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Filing Details

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1253710	Cano Petroleum Inc	CFW	Crude Petroleum & Natural Gas (1311)	980401645

Insiders

Cik	Name	Reported Address	Director	Officer	Large Shareholder	Other
1056973	P L Capital Carlson	2100 Mckinney Ave Ste 1800 Dallas TX 75201	No	No	Yes	No
1404557	Asgard Investment Corp.	2100 Mckinney Avenue Suite 1800 Dallas TX 75201	No	No	Yes	No
1404625	Duane Clint Carlson	2100 Mckinney Avenue Suite 1800 Dallas TX 75201	No	No	Yes	No
1404976	Ltd Offshore Diamond Black Double	2100 Mckinney Avenue Suite 1800 Dallas TX 75201	No	No	Yes	No
1449554	Ltd. Offshore Value Relative Diamond Black	2100 Mckinney Avenue Suite 1800 Dallas TX 75201	No	No	Yes	No
1452364	Ltd. Offshore Diamond Black	2100 Mckinney Avenue Suite 1800 Dallas TX 75201	No	No	Yes	No
1503915	Asgard Investment Corp. Ii	2100 Mckinney Avenue Suite 1800 Dallas TX 75201	No	No	Yes	No

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock, Par Value $.0001 Per Share ("Common Stock")	Disposition	2011-03-03	624,220	$0.64	4,181,598	No	4	S	Indirect	See Footnote

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	S	Indirect	See Footnote

Footnotes

The shares of common stock of Cano Petroleum, Inc. reported herein are directly beneficially owned by Double Black Diamond Offshore Ltd., Black Diamond Offshore Ltd., and Black Diamond Relative Value Offshore Ltd. (together, the "Funds") and by a managed account (the "Account"). Carlson Capital, L.P. ("Carlson Capital") is the investment manager of the Funds and the Account. Asgard Investment Corp. II ("Asgard II") is the general partner of Carlson Capital. Asgard Investment Corp. ("Asgard ") is the sole shareholder of Asgard II. Clint D. Carlson is the President of Asgard II, Asgard, and Carlson Capital.
The Reporting Persons disclaim beneficial ownership of any and all such shares in excess of their pecuniary interest therein, and the filing of this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of or has a pecuniary interest in any such shares for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or any other purpose.