Cano Petroleum Announces Delayed Filing of Quarterly Report
November 22 2011 - 7:00AM
Business Wire
On November 22, 2011, Cano Petroleum, Inc. (NYSE Amex: CFW)
(“Cano”) announced that it is unable to file its quarterly report
on Form 10-Q for the quarter ended September 30, 2011 within the
five day extended period afforded to it pursuant to the
Notification of Late Filing on Form 12b-25 that Cano filed with the
Securities and Exchange Commission on November 15, 2011. Cano is
delayed in filing its quarterly report because the turnover and
replacement of its prior accounting and administrative staff and
training its new accounting and administrative staff require
additional time for Cano to prepare and review the filing. Cano
estimates that it will file its quarterly report on or about
November 30, 2011.
Preliminary results for the quarter ended September 30, 2011 are
as follows:
Total assets—$55 million to $65 million as of September 30,
2011Total liabilities—$110 million to $120 million as of September
30, 2011Stockholder deficit—$45 million to $55 million as of
September 30, 2011
Additional details will be provided with the filing of the Form
10-Q for the three months ended September 30, 2011. Cano cautions
that all of these results are preliminary and subject to change,
possibly materially, following the completion and analysis of the
financial statements for the first quarter, and that the above
preliminary and unaudited financial information does not represent
all of the information that would normally be included in a
quarterly report on Form 10-Q with respect to Cano’s financial
results.
Forward Looking Statements
Safe-Harbor Statement — Except for the historical information
contained herein, the matters set forth in this news release are
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Cano intends that all
such statements be subject to the “safe-harbor” provisions of those
Acts. Many important risks, factors and conditions may cause Cano’s
actual results to differ materially from those discussed in any
such forward-looking statement. These risks include, but are not
limited to, estimates or forecasts of reserves, estimates or
forecasts of production, future commodity prices, exchange rates,
interest rates, geological and political risks, drilling risks,
product demand, transportation restrictions, the ability of Cano
Petroleum, Inc. to obtain additional capital, and other risks and
uncertainties described in the Cano’s filings with the Securities
and Exchange Commission. The historical results achieved by Cano
are not necessarily indicative of its future prospects. Cano
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
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