Cano: Fires Out Near Panhandle Field Operations

Grass Fires at Panhandle Field
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After announcing on Monday morning that wildfires in the Texas Panhandle caused the suspension of production operations in the Panhandle Field, Cano Petroleum reports that the wildfires threatening these operations have been extinguished.

"The fires in the vicinity of our field operational areas are out," said Jeff Johnson, Cano's Chairman and CEO, on Monday afternoon. "At this time, the critical path item for bringing production back on-line appears to be the restoration of electric service in the area."

Early this afternoon, the company announced that the fires did not affect approximately 150 barrels of oil equivalent of production per day. Current projections show that all production from the field will be restored to pre-fire levels within 30 days at an estimated out-of-pocket cost of $250,000.The company normally produces approximately 800 barrels of oil equivalent per day from the field.

Crews have begun replacing damaged production equipment and flowlines with replacements delivered to the area yesterday afternoon and this morning. The local electric utility is restoring power, and it is anticipated that additional crews will be brought in to facilitate and hasten that process. Gas purchasers have also reestablished operations in the field.

"The response of John Lacik, Vice President of Operations; Scott White, Director of Panhandle Business Development; and Tommy Hefner, Panhandle Field Superintendent, has been phenomenal," said Johnson. "Replacement production equipment was on-site within hours. Our team's focus on a quick response to this event is indicative of our employees' commitment to Cano assets and our shareholders."

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