Cano Petroleum Begins Trading on American Stock Exchange - 500 Beiträge pro Seite

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THURSDAY, MAY 05, 2005 9:00 AM
- PR Newswire
FORT WORTH, Texas, May 5, 2005 /PRNewswire-FirstCall via COMTEX/ -- Cano Petroleum Inc. (CFW) announced today that the company has commenced trading its common stock on the American Stock Exchange under the symbol CFW.
"The American Stock Exchange listing enhances Cano`s visibility and strengthens our shareholder value," said Jeff Johnson, chairman and chief executive officer of Cano. "Through the Amex listing, we will reach a larger investment community both here and abroad, leveraging our growth and acquisition opportunities."
Cano has retained Cohen Specialists, L.L.C., as specialists in trading CFW shares.
ABOUT CANO PETROLEUM:
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 American Stock Exchange under the ticker symbol CFW. Additional information is available at www.canopetro.com .
INFORMATION REGARDING FORWARD-LOOKING STATEMENTS:
Except for historical information contained herein, the statements in this Press Release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, volatility of natural resource prices, product demand, market competition, and risks inherent in our operations. These and other risks are described in our Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.
For media inquiries, contact: For investor inquiries, contact:
Kenneth Kracmer Bob Schwaller
Michael & Partners Michael & Partners
972-716-0500 ext. 15 972-243-0439
[e-mail] [e-mail]

SOURCE Cano Petroleum Inc.
media, Kenneth Kracmer, [phone], ext. 15, or [e-mail] ,
or investors, Bob Schwaller, [phone], or [e-mail] , both of
Michael & Partners, for Cano Petroleum Inc.

http://www.prnewswire.com

Copyright (C) 2005 PR Newswire. All rights reserved.

[HelddesAlltags]

und es sieht nicht so aus, als ob die Ölpreise wirklich weit fallen werden ... Immer gut für die Produzenten und auch für Cano wohl

Oil Gains a Third Day as OPEC May Fail to Meet 2nd-Half Demand
May 6 (Bloomberg) -- Crude oil rose for the third day in New York on speculation OPEC and other producers may struggle to meet peak demand this year when refiners increase output of heating fuel before the winter.

The extra oil that producers can pump has ``decreased to dangerously low levels,`` Merrill Lynch & Co. strategist Francisco Blanch said in a report this week. OPEC`s crude-oil production in April rose 0.9 percent to 30.07 million barrels a day, close to a 26-year high, a Bloomberg survey showed.

``If OPEC is having difficulties meeting current world demand during an off-peak demand period, will they be able to produce enough supply during the higher demand periods later this year?`` said Alan Herbst, a principal at New York-based Utilis Energy LLC, an energy-consulting firm. ``Traders have begun to focus their attention on the ability of U.S. refineries to produce enough heating oil.``

Crude oil for June delivery rose as much as 63 cents, or 1.2 percent, to $51.46 a barrel in after-hours electronic trading on the New York Mercantile Exchange. It was up 45 cents to $51.28 at 8:15 a.m. London time.

Yesterday, oil for June rose 1.4 percent to $50.83 a barrel, the highest closing price since April 28. Futures have declined 12 percent since reaching $58.28 a barrel on April 4, the highest for the contract that began in 1983.

Crude oil prices are more likely to fall than rise next week as U.S. inventories near a six-year high boost confidence that refiners will meet peak summer gasoline demand, a Bloomberg survey shows today.

Next Week

Twenty-two of 57 analysts and strategists, or 39 percent, predicted oil prices will fall next week, while 20, or 35 percent, said they will rise, the narrowest result for the weekly Bloomberg survey since February. Fifteen respondents forecast little change. Last week, 58 percent expected a decline.

World oil demand will rise 2.1 percent this year, with most of the increase in China and the U.S., the International Energy Agency, an adviser to 26 industrialized nations, said April 12. Daily demand will peak in the fourth quarter at 86.1 million barrels, the Paris-based agency said.

Saudi Arabia, the world`s top oil exporter, increased oil output by 110,000 barrels, or 1.2 percent, to 9.45 million barrels a day in April, according to a May 3 Bloomberg survey. That`s close to the April 21 output estimate of Saudi Arabia oil minister Ali al-Naimi April 21 of 9.5 million barrels a day. The country has capacity to pump another 1.5 million more barrels a day, he said.

`Run Faster`

``Asking the Saudis to pump more oil is like asking an athlete who runs at full speed to run faster -- the only way he can do it is by taking drugs,`` said Gal Luft, executive director of the Washington-based Institute for the Analysis of Global Security. ``Without the necessary infrastructure, the Saudis will be forced to pump huge amounts of water into their wells to increase reservoir pressure.``

The Organization of Petroleum Exporting Countries, which pumps about 40 percent of the world`s oil, raised its production quota in March to help lower prices and swell global stockpiles before the fourth quarter.

Including Iraq, which is not restricted by a quota, the group produced 30.1 million barrels a day last month, according to the survey of oil companies, producers and analysts. In October, OPEC pumped 30.54 million barrels a day, the highest since 1979, based on U.S. Energy Department records.

OPEC has no more than 1 million to 2 million barrels per day that could be pumped, Algerian Oil Minister Chakib Khelil said on April 27.

Oil rose to a record $58.28 a barrel on April 4, on concern spare capacity may not be enough to cover supply disruptions caused by sabotage, labor or civil unrest in producers including Iraq, Venezuela and Nigeria.

On May 4, Venezuela`s highest-ranking opposition deputy of the energy commission said state-run Petroleos de Venezuela SA President Rafael Ramirez should be fired for letting the company slip into ``anarchy,`` resulting in a drop in oil production.



To contact the reporters on this story:
Sri Jegarajah in Singapore at [e-mail]

Last Updated: May 6, 2005 03:44 EDT