Cano Announces Completion of the Sale of Pantwist, LLC
October 03 2008 - 4:55PM
Business Wire
Cano Petroleum, Inc. (Amex:CFW) today announced that on October 1,
2008 it completed the previously announced sale of its subsidiary,
Pantwist, LLC, to Legacy Reserves Operating L.P. for $42.7 million.
Net proceeds to Cano, after expenses and other customary
adjustments, were $41.7 million. Net proceeds were used to pay off
all the senior debt of Cano. Cano�s Senior Credit facility
borrowing base will not be reduced as a result of the transaction.
Jeff Johnson, Cano�s Chairman and CEO, stated, �The sale of
Pantwist, along with our previously completed equity capital raise,
leaves Cano debt free. As discussed during our earnings call, our
energy and capital will continue to be focused on our two core
waterflood assets, Cato and the Panhandle. We are on target to
deliver projected production growth for the first quarter and are
reaffirming our guidance for the second quarter.� 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.
Cano (AMEX:CFW)
Historical Stock Chart
From Jun 2024 to Jul 2024
Cano (AMEX:CFW)
Historical Stock Chart
From Jul 2023 to Jul 2024