DALLAS, March 3, 2011 (GLOBE NEWSWIRE) -- MicroStockProfit.com announces an investment report featuring Cano Petroleum Inc. (NYSE Amex:CFW). The report includes financial, comparative and investment analyses, and industry information you need to know to make an educated investment decision.
The full report is available at:
Cano Petroleum Inc. (CFW) is a Texas-based independent oil and natural gas company with properties in the mid-continent region of the United States. As of September 22, 2010, CFW had 18 wells containing multiple completions. On September 22, 2010, the Company had total acreage of 59,545 gross acres and 59,085 net acres, all of which was considered developed acreage. The Company sells its crude oil and natural gas production to multiple independent purchasers. As of June 30, 2010, the Company had a total of 34.2 million barrels of oil equivalent (MMBOE) of proved undeveloped reserves. During the fiscal year ended June 30, 2010 (fiscal 2010), 10% or more of its total revenues were attributable to four customers accounting for 33% (Valero Marketing Supply Co.), 22% (Coffeyville Resources Refinery and Marketing LLC), 18% (Plains Marketing, LP), and 10% (DCP Midstream LP) of total operating revenue, respectively.
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In the report, the analyst notes:
"CFW surged 26.11% to close Wednesday's trading at $0.60. It traded with unusual volume of 10.42 million shares, above the daily average of 437.80K shares. The stock is currently trading above its 50-day and 200-day moving averages of $0.38 and $0.46, respectively."
"During its fiscal second quarter, CFW said its primary operating activities focused on continued reduction in Lease Operating Expense (LOE) expenses, continuing the return-to-production (RTP) program at the Desdemona Properties and restoration of production facilities at the Cato Properties necessitated by the weather-related electrical outage which shut in production for 30 days."
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