Cano Petroleum, Inc, CFW
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Cano Petroleum, Inc. today announced the results of its 2009 Fiscal Year End Reserves as prepared by Miller and Lents, Ltd. (M&L), its independent petroleum engineer. M&L prepares 100% of the reserves for our properties. M&L estimates Cano’s proved oil and gas reserves at June 30, 2009 to be 49.1 million barrels of oil equivalent (MMBOE), of which proved developed reserves were 10.1 MMBOE, down from 11.2 MMBOE at June 30, 2008.
Including extensions and discoveries, but excluding asset sales and production, the Company replaced approximately 574% of estimated FY 2009 production of 457 MBOE at an estimated reserve replacement cost of $20.21/BOE. Over a three-year period, Cano had an estimated reserve replacement cost of $9.78/BOE.
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