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Cano Petroleum, Inc. (CFW) Reports Mid Year Oil and Gas Reserves

Cano Petroleum, Inc. reported a slight decrease in proved reserves of oil and gas at the end of the second quarter of 2010 compared to six months earlier.

Cano Petroleum, Inc. reported 42.5 million barrels of oil equivalent of proved reserves at 6/30/2010, compared to proved reserves of 43 million barrels of oil equivalent at the end of 2009. Proved developed reserves were 8.3 million barrels of oil equivalent at 6/30/2010 compared to 8.8 million barrels of oil equivalent at 12/31/2009.

The proved reserves estimate at 6/30/2010 were calculated using the unweighted average of the NYMEX crude oil and natural gas prices on the first day of each of the last twelve months. These prices were $75.76 per barrel of oil and $4.10 per thousand Btu of natural gas.

Cano Petroleum, Inc. said that the present value of the company’s proved reserves at the end of the second quarter was $413.7 million. This present value was calculated using a discount rate of 10%. Haas Petroleum Engineering Services, Inc., a petroleum engineering firm located in Dallas, Texas, performed the reserve estimates for the company.

Cano Petroleum, Inc. is an oil and gas exploration and production company with properties located in the mid-continent area of the United States.

For more information on the company, go to

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