Cano Petroleum Signs Non-Binding $100 Million Credit Facility

Cano Petroleum, Inc. (Amex: CFW) has signed a non-binding term sheet with Petrobridge Investment Management, LLC, for a three-year credit facility up to $100 million.

"This credit facility will provide Cano the ability to fund internal operations over the next 12 months as well as development of our enhanced oil recovery projects," said Jeff Johnson, chairman and chief executive officer of Cano. "This credit facility will also provide us additional capital resources to pursue more acquisitions. We look forward to working closely with Petrobridge and the consummation of a final agreement."

Petrobridge and Cano are working to finalize the credit facility, which is subject to due diligence review by Petrobridge. Accordingly, the Company cannot guarantee that it will ultimately finalize and secure the proposed credit facility. Pritchard Capital Partners served as the Company's advisor for this financing arrangement.

Company: Cano Petroleum more info
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