The Brualdi Law Firm, P.C. Announces Class Action Lawsuit Against Cano Petroleum, Inc.

NEW YORK, Oct. 17, 2008 (LAWFUEL) — The Brualdi Law Firm, P.C.
announces that a lawsuit has been commenced in the United States
District Court for the Southern District of New York on behalf of
purchasers who purchased the common stock of Cano Petroleum, Inc.
(“Cano” or the “Company”) (AMEX:CFW) issued pursuant to a registration
statement and prospectus filed with the SEC in connection with Cano’s
June 26, 2008 secondary public offering.

No class has yet been certified in the above action. Until a class is
certified, you are not represented by counsel unless you retain one. If
you purchased shares of Cano in connection with Cano’s June 26, 2008
secondary public offering, and wish to move the court for appointment
of lead plaintiff, you must do so by December 8, 2008. A lead plaintiff
is a representative party acting on behalf of other class members in
directing the litigation. The lead plaintiff will be selected from
among applicants claiming the largest loss from investment in the
Company during the Class Period. You do not need to seek appointment as
a lead plaintiff in order to share in any recovery.

To be a member of the class you need not take any action at this time,
and you may retain counsel of your choice. If you wish to discuss this
action or have any questions concerning this Notice or your rights or
interests with respect to these matters, please contact Sue Lee at The
Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York
10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by
email to [email protected] or visit our website at
http://www.brualdilawfirm.com.

The complaint charges certain of the Company’s directors and
underwriters with violations of the Securities Act of 1933 including
that the registration statement and prospectus filed with the SEC for
the Cano shares issued in the Secondary Offering contained statements
concerning proved reserve amounts and standards that were materially
false and overstated Cano’s proved reserves.

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