SOURCE: Izard Nobel LLP

October 28, 2008 17:12 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Cano Petroleum, Inc.

HARTFORD, CT--(Marketwire - October 28, 2008) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of those who purchased the common stock of Cano Petroleum, Inc. ("Cano" or the "Company") (AMEX: CFW) pursuant to a Registration Statement and Prospectus ("Prospectus") issued in connection with Cano's Secondary Offering on June 26, 2008.

The Complaint charges that certain officers, directors and underwriters of Cano violated federal securities laws. Specifically, the Prospectus filed with the SEC for the Cano shares issued in the Secondary Offering contained materially false and misleading statements concerning Cano's proved reserve amounts.

If you are a member of the class, you may, no later than December 8, 2008, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Izard Nobel LLP toll-free at (800) 797-5499, or by e-mail at firm@izardnobel.com, or visit our website: www.izardnobel.com.

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