Cano Petroleum Announces Receipt of Stock Exchange Compliance Notice

Cano Petroleum

announced that it received a notice from NYSE Amex indicating that the Company is not in compliance with certain of the Exchange's continued listing standards as set forth in Part 10 of the Exchange's Company Guide, and Cano has therefore become subject to the procedures and requirements of Section 1009 of the Company Guide. Cano has been afforded the opportunity to submit a plan of compliance to the Exchange by November 28, 2011 that provides for the Company to regain compliance. If the Company fails to submit a satisfactory plan or fails to demonstrate progress consistent with the plan accepted by the Exchange, the Exchange may initiate delisting procedures.