so only these can be significant figures.
Significant other	The term significant other (SO) has different uses in psychology and in colloquial language. Colloquially "significant other" is used as a gender-neutral term for a person's partner in an intimate relationship without disclosing or presuming anything about marital status, relationship status, gender identity, or sexual orientation.
Bit numbering	In computing, bit numbering is the convention used to identify the bit positions in a binary number.\n\n\n== Bit significance and indexing ==\n\nIn computing, the least significant bit (LSB) is the bit position in a binary integer representing the binary 1s place of the integer.
Statistical significance	In statistical hypothesis testing, a result has statistical significance when it is very unlikely to have occurred given the null hypothesis. More precisely, a study's defined significance level, denoted by \n \n \n \n α\n \n \n {\displaystyle \alpha }\n , is the probability of the study rejecting the null hypothesis, given that the null hypothesis is true; and the p-value of a result, \n \n \n \n p\n \n \n {\displaystyle p}\n , is the probability of obtaining a result at least as extreme, given that the null hypothesis is true.
Significant form	Significant form refers to an aesthetic theory developed by English art critic Clive Bell which specified a set of criteria for what qualified as a work of art.
Significant Others	The term significant other (SO) has different uses in psychology and in colloquial language. Colloquially "significant other" is used as a gender-neutral term for a person's partner in an intimate relationship without disclosing or presuming anything about marital status, relationship status, gender identity, or sexual orientation.
The Simpsons	The Simpsons is an American animated sitcom created by Matt Groening for the Fox Broadcasting Company. The series is a satirical depiction of American life, epitomized by the Simpson family, which consists of Homer, Marge, Bart, Lisa, and Maggie.
Significant Mother	Significant Mother is an American television sitcom created by Erin Cardillo and Richard Keith. Starring Josh Zuckerman, Nathaniel Buzolic and Krista Allen, it premiered on The CW network on August 3 and ended its run on October 5, 2015.
Internet	In finance and economics, interest is payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum (that is, the amount borrowed), at a particular rate. It is distinct from a fee which the borrower may pay the lender or some third party.
Natural gas in the United States	Natural gas was the United States' largest source of energy production in 2016, representing 33 percent of all energy produced in the country. Natural gas has been the largest source of electrical generation in the United States since July 2015.
Bitwise operation	In computer programming, a bitwise operation operates on a bit string, a bit array or a binary numeral (considered as a bit string) at the level of its individual bits. It is a fast and simple action, basic to the higher-level arithmetic operations and directly supported by the processor.
Arithmetic	Arithmetic (from Ancient Greek ἀριθμός (arithmós) 'number', and τική [τέχνη] (tikḗ [tékhnē]) 'art, craft') is an elementary part of mathematics that consists of the study of the properties of the traditional operations on numbers—addition, subtraction, multiplication, division, exponentiation, and extraction of roots. In the 19th century, Italian mathematician Giuseppe Peano formalized arithmetic with his Peano axioms, which are highly important to the field of mathematical logic today.
Special Activities Center	The Special Activities Center (SAC) is a division of the Central Intelligence Agency responsible for covert operations and paramilitary operations. The unit was named Special Activities Division (SAD) prior to 2015.
Operations management	Operations management is an area of management concerned with designing and controlling the process of production and redesigning business operations in the production of goods or services. It involves the responsibility of ensuring that business operations are efficient in terms of using as few resources as needed and effective in meeting customer requirements.
Emergency operations center	An emergency operations center (EOC) is a central command and control facility responsible for carrying out the principles of emergency preparedness and emergency management, or disaster management functions at a strategic level during an emergency, and ensuring the continuity of operation of a company, political subdivision or other organization.\nAn EOC is responsible for strategic direction and operational decisions and does not normally directly control field assets, instead leaving tactical decisions to lower commands.
Operations research	Operations research (British English: operational research), often shortened to the initialism OR, is a discipline that deals with the development and application of advanced analytical methods to improve decision-making. It is sometimes considered to be a subfield of mathematical sciences.

Risk Factors
CREDO PETROLEUM CORP ITEM 1A RISK FACTORS In evaluating the company, careful consideration should be given to the following risk factors, in addition to the other information included or incorporated by reference in this Annual Report on Form 10-K Each of these risk factors could adversely affect the company’s business, operating results and financial condition, as well as adversely affect the value of an investment in the company’s common stock
Volatility of oil and natural gas prices could adversely affect the company’s profitability and financial condition
The company’s performance in terms of revenues, operating results, profitability, future rate of growth and the carrying value of its oil and natural gas properties is significantly impacted by prevailing market prices for oil and natural gas
Any substantial or extended decline in the price of oil or natural gas could have a material adverse effect on the company
It could reduce the company’s operating cash flow as well as the value and, to a lesser degree, the quantity of its oil and natural gas reserves
Historically, the markets for oil and natural gas have been volatile, and they are likely to continue to be volatile
Relatively minor changes in supply or demand can have a significant effect on oil and natural gas prices
Some of the factors affecting oil and natural gas prices which are beyond the company’s control include: • worldwide and domestic supplies of oil and natural gas; • worldwide and domestic demand for oil and natural gas; • the ability of the members of OPEC to agree to and maintain oil price and production controls; • political instability or armed conflict in oil or natural gas producing regions; • worldwide and domestic economic conditions; • the availability of transportation facilities; • weather patterns; and • actions of governmental authorities
Competition for opportunities to replace and increase production and reserves is intense and could adversely affect the company
7 _________________________________________________________________ [67]Table of Contents Properties produce at a declining rate over time
In order to maintain current production rates the company must add new oil and natural gas reserves to replace those being depleted by production
Competition within the oil and natural gas industry is intense and many of the company’s competitors have financial and other resources substantially greater than those available to the company
This could place the company at a disadvantage with respect to accessing opportunities to maintain, or increase, its oil and natural gas reserve base
In the event that the company does not have adequate cash flow to fund operations, it may be required to use debt or equity financing
The company makes, and will continue to make, significant expenditures to find, acquire, develop and produce oil and natural gas reserves
If oil and natural gas prices decrease, or if operating difficulties are encountered that result in cash flow from operations being less than expected, the company may have to reduce capital expenditures unless additional funds are raised through debt or equity financing
Debt or equity financing or cash generated by operations may not be available to the company in sufficient amounts or on acceptable terms to meet these requirements
Future cash flows and the availability of financing will be subject to a number of variables, such as: • the company’s success in locating and producing new reserves; • the level of production from existing wells; and • prices of oil and natural gas; Issuing equity securities to satisfy the company’s financing requirements could cause substantial dilution to existing stockholders
Debt financing could make the company more vulnerable to competitive pressures and economic downturns
This Annual Report on Form 10-K contains estimates of the company’s proved oil and natural gas reserves and the estimated future net revenues from those reserves
Any significant negative variance in these estimates could have a material adverse effect on the company’s future performance
Reserve estimates are based on various assumptions, including assumptions required by the SEC relating to oil and natural gas prices, drilling and operating expenses, capital expenditures, taxes and availability of funds
This process requires significant decisions and assumptions in the evaluation of available geological, geophysical, engineering and economic data
Reserve estimates are dependent on many variables, and therefore, as more information becomes available, it is reasonable to expect that there will be changes to the estimates
Actual future production, oil and natural gas prices, revenues, taxes, development expenditures, operating expenses and quantities of recoverable oil and natural gas reserves will most likely vary from those estimated
Any significant variance could materially affect the estimated quantities and present value of reserves disclosed by the company
In addition, estimates of proved reserves will be adjusted in the future to reflect production history, results of exploration and development, prevailing oil and natural gas prices and other factors, many of which are beyond the company’s control
As of October 31, 2005, approximately 11prca of the company’s estimated proved reserves are classified as proved undeveloped
Estimation of proved undeveloped reserves and proved developed non-producing reserves is generally based on volumetric calculations rather than the performance data used to estimate reserves for producing properties
Recovery of proved undeveloped reserves generally requires significant capital expenditures and successful drilling operations
Revenues from proved developed non-producing and proved undeveloped reserves will not be realized until some time in the future
The reserve estimate includes an estimate of the capital expenditures required to develop these reserves as well as the 8 _________________________________________________________________ [68]Table of Contents timing of such expenditures
Although the company has prepared estimates of its proved undeveloped reserves and the associated development costs in accordance with industry standards, they are based on estimates, and actual results may vary
You should not interpret the present value of estimated reserves, or PV-10, as the current market value of reserves attributable to the company’s properties
The 10prca discount factor, which we are required to use to calculate PV-10 for reporting purposes, is not necessarily the most appropriate discount factor given actual interest rates and risks to which the company’s business or the oil and natural gas industry in general are subject
The company has based the PV-10 on prices and costs as of the date of the reserve estimate, in accordance with applicable regulations
Actual future prices and costs may be materially higher or lower
In addition to the price volatility factors discussed above, factors that will affect actual future net cash flows, include: • the amount and timing of actual production; • curtailments or increases in consumption by oil and natural gas purchasers; and • changes in governmental regulations or taxation
As a result, the company’s actual future net cash flows could be materially different from the estimates included in this Annual Report on Form 10-K The company’s reserve quantities and values are concentrated in a relative few properties and fields
The company’s reserves, and reserve values, are concentrated in 54 properties which represent 28prca of the company’s total properties but a disproportionate 76prca of the discounted value (at 10prca) of the company’s reserves
Individual wells on which Calliope is installed comprise 22prca of these significant properties and 32prca of the discounted reserve value of such properties
Relatively new wells comprise 22prca of these significant properties and 24prca of the discounted reserve value of such properties
Estimates of reserve quantities and values for these properties must be viewed as being subject to significant change as more data about the properties becomes available
Such properties include wells with limited production histories and properties with proved undeveloped or proved non-producing reserves
In addition, Calliope is generally installed on mature wells
As such, they contain older down-hole equipment that is more subject to failure than new equipment
The failure of such equipment, particularly casing, can result in complete loss of a well
Competition for materials and services is intense and could adversely affect the company
Major oil companies, independent producers, and institutional and individual investors are actively seeking oil and gas properties throughout the world, along with the equipment, labor and materials required to develop and operate properties
Shortages for equipment, labor or materials may result in increased costs or the inability to obtain such resources as needed
Many of the company’s competitors have financial and technological resources which exceed those available to the company
The company’s hedging arrangements involve credit risk and may limit future revenues from price increases
To manage the company’s exposure to price risks associated with the sale of natural gas, the company periodically enters into hedging transactions for a portion of its estimated natural gas production
These transactions may limit the company’s potential gains if natural gas prices were to rise substantially over the price established by the hedge
In addition, such transactions may expose the company to the risk of financial loss in certain circumstances, including instances in which: • the company’s production is less than expected; • the contractual counterparties fail to perform under the contracts; or 9 _________________________________________________________________ [69]Table of Contents • a sudden, unexpected event, materially impacts natural gas prices
The terms of the company’s hedging agreements may also require that it furnish cash collateral, letters of credit or other forms of performance assurance in the event that mark-to-market calculations result in settlement obligations by the company to the counterparties, which would encumber the company’s liquidity and capital resources
Basis risk in a hedging contract occurs when the index upon which the contract is based is more or less variable than the index upon which the hedged asset is based, thereby making the hedge less effective
The marketability of the company’s natural gas production is dependent upon infrastructure, such as gathering systems, pipelines and processing facilities, that the company does not own or control
The marketability of the company’s natural gas production depends in part upon the availability, proximity and capacity of natural gas gathering systems, pipelines and processing facilities necessary to move the company’s natural gas production to market
The company does not own this infrastructure and is dependent on other companies to provide it
Oil and natural gas operations are inherently risky
The oil and natural gas business involves a variety of risks, including the risks of operating hazards such as fires, explosions, cratering, blow-outs, and encountering formations with abnormal pressures
The occurrence of any of these risks could result in losses
We maintain insurance against some, but not all, of these risks
Management believes that the level of insurance against these risks is reasonable and is in accordance with industry practices
The occurrence of a significant event, however, that is not fully insured could have a material adverse effect on our financial position and results of operations
The company’s operations are subject to a variety of contractual, regulatory and other constraints
The production and sale of oil and natural gas are subject to a variety of federal, state and local government regulations
These include: • the prevention of waste; • the discharge of materials into the environment; • the conservation of oil and natural gas; • pollution; • permits for drilling operations; • drilling bonds; • reports concerning operations; • the spacing of wells; and • the unitization and pooling of properties
Because current regulations covering the company’s operations are subject to change at any time, and despite its belief that it is in substantial compliance with applicable environmental and other government laws and regulations, the company may incur significant costs for future compliance
Increases in taxes on energy sources may adversely affect the company’s operations
Federal, state and local governments which have jurisdiction in areas where the company operates impose taxes on the oil and natural gas products sold
Historically, there has been on-going consideration by federal, state and local officials concerning a variety of energy tax proposals
Such matters are beyond the company’s ability to accurately predict or control
10 _________________________________________________________________ [70]Table of Contents The company is highly dependent on the services of one of its officers
The company is highly dependent on the services of James T Huffman, our President and Chief Executive Officer