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nrj · 02-11-2005, 17:12

Press Release Source: Cano Petroleum, Inc.

Phase III Testing Yields Positive Results at Cano Petroleum's Nowata Field
Wednesday November 2, 9:26 am ET

FORT WORTH, Texas--(BUSINESS WIRE)--Nov. 2, 2005--Cano Petroleum, Inc. (Amex: CFW) announced today that the third of three phases of laboratory testing to evaluate enhanced oil recovery (EOR) of its Nowata Field has been completed, yielding positive results. ASP flooding of the radial core from Nowata has recovered an additional 18% of the original oil in place (OOIP) after waterflood.
Jeff Johnson, Cano's Chairman and CEO, stated: "We are very encouraged by the final series of testing at Nowata. Based on these results, we will immediately begin the process of designing and implementing a pilot program at Nowata to determine ASP flooding effectiveness at the field level. We anticipate the pilot program will be in place and ready to begin injection during the summer of 2006, which if successful, should prove up to an additional 4.7 million barrels of reserves in the field."

The Nowata Field is located in Nowata County in northern Oklahoma and currently produces approximately 205 barrels of oil per day from the Bartlesville Sand formation. OOIP at Nowata is estimated at 58 million barrels and the field's current proved reserves are estimated at 1,537,000 barrels of oil.

ASP flooding is an enhanced oil recovery technique that can be employed to recover additional oil over and above primary and secondary recovery methods. ASP uses low concentrations of surfactants, polymers and other additives to improve the process that are added to the waterflood operations already in place, to "clean" stubborn or hard to reach oil from the reservoir, much like soap in a greasy pan.

ABOUT CANO PETROLEUM

Cano Petroleum Inc. is an independent Texas-based energy producer with properties in the mid-continent region of the United States. Led by an experienced management team, Cano's primary focus is on increasing domestic production from proven fields using enhanced recovery methods. Cano trades on the American Stock Exchange under the ticker symbol CFW. Additional information is available at www.canopetro.com.

INFORMATION REGARDING FORWARD-LOOKING STATEMENTS: Except for historical information contained herein, the statements in this Press Release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, volatility of natural resource prices, product demand, market competition, and risks inherent in our operations. These and other risks are described in our Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.

Cautionary Notes to Investors - The Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. Cano uses "non-proved reserves" in this news release, which the SEC's guidelines strictly prohibit it from including in filings with the SEC. Investors are urged to also consider closely the disclosure in Cano's Form 10-KSB for the fiscal year ended June 30, 2005, available from Cano by calling 800-769-7205. This form also can be obtained from the SEC at www.sec.gov.

--------------------------------------------------------------------------------
Contact:
Cano Petroleum, Inc.
Investor inquiries:
Craig Scott, 800-769-7205
craig@canopetro.com
or
Media inquiries:
HWH Public Relations/New Media
Norman Iannarelli, 203-856-3487
normani@hwhpr.com

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Source: Cano Petroleum, Inc.

02-11-2005, 17:12	#40
nrj TBB Goldmember Registriert seit: Dec 2004 Beiträge: 641	jetzt können sie loslegen! Press Release Source: Cano Petroleum, Inc. Phase III Testing Yields Positive Results at Cano Petroleum's Nowata Field Wednesday November 2, 9:26 am ET FORT WORTH, Texas--(BUSINESS WIRE)--Nov. 2, 2005--Cano Petroleum, Inc. (Amex: CFW) announced today that the third of three phases of laboratory testing to evaluate enhanced oil recovery (EOR) of its Nowata Field has been completed, yielding positive results. ASP flooding of the radial core from Nowata has recovered an additional 18% of the original oil in place (OOIP) after waterflood. Jeff Johnson, Cano's Chairman and CEO, stated: "We are very encouraged by the final series of testing at Nowata. Based on these results, we will immediately begin the process of designing and implementing a pilot program at Nowata to determine ASP flooding effectiveness at the field level. We anticipate the pilot program will be in place and ready to begin injection during the summer of 2006, which if successful, should prove up to an additional 4.7 million barrels of reserves in the field." The Nowata Field is located in Nowata County in northern Oklahoma and currently produces approximately 205 barrels of oil per day from the Bartlesville Sand formation. OOIP at Nowata is estimated at 58 million barrels and the field's current proved reserves are estimated at 1,537,000 barrels of oil. ASP flooding is an enhanced oil recovery technique that can be employed to recover additional oil over and above primary and secondary recovery methods. ASP uses low concentrations of surfactants, polymers and other additives to improve the process that are added to the waterflood operations already in place, to "clean" stubborn or hard to reach oil from the reservoir, much like soap in a greasy pan. ABOUT CANO PETROLEUM Cano Petroleum Inc. is an independent Texas-based energy producer with properties in the mid-continent region of the United States. Led by an experienced management team, Cano's primary focus is on increasing domestic production from proven fields using enhanced recovery methods. Cano trades on the American Stock Exchange under the ticker symbol CFW. Additional information is available at www.canopetro.com. INFORMATION REGARDING FORWARD-LOOKING STATEMENTS: Except for historical information contained herein, the statements in this Press Release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, volatility of natural resource prices, product demand, market competition, and risks inherent in our operations. These and other risks are described in our Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Cautionary Notes to Investors - The Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. Cano uses "non-proved reserves" in this news release, which the SEC's guidelines strictly prohibit it from including in filings with the SEC. Investors are urged to also consider closely the disclosure in Cano's Form 10-KSB for the fiscal year ended June 30, 2005, available from Cano by calling 800-769-7205. This form also can be obtained from the SEC at www.sec.gov. -------------------------------------------------------------------------------- Contact: Cano Petroleum, Inc. Investor inquiries: Craig Scott, 800-769-7205 craig@canopetro.com or Media inquiries: HWH Public Relations/New Media Norman Iannarelli, 203-856-3487 normani@hwhpr.com -------------------------------------------------------------------------------- Source: Cano Petroleum, Inc.