Cano Petroleum Announces Offering of Common Stock
June 25 2008 - 5:12PM
Business Wire
Cano Petroleum, Inc. (AMEX:CFW) announced today that it has offered
to sell 7,000,000 shares of its common stock in an underwritten
public offering under an effective registration statement.
Canaccord Adams, Inc. and Canaccord Capital Corporation, the
underwriters, will have an option to purchase up to an additional
1,050,000 shares from the company to cover any over-allotments.
Cano Petroleum intends to use the net proceeds from the offering
for general corporate purposes and to initially pay down its debt
which will subsequently be drawn down in order to finance (i) its
existing development activities in certain core areas such as the
Panhandle and Cato properties and (ii) selective bolt-on
acquisitions of additional properties in its core areas. A
preliminary prospectus supplement relating to the public offering
of the common stock will be filed on June 25, 2008. Copies of the
preliminary prospectus supplement for the offering may be obtained
from the offices of Canaccord Adams, Inc., Attn: Syndicate Dept.,
99 High Street, 11th Floor, Boston, Massachusetts 02110. This press
release shall not constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of these securities
in any country or state in which such offer, solicitation, or sales
of these securities would be unlawful prior to registration or
qualification under the securities laws of any such country or
state. ABOUT CANO PETROLEUM: Cano Petroleum Inc. is an independent
Texas-based energy producer with properties in the mid-continent
region of the United States. Led by an experienced management team,
Cano�s primary focus is on increasing domestic production from
proven fields using enhanced recovery methods. Cano trades on the
American Stock Exchange under the ticker symbol CFW. Additional
information is available at www.canopetro.com. 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. The company intends
that all such statements be subject to the �safe-harbor� provisions
of those Acts. Many important risks, factors and conditions may
cause the company�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 company�s
filings with the Securities and Exchange Commission. The historical
results achieved by the company are not necessarily indicative of
its future prospects. The company 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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