Cano spends $10.5 million to buy back convertibles in November, December

By Susanna Moon

Chicago, Dec. 22 - Cano Petroleum, Inc. repurchased some of its series D convertible preferred stock during November and December, according to an 8-K filing with the Securities and Exchange Commission.

The company bought back 20,625 shares of the convertible preferreds plus the equivalent of an additional 2,323 shares including pay-in-kind dividends.

The purchase price was $10.5 million including accrued PIK dividends.

There are 23,849 of the preferreds outstanding plus the equivalent of an additional 2,581 shares including PIK dividends.

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

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