Double Black Diamond buys shares of Cano Petroleum

By Angela McDaniels

Tacoma, Wash., Oct. 8 - Cano Petroleum, Inc. investors led by Double Black Diamond Offshore Ltd. purchased 491,300 shares of the company's stock for $1.40 to $2.17 each.

The shares were purchased between Sept. 29 and Oct. 6, according to a schedule 13D filed with the Securities and Exchange Commission.

The reporting persons beneficially own 4,405,818 shares, or 9.5%, of the company's stock.

On Sept. 25, the investors reported the purchase of 590,300 Cano Petroleum shares, which increased their interest in the company to 8.5% from 7.2%.

Cano Petroleum is a Fort Worth, Texas-based oil and natural gas company.

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