Cano Petroleum Board Sends Letter Responding to Director Resignation
October 30 2008 - 3:32PM
Business Wire
Cano Petroleum, Inc. (AMEX:CFW) The Board of Directors of Cano
Petroleum, Inc. delivered a letter to Gerald W. Haddock following
Mr. Haddock�s resignation from the Board on October 23, 2008. The
text of the letter follows: � � � October 29, 2008 � Via Hand
Delivery Gerald W. Haddock 512 Main Street, Suite 1200 Fort Worth,
Texas 76102 � Dear Mr.�Haddock: Shortly before the Board was to
convene its October�23rd�meeting to consider the recommendations of
the Board�s Nominating and Corporate Governance Committee (the
�Nominating Committee�), we received your October�23rd�letter. It
is important to place your comments in proper context. Although
your letter strives to convey the impression that you initiated
your departure from the Board and that your resignation was
prompted by your �disagreement with management,� you failed to
mention that you were informed in person on October�21st�that the
Nominating Committee had determined not to recommend you for
renomination for another term on the Board. Your letter also fails
to mention that after you were informed of that decision, you began
pressuring certain Directors to cause the Nominating Committee to
reconsider its decision and showed up unannounced at Cano�s offices
where you insisted on meeting with the Chairman and urged him as a
friend, to �work something out� to allow you to remain on the
Board. On Wednesday, October�22nd, you called in for the Board
meeting that had been scheduled to vote on the Nominating
Committee�s recommendations. Even though you were fully aware that
this was the subject to be considered at that meeting, you objected
to the meeting and demanded that it be adjourned because the Notice
of Meeting did not include an agenda. We acquiesced to your request
and reset the meeting with formal notice to begin at 3:45�p.m.,
October�23rd. At no time on the 22nd�did you suggest that you
planned to resign from the Board. Then, as noted above, shortly
before the October�23rd Board meeting commenced at 3:45�p.m., we
received your letter and you did not appear. At this time, we
consider it premature to respond in this letter to all of the
concerns, assertions and demands contained in your letter. We
assure you that as Directors of Cano, we are well-aware of our
fiduciary duties and we will continue to discharge them. In this
regard, the Company�s outside Directors have retained legal counsel
to represent their interests in the litigation to which you refer,
as well as to advise them about the matters you have raised in your
letter. We have asked them to contact you promptly to arrange for
an on-the-record interview with you to determine what, if any,
information you actually have that would warrant further review or
action. Given the content of your letter and the fiduciary
obligations imposed upon you by your four years of service as a
Director, we of course expect your full cooperation in that and in
any appropriate follow-up. Very truly yours, /s/ S. Jeffrey Johnson
� /s/ Randall Boyd S. Jeffrey Johnson Randall Boyd Chief Executive
Officer & Chairman Director � � /s/ Robert L. Gaudin /s/ Donald
W. Niemiec Robert L. Gaudin Donald W. Niemiec Director Director � �
/s/ William O. Powell, III /s/ David W. Wehlmann William O. Powell,
III David W. Wehlmann Director Director 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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