Cano Initiates Strategic Alternatives Review

Cano Petroleum announced the initiation of a strategic alternatives process designed to achieve the best available values for Cano's shareholders.

Cano further announced that it is evaluating financial advisors to assist the company in structuring and executing the strategic review process. In conjunction with this new endeavor, Cano has terminated the previously disclosed merger agreement with Resaca.

Cano's Chairman and CEO, Jeff Johnson, stated, "We are all disappointed that the merger with Resaca was not concluded. That said, during its pendency throughout the past year, we believe there has been a strengthening of both the equity and credit markets. That, coupled with firming commodity prices, has presented an opportunity to seek the best value for our shareholders."

Company: Cano Petroleum more info
 - Cano CFO to Resign (Jun 17)
 - Cano Waves Goodbye to CEO (Feb 14)
 - Cano Terminates Merger Agreements with Resaca (Jul 22)