Cano Petroleum reports the initiation of a strategic alternatives process designed to achieve the best available values for Cano's shareholders.

Cano further announces that it is evaluating financial advisors to assist the company in structuring and executing the strategic review process. In conjunction with this new endeavor, Cano has terminated the previously disclosed merger agreement with Resaca.

Cano's Chairman and CEO, Jeff Johnson, stated, 'We are all disappointed that the merger with Resaca was not concluded. That said, during its pendency throughout the past year, we believe there has been a strengthening of both the equity and credit markets. That, coupled with firming commodity prices, has presented an opportunity to seek the best value for our shareholders.'

Tags: Cano Petroleum