Cano Petroleum, Inc. (Cano), is an independent oil and natural gas company. The Company’s assets are located onshore United States in Texas, New Mexico and Oklahoma. As of September 22, 2010, Cano 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, Cano 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.