is enjoying a new career in health care
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Congrats Nate you were due the nice $$ return!
We all hope...this has been one H*ll of a roller coaster ride
What's your opinion on CFW? Is it finally making a recovery or a gap and trap before it drops lower? After the last PR I never understood why it dropped this hard in the first place? Oil prices will stabilize, OPEC is cutting production and the 42.7 million sale profits will be used to pay down all outstanding debt?! What's the deal??
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=32019473
CFW - making a recovery or is it a gap and trap before it drops lower? After the last PR I never understood why it dropped this hard in the first place? Oil prices will stabilize, OPEC is cutting production and the 42.7 million sale profits will be used to pay down all outstanding debt?! What's the deal??
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=32019473
CFW finally making a recovery or a gap and trap before it drops lower? After the last PR I never understood why it dropped this hard in the first place? Oil prices will stabilize, OPEC is cutting production and the 42.7 million sale profits will be used to pay down all outstanding debt?! What's the deal??
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=32019473
I was just about to comment on ABK...seems like we're watching the exact same ones today Nate
Financials Market DD and info -place your bets for the bounces
http://seekingalpha.com/article/94727-chewing-on-the-fdic-list-of-problem-banks
I was recently called out on missing the details of the FDIC's list of 117 'problem' banks. In a post on the OTS' agreement for regulatory supervision of Washington Mutual (WM), I incorrectly stated that National City (NCC) was on that list and inferred that WaMu was as well. This is not the case. The total asset base of the banks on that list is only $78 billion combined.
Both NCC and WaMu have more assets alone than that entire list. So, this was clearly an error on my part and I freely admit it.
However, this does give me the opportunity to cite the blog "Bank Deals" which has enumerated which troubled banks in particular could not be on the FDIC's watch list.
The FDIC won't say which banks are in its problem list. However, based on the total assets of these institutions, we know which banks are NOT on the list. The total assets is $78 billion with $32 billion coming from IndyMac Bank which failed in July. That leaves $46 billion for the other problem banks. Below are banks that can't be on the list since their assets are over $46 billion. However, it should be noted that IndyMac failed and it was not on the problem list at the end of the first quarter.
* Wachovia: $671 billion (FDIC source)
* WaMu: $307 billion (FDIC source)
* National City: $151 billion (FDIC source)
* KeyBank: $98 billion (FDIC source)
The following banks are under $46 billion in assets, however, with a total of 117 banks on the problem list, there are probably not too many banks with assets between $10 to $20 billion on the list.
* Zions: $20.2 billion (FDIC source)
* Flagstar: $14.6 billion (FDIC source)
* BankUnited: $14.2 billion (FDIC source)
* Corus: $9.0 billion (FDIC source)
Financials Market DD and info -place your bets for the bounces
http://seekingalpha.com/article/94727-chewing-on-the-fdic-list-of-problem-banks
I was recently called out on missing the details of the FDIC's list of 117 'problem' banks. In a post on the OTS' agreement for regulatory supervision of Washington Mutual (WM), I incorrectly stated that National City (NCC) was on that list and inferred that WaMu was as well. This is not the case. The total asset base of the banks on that list is only $78 billion combined.
Both NCC and WaMu have more assets alone than that entire list. So, this was clearly an error on my part and I freely admit it.
However, this does give me the opportunity to cite the blog "Bank Deals" which has enumerated which troubled banks in particular could not be on the FDIC's watch list.
The FDIC won't say which banks are in its problem list. However, based on the total assets of these institutions, we know which banks are NOT on the list. The total assets is $78 billion with $32 billion coming from IndyMac Bank which failed in July. That leaves $46 billion for the other problem banks. Below are banks that can't be on the list since their assets are over $46 billion. However, it should be noted that IndyMac failed and it was not on the problem list at the end of the first quarter.
* Wachovia: $671 billion (FDIC source)
* WaMu: $307 billion (FDIC source)
* National City: $151 billion (FDIC source)
* KeyBank: $98 billion (FDIC source)
The following banks are under $46 billion in assets, however, with a total of 117 banks on the problem list, there are probably not too many banks with assets between $10 to $20 billion on the list.
* Zions: $20.2 billion (FDIC source)
* Flagstar: $14.6 billion (FDIC source)
* BankUnited: $14.2 billion (FDIC source)
* Corus: $9.0 billion (FDIC source)
Additional "financials" DD and info -place your bets for the bounces
I was recently called out on missing the details of the FDIC's list of 117 'problem' banks. In a post on the OTS' agreement for regulatory supervision of Washington Mutual (WM), I incorrectly stated that National City (NCC) was on that list and inferred that WaMu was as well. This is not the case. The total asset base of the banks on that list is only $78 billion combined.
Both NCC and WaMu have more assets alone than that entire list. So, this was clearly an error on my part and I freely admit it.
However, this does give me the opportunity to cite the blog "Bank Deals" which has enumerated which troubled banks in particular could not be on the FDIC's watch list.
The FDIC won't say which banks are in its problem list. However, based on the total assets of these institutions, we know which banks are NOT on the list. The total assets is $78 billion with $32 billion coming from IndyMac Bank which failed in July. That leaves $46 billion for the other problem banks. Below are banks that can't be on the list since their assets are over $46 billion. However, it should be noted that IndyMac failed and it was not on the problem list at the end of the first quarter.
* Wachovia: $671 billion (FDIC source)
* WaMu: $307 billion (FDIC source)
* National City: $151 billion (FDIC source)
* KeyBank: $98 billion (FDIC source)
The following banks are under $46 billion in assets, however, with a total of 117 banks on the problem list, there are probably not too many banks with assets between $10 to $20 billion on the list.
* Zions: $20.2 billion (FDIC source)
* Flagstar: $14.6 billion (FDIC source)
* BankUnited: $14.2 billion (FDIC source)
* Corus: $9.0 billion (FDIC source)
http://seekingalpha.com/article/94727-chewing-on-the-fdic-list-of-problem-banks
Bringing Financials back to the front (link back for Fringe charts)
http://seekingalpha.com/article/94898-calling-a-bottom-it-s-time-to-party?source=more_author_recent_similar_articles
http://seekingalpha.com/article/94874-time-to-bail-out-wamu
LOL- Art, you know I was there (and in country) for the first year of the war and went on numerous missions to clear Saddams palaces... if military (and or vets) got a hold of these guys their future would be short lived....
CFW 8K RELEASED
8-K: CANO PETROLEUM, INC
5:01 p.m. 09/10/2008 Provided by
(EDGAR Online via COMTEX) --
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) September 8, 2008
Cano Petroleum, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
001-32496 77-0635673
(Commission File Number) (IRS Employer Identification No.)
801 Cherry Street, Suite 3200
Fort Worth, Texas 76102
(Address of Principal Executive Offices) (Zip Code)
(817) 698-0900
(Registrant's Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
--------------------------------------------------------------------------------
Item 7.01. Regulation FD Disclosure. Attached hereto as Exhibit 99.1 is the press release issued by Cano Petroleum, Inc. on September 8, 2008 announcing the proposed sale of Pantwist, LLC. Pursuant to General Instruction B.2 of Form 8-K, the information in this Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, and is not incorporated by reference into any filing of Cano, whether made before or after the date hereof, regardless of any general incorporation language in such filing. Item 9.01. Financial Statements and Exhibits. (d) Exhibits Pursuant to General Instruction B.2 of Form 8-K, the following exhibit is furnished with this Form 8-K. 99.1 Press Release, dated September 8, 2008.
* * * * *
2
--------------------------------------------------------------------------------
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CANO PETROLEUM, INC.
Date: September 10, 2008
By: /s/ Benjamin Daitch
Benjamin Daitch
Senior Vice President and
Chief Financial Officer
3
--------------------------------------------------------------------------------
EXHIBIT INDEX
Exhibit No. Description
99.1 Press Release, dated September 8, 2008
4
--------------------------------------------------------------------------------
Exhibit 99.1
For investor inquiries, contact: [[Image Removed]] Ben Daitch Senior Vice President & CFO Cano Petroleum, Inc. 877.698.0900 info@canopetro.com
Cano Announces Sale of Pantwist, LLC For $42.7 Million Cash
FORT WORTH, TEXAS, September 8, 2008-Cano Petroleum, Inc. (CFW) today announced that it has entered into an agreement to sell its 100% membership interest in Pantwist, LLC to Legacy Reserves LP (LGCY) for $42.7 million cash, subject to closing adjustments. The sale, effective July 1, 2008, is expected to close on October 1, 2008. Proceeds from the transaction will initially go towards paying down all outstanding debt. Pantwist was created in April 2006 for the sole purpose of acquiring certain leases in Carson, Gray, Hutchinson, Moore, Wheeler, and Sherman counties of the Texas Panhandle. Pantwist was producing 322 net BOEPD, with 2.4 MMBOE net proved reserves (78% proved developed producing). Cano will record approximately a $20 million gain on the transaction. The company will use its NOL balance to offset any cash taxes associated with the gain. Jeff Johnson, Cano's Chairman and Chief Executive Officer stated "The divestiture of Pantwist enables us to eliminate all of our debt while continuing to invest in our core waterflood assets at Panhandle and Cato." 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.
--------------------------------------------------------------------------------
You're very welcome- this board is about sharing knowledge and the honest collaborative effort...we're all here to win but not off the hardship of another investor! GLTY in your trades
Nate Since you know/play the airlines more then me- Can you comment on the following post and my response.... I think your opinion is definitely warranted
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=32077691
TIA
JK I wish you the best in whatever decision you make....However, I would tread cautiously with MESA...not based upon the chart but rather the investor sentiment and institutional actions lately... If you look at the data provided within the below link you'll note that the following stats are not reassuring
http://www.mffais.com/mesa.html
Funds buying shares:
Buying -
19.75 %
Funds not buying/selling shares:
Neutral -
17.28 %
Funds selling shares:
Selling -
62.96 %
IF you are playing this simply as a chart play for a swing then I would recommend to watch L2 action closely as it might swing to the upside only to get hammered lower when/if those funds decide to decrease their positions
CFW bouncing hard within the last 10 miutes
Take care and may your time away be filled with relaxation and positive reflection.
FORC- Chart looks primed IMO (link back for chart) -Maybe we can make some losses back after all- what do you think about the chart?
I would say that the OPEC decision should fare well for oil and commodities tomorrow...but in this market who the hell really knows...
IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5, AS AMENDED
- AND -
IN THE MATTER OF
DAVID WATSON, NATHAN ROGERS,
AMY GILES, JOHN SPARROW, LEASESMART, INC.,
ADVANCED GROWING SYSTEMS, INC. (a Florida corporation), PHARM CONTROL LTD.,
THE BIGHUB.COM, INC,, UNIVERSAL SEISMIC ASSOCIATES INC.,
POCKETOP CORPORATION, ASIA TELECOM LTD., INTERNATIONAL ENERGY LTD.,
CAMBRIDGE RESOURCES CORPORATION, NUTRIONE CORPORATION AND
SELECT AMERICAN TRANSFER CO.
TEMPORARY ORDER
(Sections 127(1), (5) and (8))
WHEREAS, on May 18, 2007, the Ontario Securities Commission (the “Commission”) made an order, pursuant to subsections 127(1) and (5) of the Securities Act, R.S.O. 1990, c. S.5., as amended (the “Act”), that:
1. trading in the securities of the following companies shall cease and that any exemptions contained in Ontario securities law do not apply to them: The Bighub.Com, Inc. ("Bighub.Com"); Advanced Growing Systems, Inc. (a Florida corporation) ("Advanced Growing Systems"); LeaseSmart, Inc. ("LeaseSmart"); Cambridge Resources Corporation ("Cambridge Resources"); NutriOne Corporation ("NutriOne"); International Energy Ltd. ("International Energy"); Universal Seismic Associates Inc. ("Universal Seismic"); Pocketop Corporation ("Pocketop"); Asia Telecom Ltd. ("Asia Telecom"); and Pharm Control Ltd. ("Pharm Control"); and
2. all trading in any securities by Jason Wong, David Watson, Nathan Rogers, Amy Giles, John Sparrow and Kervin Findlay shall cease;
AND WHEREAS on May 22, 2007, by further order of the Commission made pursuant to subsections 127(1) and (5) of the Act, it was ordered that trading in any securities by Select American Transfer Co. ("Select American") shall cease and that any exemptions contained in Ontario securities law do not apply to it;
AND WHEREAS the temporary orders dated May 18 and May 22, 2007 (the “Temporary Orders”) were modified and extended from time to time by the Commission;
AND WHEREAS the hearing to extend the Temporary Orders, as modified and extended by the Commission, was scheduled to be heard by the Commission on June 24, 2008 and on that date, the Commission adjourned the hearing and ordered that the Temporary Orders, as modified, were extended until September 9, 2008;
AND UPON HEARING submissions from counsel for Staff of the Commission and upon being advised of the consent of NutriOne and the consent of Pharm Control, with no one appearing for the remainder of the Respondents;
AND WHEREAS the Commission is of the opinion that it is in the public interest to make this order;
IT IS ORDERED THAT:
1. the hearing to extend the Temporary Orders, as modified, is adjourned until October 17, 2008 at 9:00 a.m.; and
2. pursuant to subsection 127(8) of the Act, the Temporary Orders, as modified, are extended until October 17, 2008 or until further order of the Commission.
3. Staff shall deliver to Nathan Rogers a copy of this Order by first class mail to his last known address.
4. Staff shall deliver to Select American Transfer Co. a copy of this Order by first class mail c/o Jacqueline Rossel at her last known address.
DATED at Toronto this 9th day of September, 2008.
"James E. A. Turner"
James E. A. Turner
“Suresh Thakrar"
Suresh Thakrar
Notice from the Office of the Secretary - In the matter of the Securities Act R.S.O. 1990, C. S.5, as amended - and - in the matter of David Watson, Nathan Rogers, Amy Giles, John Sparrow, Leasesmart, Inc., Advanced Growing Systems, Inc. (a Florida corporation
4:33 p.m. 09/09/2008 Provided by
TORONTO, Sep. 9, 2008 (Canada NewsWire via COMTEX) -- The Commission issued an Order which provides that the hearing to extend the Temporary Cease Trade Order, as amended, is adjourned until October 17, 2008 at 9:00 a.m. in the above noted matter.
A copy of the Order dated September 9, 2008 is available at www.osc.gov.on.ca
OFFICE OF THE SECRETARY
JOHN P. STEVENSON
SECRETARY
For media inquiries: Wendy Dey, Director, Communications & Public Affairs, (416)
593-8120; Laurie Gillett, Manager, Public Affairs, (416) 595-8913; Carolyn
Shaw-Rimmington, Assistant Manager, Public Affairs, (416) 593-2361; For investor
inquiries: OSC Contact Centre, (416) 593-8314, 1-877-785-1555 (Toll Free)
It would be ironic as well as a lesson in holding a complete pessimistic view - shorting as drastically as the big traders did today they had better hope that it doesn't bounce...
Who knows...those people shorting stocks like LEH (today) are the only ones making a profit in this market- IF the SEC is going to adopt and implement naked short sale restrictions it had better be a broad, aggressive and immediate action
Whatever they do it will have to be rapid and broad.... a drop back into the 10K range for the DOW seems foreseeable -
take a look at this grid for a snapshot of what is beginning to be a repetitious daily occurrence
http://www.finviz.com/map.ashx?t=sec
NOTE the LACK of volume today?
CC the only green in my holdings today (link back for chart).... damn this market has been brutal
I agree the CFW drop has been on very small volume, which means that it could bounce back just as easily.
The Govt bailout of FRE and FNM on Sunday caused the financials to bounce yesterday. However, those individual investors who still held a position (FRE and/or FNM) over the weekend took a huge loss as the Govt preferred shares will take precedence over common stock.
Hopefully the first of many updates to come
I am slightly baffled at the market reaction to this news as debt eradication (through this sale) further increases the Companies operational profit margins. IMO- The news 'should' have encouraged buying and interest not selling....
Excellent CFW- NEWS
http://biz.yahoo.com/bw/080908/20080908006511.html?.v=1
Cano Announces Proposed Sale of Pantwist, LLC For $42.7 Million Cash
Monday September 8, 5:29 pm ET
FORT WORTH, Texas--(BUSINESS WIRE)--Cano Petroleum, Inc. (Amex:CFW - News) today announced that it has entered into an agreement to sell its 100% membership interest in Pantwist, LLC to Legacy Reserves LP (NASDAQ: LGCY - News) for $42.7 million cash, subject to closing adjustments. The sale, effective July 1, 2008, is expected to close on October 1, 2008. Proceeds from the transaction will initially pay down all outstanding debt.
Pantwist was created in April 2006 for the sole purpose of acquiring certain leases in Carson, Gray, Hutchinson, Moore, Wheeler, and Sherman counties of the Texas Panhandle. Pantwist was producing 322 net BOEPD, with 2.4 MMBOE net proved reserves (78% proved developed producing) at June 30, 2008. Cano will record approximately a $20 million gain on the transaction. The company will use its NOL balance to offset any cash taxes associated with the gain.
Jeff Johnson, Cano’s Chairman and Chief Executive Officer stated, “The divestiture of Pantwist enables us to eliminate all of our debt while continuing to invest in our core waterflood assets at Panhandle and Cato.”
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.
Contact:
Cano Petroleum, Inc.
Ben Daitch, 877-698-0900
Senior Vice President & CFO
info@canopetro.com
--------------------------------------------------------------------------------
Source: Cano Petroleum, Inc.
CFW-NEWS
http://biz.yahoo.com/bw/080908/20080908006511.html?.v=1
Cano Announces Proposed Sale of Pantwist, LLC For $42.7 Million Cash
Monday September 8, 5:29 pm ET
FORT WORTH, Texas--(BUSINESS WIRE)--Cano Petroleum, Inc. (Amex:CFW - News) today announced that it has entered into an agreement to sell its 100% membership interest in Pantwist, LLC to Legacy Reserves LP (NASDAQ: LGCY - News) for $42.7 million cash, subject to closing adjustments. The sale, effective July 1, 2008, is expected to close on October 1, 2008. Proceeds from the transaction will initially pay down all outstanding debt.
Pantwist was created in April 2006 for the sole purpose of acquiring certain leases in Carson, Gray, Hutchinson, Moore, Wheeler, and Sherman counties of the Texas Panhandle. Pantwist was producing 322 net BOEPD, with 2.4 MMBOE net proved reserves (78% proved developed producing) at June 30, 2008. Cano will record approximately a $20 million gain on the transaction. The company will use its NOL balance to offset any cash taxes associated with the gain.
Jeff Johnson, Cano’s Chairman and Chief Executive Officer stated, “The divestiture of Pantwist enables us to eliminate all of our debt while continuing to invest in our core waterflood assets at Panhandle and Cato.”
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.
Contact:
Cano Petroleum, Inc.
Ben Daitch, 877-698-0900
Senior Vice President & CFO
info@canopetro.com
--------------------------------------------------------------------------------
Source: Cano Petroleum, Inc.
NEWS- CFW
http://biz.yahoo.com/bw/080908/20080908006511.html?.v=1
Cano Announces Proposed Sale of Pantwist, LLC For $42.7 Million Cash
Monday September 8, 5:29 pm ET
FORT WORTH, Texas--(BUSINESS WIRE)--Cano Petroleum, Inc. (Amex:CFW - News) today announced that it has entered into an agreement to sell its 100% membership interest in Pantwist, LLC to Legacy Reserves LP (NASDAQ: LGCY - News) for $42.7 million cash, subject to closing adjustments. The sale, effective July 1, 2008, is expected to close on October 1, 2008. Proceeds from the transaction will initially pay down all outstanding debt.
Pantwist was created in April 2006 for the sole purpose of acquiring certain leases in Carson, Gray, Hutchinson, Moore, Wheeler, and Sherman counties of the Texas Panhandle. Pantwist was producing 322 net BOEPD, with 2.4 MMBOE net proved reserves (78% proved developed producing) at June 30, 2008. Cano will record approximately a $20 million gain on the transaction. The company will use its NOL balance to offset any cash taxes associated with the gain.
Jeff Johnson, Cano’s Chairman and Chief Executive Officer stated, “The divestiture of Pantwist enables us to eliminate all of our debt while continuing to invest in our core waterflood assets at Panhandle and Cato.”
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.
Contact:
Cano Petroleum, Inc.
Ben Daitch, 877-698-0900
Senior Vice President & CFO
info@canopetro.com
--------------------------------------------------------------------------------
Source: Cano Petroleum, Inc.
I could add a few too....as a matter of fact I have a whole list that just happen to be in my trading portfolio...imagine that? I have a few in the green but yet again as a whole this was not the best trading week
Have a great weekend everyone!
CROX news excerpt- Dreadful Stocks to Avoid
By Richard Gibbons
September 5, 2008
http://www.fool.com/investing/value/2008/09/05/dreadful-stocks-to-avoid.aspx
Warren Buffett's first rule of investing is: "Never lose money." To this, he often adds rule No. 2: "Never forget rule No. 1." Of course, following these rules is easier said than done. But Buffett's done pretty well, so it seems unwise to simply dismiss his advice as the semi-coherent ramblings of a man who's read way too many 10-Ks.
I take those rules to heart in my investment strategy. I try to focus my investment dollars on sustainable, undervalued businesses that I can easily understand. Buffett has made more than $60 billion for himself using that strategy, and he's made even more for his partners and shareholders over the years. Do you really need to assume a lot of risk to make more than $60 billion? My answer, and the answer of my colleagues at Motley Fool Inside Value, is "Heck, no!" If I make only $60 billion, I'll be perfectly satisfied.
People spend a lot of time discussing the companies Buffett buys. But in the spirit of not losing money, it's equally worthwhile to understand the types of businesses that Buffett does not buy in order to steer clear of potential duds. I see five main categories:
1. Businesses that bet the farm
In some industries, companies occasionally have to make critically important decisions. If the company makes the wrong choice, it will be dealt a crippling blow. This is terrible for a shareholder, because even if the company makes the right decision one month, it might fail to do so the next. Although Crocs (Nasdaq: CROX) has attempted to diversify its revenue stream, the success of the company is all but tied to a pretty lame pair of sandals. There's no "three strikes and you're out" policy in this market. One strike, and it's game over -- your money's gone.
At only 2X 10day avg volume imagine what it will do when significant volume comes pouring in!
Red can I get a 15 min Renko chart for CC?
IMO this is just the beginning for TNRI
Incredible looking chart...great find!
I HAVE to learn how to BUY and HOLD sometimes...I sold WAY too early! Congrats to those of you who held!
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=30598449
Congrats to those in - excellent end to a trading day!
CC +3% today- Attempting to defeat $1.95 and turn it into support