The company was founded in 1997 and is based in Fort Worth, Texas.Cano Petroleum, Inc., together with its subsidiaries, operates as an independent oil and natural gas company in the United States. Cano Petroleum, Inc. properties are located onshore U.S. in Texas, New Mexico, and Oklahoma. As of June 30, 2009, it had 49.1 million barrels of oil equivalent (MMBOE) of proved reserves comprising 7.7 MMBOE of proved developed producing reserves, 2.4 MMBOE of proved developed non-producing reserves, and 39.0 MMBOE of proved undeveloped reserves. Cano secured its first round of institutional funding with a $5.1 financing from Wellington Management. In May, 2005, Cano was accepted for listing on the American Stock Exchange and in July a number of the company’s officers, directors, management and others were on hand for the ceremonial bell–ringing.