Cano Petroleum Announces New Senior Vice President and Chief Financial Officer

FORT WORTH, Texas--(BUSINESS WIRE)--Cano Petroleum, Inc. (Amex:CFW) announced today that it has named Ben Daitch, as the Company’s new Senior Vice President and Chief Financial Officer. Mr. Daitch will be replacing the current CFO, Morris B. “Sam” Smith, who will continue on with Cano as a Senior Vice President and valued member of the management team. Mr. Daitch joins Cano from CDX Gas, LLC, (“CDX”) a privately held oil and gas company, where he served as Senior Vice President and CFO. At Cano Mr. Daitch will be responsible for the accounting, treasury, investor relations, human resources and information technology functions.

Prior to his time at CDX, Mr. Daitch worked for Trust Company of the West (“TCW”), a U.S. based investment management firm as Vice President in the Energy and Infrastructure Group. Before working at TCW, Mr. Daitch worked as an investment banker at UBS Investment Bank, Banc of America Securities, LLC and Deutsche Bank.

Mr. Daitch received his MBA from New York University – Leonard N. Stern School of Business and has a Bachelor of Science in Management from Binghamton University.

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.