CFW the good news begin -- like clock work -- LOL $3.00 here we come seen it many times!!!
Cano Announces Settlement of the Valenzuela Case
Friday April 17, 2009, 11:18 am EDT
FORT WORTH, Texas--(BUSINESS WIRE)--Cano Petroleum, Inc. (NYSE Amex:CFW) today announced that the parties to the Valenzuela case, Cause No. 348-227907-07, Norma Valenzuela, et al. v. Cano Petroleum, Inc., W.O. Energy of Nevada, Inc., W.O. Operating Company, Ltd. and W.O. Energy, Inc., filed in the 348th Judicial District Court of Tarrant County, Texas, have entered into a Settlement and Release Agreement on April 9, 2009 which, subject to the approval of the Court, will result in the dismissal of these claims with prejudice. In our December 31, 2008 Form 10-Q filing, this case was listed as the last “Remaining Case.”
Management Comments
Jeff Johnson, Cano's Chairman and CEO, stated, “By settling the Valenzuela case, Cano has concluded all of the litigation surrounding the 2006 wildfires in the Texas Panhandle, excluding the Burnett appeal. While we still believe that Cano was not responsible for starting these fires, we have sought the final resolution of this complex litigation by the most prudent and cost-effective manner available.”
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 NYSE Amex 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
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