GUERILLA INVESTING FOR DUMMIES

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CFW
Cano Petroleum (NYSE Alternext:CFW) announced today that it recently settled the pending lawsuit with Southwestern Public Service Company d/b/a Xcel Energy, Inc. related to wildfires that occurred in the Texas Panhandle in March 2006. While the terms of the settlement were not disclosed, the result will be the dismissal of this case, which previously was set for trial on February 23, 2009 in Carson County, Texas.

Cano Petroleum (NYSE Alternext:CFW) announces the results of the voting at its Annual Stockholder Meeting held on January 9, 2009 in Fort Worth, Texas.

Results of the Annual Stockholder Meeting

The stockholders elected S. Jeffrey Johnson, Randall Boyd, Robert L. Gaudin, Donald W. Niemiec, William O. Powell, III, Garrett Smith and David Wehlmann to the Board of Directors. Each will serve for a term of one (1) year and shall hold office until their successors are elected and qualified.

The stockholders approved the 2008 Annual Incentive Plan.

The stockholders also ratified the appointment of Hein & Associates, LLP as the Company's independent registered public accounting firm for the fiscal year ending June 30, 2009.