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Net proceeds to Cano, after expenses and other customary adjustments, were $41.7 million. Net proceeds were used to pay off all Cano's senior debt. Cano's senior credit facility borrowing base will not be reduced as a result of the transaction.
Jeff Johnson, chairman and CEO of Cano Petroleum, said: "The sale of Pantwist, along with our previously completed equity capital raise, leaves Cano debt free. As discussed during our earnings call, our energy and capital will continue to be focused on our two core waterflood assets, Cato and the Panhandle."
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