On November 30, 2011, Cano Petroleum, Inc. (NYSE Amex: CFW) (“Cano”) announced that it received a letter from NYSE Amex LLC (the “Exchange”) indicating that the timely filing of Cano’s Form 10-Q for the period ended September 30, 2011 is a condition for Cano’s continued listing on the Exchange, as required by Sections 134 and 1101 of the Exchange’s Company Guide (the “Company Guide”). Further, Cano’s failure to timely file this report is a material violation of Cano’s listing agreement with the Exchange and therefore, pursuant to Section 1003(d) of the Company Guide, the Exchange is authorized to suspend and remove Cano’s securities from the Exchange unless action is taken to bring the Company into compliance with Sections 134 and 1101 of the Company Guide by no later than February 20, 2012.

Further, the Staff of NYSE Regulation’s corporate compliance department (the “Staff”) advised Cano that its common stock may not be suitable for auction market trading due to its low trading price. The Staff further advised Cano that, pursuant to Section 1003(f)(v) of the Company Guide, Cano’s continued listing on the Exchange is predicated on its effectuation of a reverse split within a reasonable period of time, which the Staff has determined to be no later than May 22, 2012. As a result of the foregoing, Cano has become subject to Section 1009 of the Company Guide, which promulgates the procedures to be followed with respect to companies identified as being below the Exchange's continued listing policies and standards.

The Exchange previously cited Cano for equity and financial impairment deficiencies on October 26, 2011 and requested that a detailed plan to regain compliance be submitted by November 28, 2011. The Staff has requested that Cano’s plan address the new deficiencies identified in the November 22, 2011 letter from the Exchange. The Corporate Compliance Department management of the Exchange will evaluate Cano’s plan and determine whether it reasonably demonstrates Cano’s ability to regain compliance with the continued listing standards by the relevant deadlines. If the Exchange accepts the Company’s plan, the Company may be able to continue its listing during the plan periods, provided that the Company demonstrates progress consistent with its plan and complies with other applicable Exchange listing qualifications. 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. During the plan period, the Company will be subject to periodic review to determine whether the Company is making progress consistent with the plan.

Forward Looking Statements

Safe-Harbor Statement — Except for the historical information contained herein, the matters set forth in this news release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Cano intends that all such statements be subject to the “safe-harbor” provisions of those Acts. Many important risks, factors and conditions may cause Cano’s actual results to differ materially from those discussed in any such forward-looking statement. These risks include, but are not limited to, estimates or forecasts of reserves, estimates or forecasts of production, future commodity prices, exchange rates, interest rates, geological and political risks, drilling risks, product demand, transportation restrictions, the ability of Cano Petroleum, Inc. to obtain additional capital, and other risks and uncertainties described in the Cano’s filings with the Securities and Exchange Commission. The historical results achieved by Cano are not necessarily indicative of its future prospects. Cano undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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