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Cano Petroleum to sell 7 million shares

By Associated Press
June 25, 2008 | Comments (0)

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Oil producer Cano Petroleum Inc. said Wednesday it will sell 7 million shares in a public offering.

Cano plans to use the proceeds for general corporate purposes and to pay down its debt. That will allow the company to finance development programs in its core production areas and acquire additional properties.

The company is granting its underwriters, Canaccord Adams Inc. and Canaccord Capital Corp., an option to buy up to an additional 1.05 million shares to cover any over-allotments.

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