Cano Petroleum Appoints Sam Smith to Board of Directors

Cano Petroleum has appointed Morris B. "Sam" Smith to the company's Board of Directors and as chair of its audit committee.

With an independent audit chair in place, Mike Ricketts, chief financial officer of Cano, has resigned from the company's Board of Directors, which now consists of Jeff Johnson, chairman and chief executive officer of Cano, and five independent directors, including Randall Boyd, Don Dent, Gerald Haddock, Sam Smith and Jim Underwood.

Mr. Smith is currently a consultant for RBI International, Ltd. Mr. Smith also serves on the Board of Trustees for McMurry University and is a Board Member and Audit Committee Chairman for Belden & Blake Corp., owned by Capital C, a controlled affiliate of Carlyle/Riverstone Energy and Power Fund II, L.P.

"Sam is an experienced finance executive and strengthens our Board of Directors," Johnson said. "Sam's extensive knowledge of Sarbanes-Oxley compliance and corporate financial structuring makes him the perfect candidate to lead our audit committee. We look forward to his contributions as Cano continues to grow in our domestic enhanced oil recovery efforts."

Previously, Mr. Smith has acted as interim chief financial officer of Stroud Oil Properties, a privately held exploration and production company headquartered in Fort Worth, Texas. He has served as executive vice president, chief financial officer and treasurer of Encore Acquisition Co. He also was vice president of finance and chief financial officer of Union Pacific Resources, and held multiple positions with Union Pacific Corp. In addition, he worked in the finance department of Shell Oil Co.

A certified public accountant, Mr. Smith is a member of the Fort Worth Chapter of the Certified Public Accountants.

Mr. Smith has a bachelor's degree in business from McMurry University and has participated in the Advanced Management Program in international studies at Harvard School of Business.

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 Company: Cano Petroleummore info
 - Cano CFO to Resign (Jun 17)
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 - Cano Terminates Merger Agreements with Resaca (Jul 22)
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