Cano Petroleum Prices Offering of Common Stock
June 26 2008 - 9:45AM
Business Wire
Cano Petroleum, Inc. (AMEX: CFW) announced today that it has priced
its public offering of 7,000,000 shares of its common stock. The
offering will result in net proceeds to the company of
approximately $54,000,000. Canaccord Adams, Inc. and Canaccord
Capital Corporation served as the underwriters. Cano Petroleum has
granted the underwriters a 30 day option to purchase up to an
additional 1,050,000 shares to cover any over-allotments. The final
terms of the offering will be disclosed in the definitive
prospectus supplement to be filed with the Securities and Exchange
Commission. 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. 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, whether the
above-mentioned transaction closes, 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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