Cano Petroleum Announces Results of Annual Stockholder Meeting

FORT WORTH, Texas--(BUSINESS WIRE)--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.

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 New York Stock Exchange Alternext 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.