Cano Petroleum Announces Rev Guidance $5-$6M for the Quarter Ended September 30, 2011

On November 22, 2011, Cano Petroleum, Inc. CFW announced an update to its preliminary results for the quarter ended September 30, 2011 that includes Cano's estimated revenue and net income (loss). The preliminary results for the three months ended September 30, 2011 that Cano announced earlier today are updated as follows: Total assets—$55 million to $65 million as of September 30, 2011 Total liabilities—$110 million to $120 million as of September 30, 2011 Stockholder deficit—$45 million to $55 million as of September 30, 2011 Revenue—$5 million to $6 million for the three months ended September 30, 2011 Net income (loss)—($5 million) to $5 million for the three months ended September 30, 2011 Additional details will be provided with the filing of the Form 10-Q for the three months ended September 30, 2011. Cano cautions that all of these results are preliminary and subject to change, possibly materially, following the completion and analysis of the financial statements for the first quarter, and that the above preliminary and unaudited financial information does not represent all of the information that would normally be included in a quarterly report on Form 10-Q with respect to Cano's financial results.