CFW Cano Petroleum Common Stock

In recent weeks, investors have been focused on oil and gas companies that do not have exposure to Libya and other troubled spots, but stand to benefit from oil's recent spike in price. While analyst consensus is that the world can function without Libya's exports, Victor Shum, an energy analyst at Purvin and Gertz, warns, "The worry is about what's next. What if protests persist in Iran and things get out of hand?" The Bedford Report examines the outlook for companies in the Oil and Gas sector and provides research reports on Cano Petroleum, Inc. (NYSE Amex: CFW) and Chevron Corporation (NYSE: CVX). Access to the full company reports can be found at:

www.bedfordreport.com/2011-03-CFW www.bedfordreport.com/2011-03-CVX

Despite its significant exposure to the Middle East, shares of Chevron have been on a tear in recent weeks, touching new 52-week highs. Last week the company received the first "completely new exploration" in the deep waters of the Gulf of Mexico since BP's devastating oil spill last spring. According to regulators Chevron is the fifth company permitted to resume work in the area following the last year's Deepwater Horizon rig explosion, and is the first to be allowed to tap a reservoir that has not yet been produced.

Chevron says it plans to have a 2011 capital expenditure budget of $26 billion, with 35% expected to be invested in the Americas, 35% in Asia, 20% in Africa and 10% in Europe, Eurasia and the Middle East.

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Riding small-cap energy's huge 2011 run, shares of Cano Petroleum touched new 2011 highs earlier this month. Texas-based Cano Petroleum is an independent oil and natural gas company with properties in the mid-continent region of the United States. During the company's fiscal second quarter Cano said that it had a loss applicable to common stock of $4.5 million -- an improvement compared to the Prior Year Quarter of a $8.9 million loss. The company reported 2% increase in its operating revenue, which stood at $5.7 million. The company earned $5.6 million in revenue during the prior year quarter.

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