Cano Petroleum Announces Receipt of Delisting Notice from NYSE Amex

On December 8, 2011, Cano Petroleum, Inc. CFW announced that it received a letter from NYSE Amex LLC confirming its intent to strike the common stock of Cano from the Exchange by filing a delisting application with the Securities and Exchange Commission pursuant to Section 1009 of the Exchange's Company Guide. As Cano previously reported, on October 26, 2011, the Exchange Staff notified Cano that is was not in compliance with the following sections of the Company Guide: * Section 1003(a)(i) – stockholders' equity of less than $2,000,000 and net losses in two of its three most recent fiscal years; * Section 1003(a)(ii) – stockholders' equity of less than $4,000,000 and net losses in three of its four most recent fiscal years; * Section 1003(a)(iii) – stockholders' equity of less than $6,000,000 and net losses in five consecutive years; and * Section 1003(a)(iv) – Cano has sustained losses which are so substantial in relation to its overall operations or its existing financial resources, or its financial condition has become so impaired that it appears questionable, in the opinion of the Exchange, as to whether the Cano will be able to continue operations and/or meet its obligations as they mature.