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Resaca Exptn Inc (RSOX)

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Thursday 31 December, 2009

Resaca Exptn Inc

Merger Update

RNS Number : 8554E
Resaca Exploitation Inc
31 December 2009

Embargoed for release at 7.00am

31 DECEMBER 2009

Resaca Exploitation, Inc.

("Resaca" or "the Company")

Proposed Merger with Cano Petroleum, Inc. - SEC Registration Process Update

Resaca (AIM: RSX and RSOX), the oil and natural gas production, exploitation, and development company focused on the Permian Basin in the USA, is pleased to provide a status update regarding its U.S. Securities and Exchange Commission ("SEC") filling process related to its proposed merger with Cano Petroleum, Inc. (NYSE Amex: CFW) ("Cano").  As announced on 2 December 2009Resaca filed a Form S-4 with the SEC related to the Cano merger for the SEC's routine review and comment and the Company received comments from the SEC regarding the Form S-4 filing on 19 November 2009.  Resaca filed Amendment No. 1 to this Form S-4 on 23 December 2009, which included the Company's unaudited financial statements for the three months ended 30 September 2009.   Once approved by the SEC, the Form S-4 will serve as a prospectus for Resaca shareholders as well as a joint proxy statement for both Resaca shareholders and Cano stockholders to vote on the proposed merger of the two companies, in addition to other matters to be voted on as discussed therein. Those interested in reading the original Form S-4 submission to the SEC and Amendment No. 1 to Form S-4 can find these documents at under Resaca Exploitation, Inc. filings or on Resaca's website at

About Resaca

Resaca is an independent oil and gas development and production company based in HoustonTexas. Resaca is focused on the acquisition and exploitation of long-life oil and gas properties, utilizing a variety of primary, secondary and tertiary recovery techniques. Resaca's current properties are located in the Permian Basin of West Texas and Southeast New Mexico. Resaca trades on the AIM under the ticker symbols RSX and RSOX. Additional information is available at

About Cano

Cano Petroleum, Inc. is an independent Texas-based energy producer with properties in the mid-continent region of the United States. Led by an experienced management team, Cano's primary focus is on increasing domestic production from proven fields using enhanced recovery methods. Cano trades on the NYSE Amex under the ticker symbol CFW.  Additional information is available at 

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. Resaca and Cano intend that all such statements be subject to the "safe-harbor" provisions of those Acts. Many important risks, factors and conditions may cause the Company'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 Resaca or Cano to obtain additional capital, and other risks and uncertainties described in Cano's and the Company's filings with the Securities and Exchange Commission. The historical results achieved by Resaca or Cano are not necessarily indicative of its future prospects. Neither Resaca nor Cano undertakes any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Additional Information and Where to Find It

This communication is being made in respect of the proposed business combination involving Resaca and Cano. In connection with the proposed transaction, Resaca and Cano (a) filed documents with the SEC, including the filing by Resaca of a Registration Statement on Form S-4 containing a Joint Proxy Statement/Prospectus, (b) plan to publish an admission document for the purpose of admitting the issued common stock of the enlarged group to trading on AIM and (c) plan to file with AIM and the SEC other necessary documents regarding the proposed transaction. Investors and security holders of Resaca and Cano are urged to carefully read the Joint Proxy Statement/Prospectus and AIM admission document (when available) and other documents filed with AIM and the SEC by Resaca and Cano because they contain important information about the proposed transaction. Investors and security holders may obtain free copies of these documents (when they are available) and other documents filed with the SEC by contacting Resaca Investor Relations at (713) 753-1441 or Cano Investor Relations at (817) 698-0900. Investors and security holders may obtain free copies of the documents filed with the SEC and published in connection with the admission to AIM on Resaca's website at or Cano's website at  Information filed with the SEC will be available on the SEC's website at  Resaca, Cano and their respective directors and executive officers may be deemed participants in the solicitation of proxies with respect to the proposed transaction. Information regarding the interests of these directors and executive officers in the proposed transaction will be included in the Joint Proxy Statement/Prospectus and AIM admission document described above. Additional information regarding the directors and executive officers of Resaca is also included in Resaca's website.  Additional information regarding Cano is available under its periodic reports which are filed with the SEC



Resaca Exploitation, Inc.

J.P. Bryan, Chairman

+1 713-753-1300

John J. ("Jay") Lendrum, III, Chief Executive Officer

+1 713-753-1400

Dennis Hammond, President and Chief Operating Officer

+1 713-753-1281

Chris Work, Chief Financial Officer

+1 713-753-1406

Buchanan Communications (Investor Relations)

+44 (0)20 7466 5000

Tim Thomson

Catherine Breen

Katharine Sutton

Seymour Pierce Limited (Nomad and Joint Broker)

+44 (0)20 7107 8000

Jonathan Wright

Richard Redmayne


Cano Petroleum, Inc.

Ben Daitch, Chief Financial Officer

+1 817-698-0900

[email protected]m

This information is provided by RNS
The company news service from the London Stock Exchange

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