By Dallas Business Journal

Energy company Cano Petroleum Inc. says it has called off a planned merger with Houston-based Resaca Exploitation Inc., and is again for sale.

Fort Worth-based Cano (AMEX: CFW) has begun seeking other options, Cano Chairman and CEO Jeff Johnson said in a statement.

He added that Cano has better options now than last September when it agreed to a merger with Resaca in a stock-for-stock deal.

⿿...Throughout the past year, we believe there has been a strengthening of both the equity and credit markets,⿝ he said. ⿿That, coupled with firming commodity prices, has presented an opportunity to seek the best value for our shareholders."

Copyright 2010 American City Business Journals
Copyright 2010