Cano Petroleum, Fort Worth, Texas, (Amex: CFW) has closed the acquisition of Pampa, Texas-based WO Energy for $55.2 million, including $2 million in cash, $8.2 million in restricted Cano shares, $30 million in senior debt financing and $15 million of subordinated debt. As a result of this acquisition, Cano now has proved reserves 40 million barrels of oil equivalent and daily production of approximately 1,200 barrels of oil equivalent per day. WO's assets are in the Panhandle Field of Texas and include 480 producing wells, 40 water disposal wells and 380 idle wells on approximately 20,000 acres in Carson, Gray and Hutchinson counties. The acquisition includes 10 workover rigs, company vehicles, compressors and associated equipment. The field currently produces some 800 barrels of oil equivalent per day net to WO (55% oil).
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