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  <p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED STATES</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WASHINGTON, DC 20549</font></b></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="letter-spacing:-.15pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM&nbsp;8-K</font></b></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="letter-spacing:-.15pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT
  REPORT PURSUANT</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">TO
  SECTION&nbsp;13 OR 15(D)&nbsp;OF THE</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">SECURITIES
  EXCHANGE ACT OF 1934</font></b></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="letter-spacing:-.15pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">Date of report (Date of
  earliest event reported)&#160;&#160;&#160;&#160; <b>May&nbsp;7, 2008</b></font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="letter-spacing:-.15pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">Cano Petroleum,&nbsp;Inc.</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact Name of Registrant as Specified in Its
  Charter)</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="letter-spacing:-.15pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Delaware</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.15pt;">(State or Other Jurisdiction</font>
  <font style="letter-spacing:-.15pt;">of Incorporation)</font></font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="letter-spacing:-.15pt;">&nbsp;</font></p>
  
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    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.15pt;">001-32496</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;letter-spacing:-.15pt;">&nbsp;</font></b></p>
    </td>
    <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.15pt;">77-0635673</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">(Commission File Number)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
    </td>
    <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">(IRS Employer Identification
    No.)</font></p>
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    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
    </td>
    <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.15pt;">801 Cherry Street,
    Suite&nbsp;3200</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;letter-spacing:-.15pt;">&nbsp;</font></b></p>
    </td>
    <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;letter-spacing:-.15pt;">&nbsp;</font></b></p>
    </td>
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    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.15pt;">Fort Worth, Texas</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;letter-spacing:-.15pt;">&nbsp;</font></b></p>
    </td>
    <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.15pt;">76102</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">(Address of Principal
    Executive Offices)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
    </td>
    <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">(Zip Code)</font></p>
    </td>
   </tr>
  </table>
  
  </div>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(817)
  698-0900</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.15pt;">(</font>Registrant&#146;s Telephone Number, Including Area Code)</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="letter-spacing:-.15pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Not
  Applicable</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">(Former Name or Former Address, if Changed Since Last Report)</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="letter-spacing:-.15pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">Check the appropriate box below
  if the Form&nbsp;8-K filing is intended to simultaneously satisfy the filing
  obligation of the registrant under any of the following provisions (<i>see </i>General Instruction A.2. below):</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="letter-spacing:-.15pt;">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;letter-spacing:-.15pt;">o</font><font size="1" style="font-size:8.5pt;letter-spacing:-.15pt;">&#160;&#160;&#160; </font><font style="letter-spacing:-.15pt;">Written communications pursuant to Rule&nbsp;425 under the Securities
  Act (17 CFR 230.425)</font></p>
  
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="letter-spacing:-.15pt;">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;letter-spacing:-.15pt;">o</font><font size="1" style="font-size:8.5pt;letter-spacing:-.15pt;">&#160;&#160;&#160; </font><font style="letter-spacing:-.15pt;">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act
  (17 CFR 240.14a-12)</font></p>
  
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="letter-spacing:-.15pt;">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;letter-spacing:-.15pt;">o</font><font size="1" style="font-size:8.5pt;letter-spacing:-.15pt;">&#160;&#160;&#160; </font><font style="letter-spacing:-.15pt;">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under
  the Exchange Act (17&nbsp;CFR 240.14d-2(b))</font></p>
  
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="letter-spacing:-.15pt;">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;letter-spacing:-.15pt;">o</font><font size="1" style="font-size:8.5pt;letter-spacing:-.15pt;">&#160;&#160;&#160; </font><font style="letter-spacing:-.15pt;">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under
  the Exchange Act (17&nbsp;CFR 240.13e-4(c))</font></p>
  
  <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0in 0in 0in 0in;">
  
  <p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  </div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='',FILE='C:\JMS\C900152\08-14283-1\task2935820\14283-1-ba.htm',USER='C900152',CD='May 13 11:54 2008' -->
  
  
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  <div style="font-family:Times New Roman;">
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.15pt;">Item
  5.02.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.15pt;">Departure of Directors or Certain Officers;
  Election of Directors; Appointment of Certain Officers; Compensation
  Arrangements of Certain Officers</font></b></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Amendments to Employment Agreements</font></i></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On May&nbsp;7,
  2008, the Board of Directors (the &#147;Board&#148;) of Cano Petroleum,&nbsp;Inc. (&#147;Cano&#148;)
  authorized amendments to the Employment Agreements of S. Jeffrey Johnson,
  Chairman and Chief Executive Officer, Morris B. &#147;Sam&#148; Smith, Senior Vice
  President and Chief Financial Officer, Patrick M. McKinney, Senior Vice
  President &#150; Engineering and Operations and Michael J. Ricketts, Vice President
  and Principal Accounting Officer (the &#147;Amendments&#148;).&#160; The Amendments extend the term of the
  Employment Agreement (i)&nbsp;of Johnson from December&nbsp;31, 2010 to May&nbsp;31,
  2011, (ii)&nbsp;of Smith from May&nbsp;31, 2010 to May&nbsp;31, 2011, (iii)&nbsp;of
  McKinney from May&nbsp;31, 2010 to May&nbsp;31, 2011 and (iv)&nbsp;of Ricketts
  from June&nbsp;30, 2010 to May&nbsp;31, 2011.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Feiner Employment Agreement</font></i></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On May&nbsp;7, 2008, Cano agreed to an
  employment agreement (the &#147;Employment Agreement&#148;) with Phillip Feiner, Vice
  President, General Counsel and Corporate Secretary.&#160; The Employment Agreement has a term through May&nbsp;31,
  2011 and provides for an annual salary of $150,000 and a bonus to be determined
  at the discretion of the Board of up to Mr.&nbsp;Feiner&#146;s entire annual base
  salary.&#160; In addition, Mr.&nbsp;Feiner may
  receive increases in base salary at the discretion of the Board.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cano can terminate Mr.&nbsp;Feiner&#146;s
  employment prior to May&nbsp;31, 2011 without Cano incurring any additional
  payments only (i)&nbsp;upon his death; (ii)&nbsp;if, as a result of his
  incapacity due to physical or mental illness, he shall be absent from his
  duties or unable to perform his duties for a total of 90 days during any twelve
  month period, and within fifteen days after written notice of termination is
  given, shall not have returned to the performance of his full duties on a full
  time basis; or (iii)&nbsp;for &#147;Cause&#148; as defined in his employment agreement.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If Cano (i)&nbsp;terminates Mr.&nbsp;Feiner&#146;s
  employment other than due to Mr.&nbsp;Feiner&#146;s physical or mental illness as
  set forth in the Employment Agreement or other than for &#147;Cause&#148; as defined in
  the Employment Agreement; (ii)&nbsp;assigns Mr.&nbsp;Feiner any duties
  materially inconsistent with Mr.&nbsp;Feiner&#146;s position as Vice President and
  General Counsel of Cano; or (iii)&nbsp;assigns Mr.&nbsp;Feiner a title, office
  or status which is inconsistent with his present title, office or status, other
  than a promotion, Cano shall pay Mr.&nbsp;Feiner the greater of (a)&nbsp;his
  annual base salary for the remainder of the term of the Employment Agreement;
  or (b)&nbsp;six months of his annual base salary.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If within twelve months after a &#147;Change in
  Control,&#148; as defined in the Employment Agreement, Cano terminates Mr.&nbsp;Feiner&#146;s
  employment for any reason or Mr.&nbsp;Feiner resigns at any time after any
  diminution of his job title, duties or compensation or the relocation of Mr.&nbsp;Feiner
  to an office in a county that does not abut Tarrant County, Texas, Cano shall
  pay Mr.&nbsp;Feiner three times his annual salary and three times his prior
  year&#146;s bonuses and shall provide for three years to him, his spouse and
  dependents the right to participate in any health and dental plans that Cano
  maintains for its employees.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">* * * * *</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
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  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934,
  the registrant has duly caused this report to be signed on its behalf by the
  undersigned hereunto duly authorized.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.92%;">
    <p style="margin:0in .1in .0001pt 0in;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="51%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:51.08%;">
    <p style="margin:0in .1in .0001pt 0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CANO PETROLEUM, INC.</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.92%;">
    <p style="margin:0in .1in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="51%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:51.08%;">
    <p style="margin:0in .1in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.92%;">
    <p style="margin:0in -1.8pt .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:&nbsp;
    May&nbsp;13, 2008</font></p>
    </td>
    <td width="51%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:51.08%;">
    <p style="margin:0in -1.8pt .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.92%;">
    <p style="margin:0in .1in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
    <p style="margin:0in .1in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
    </td>
    <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.92%;">
    <p style="margin:0in .1in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Morris B. Smith</font></p>
    </td>
   </tr>
   <tr>
    <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.92%;">
    <p style="margin:0in .1in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
    <p style="margin:0in .1in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.92%;">
    <p style="margin:0in .1in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Morris B. Smith</font></p>
    </td>
   </tr>
   <tr>
    <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.92%;">
    <p style="margin:0in .1in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
    <p style="margin:0in .1in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.92%;">
    <p style="margin:0in .1in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Vice President and</font></p>
    </td>
   </tr>
   <tr>
    <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.92%;">
    <p style="margin:0in .1in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
    <p style="margin:0in .1in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.92%;">
    <p style="font-size:10.0pt;margin:0in .1in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial</font> Officer</p>
    </td>
   </tr>
  </table>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  
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metadata_filer: {"company-data": {"conformed-name": "CANO PETROLEUM, INC", "cik": "0001253710", "assigned-sic": "1311", "irs-number": "980401645", "fiscal-year-end": "0630"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-32496", "film-number": "08826787"}, "business-address": {"street1": "BURNETT PLAZA, 801 CHERRY STREET", "street2": "UNIT 25, SUITE 3200", "city": "FORT WORTH", "state": "TX", "zip": "76102", "phone": "817-698-0900"}, "mail-address": {"street1": "BURNETT PLAZA, 801 CHERRY STREET", "street2": "UNIT 25, SUITE 3200", "city": "FORT WORTH", "state": "TX", "zip": "76102"}, "former-company": {"former-conformed-name": "HURON VENTURES INC", "date-changed": "20030711"}}
text: UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  WASHINGTON, DC 20549
  FORM 8-K
  CURRENT
  REPORT PURSUANT
  TO
  SECTION 13 OR 15(D) OF THE
  SECURITIES
  EXCHANGE ACT OF 1934
  Date of report (Date of
  earliest event reported)
  May 7, 2008
  Cano Petroleum, Inc.
  (Exact Name of Registrant as Specified in Its
  Charter)
  Delaware
  (State or Other Jurisdiction
  of Incorporation)
  001-32496
  77-0635673
  (Commission File Number)
  (IRS Employer Identification
    No.)
  801 Cherry Street,
    Suite 3200
  Fort Worth, Texas
  76102
  (Address of Principal
    Executive Offices)
  (Zip Code)
  (817)
  698-0900
  (
  Registrant's Telephone Number, Including Area Code)
  Not
  Applicable
  (Former Name or Former Address, if Changed Since Last Report)
  Check the appropriate box below
  if the Form 8-K filing is intended to simultaneously satisfy the filing
  obligation of the registrant under any of the following provisions (
  see
  General Instruction A.2. below):
  o
  Written communications pursuant to Rule 425 under the Securities
  Act (17 CFR 230.425)
  o
  Soliciting material pursuant to Rule 14a-12 under the Exchange Act
  (17 CFR 240.14a-12)
  o
  Pre-commencement communications pursuant to Rule 14d-2(b) under
  the Exchange Act (17 CFR 240.14d-2(b))
  o
  Pre-commencement communications pursuant to Rule 13e-4(c) under
  the Exchange Act (17 CFR 240.13e-4(c))
  Item
  5.02.
  Departure of Directors or Certain Officers;
  Election of Directors; Appointment of Certain Officers; Compensation
  Arrangements of Certain Officers
  Amendments to Employment Agreements
  On May 7,
  2008, the Board of Directors (the "Board") of Cano Petroleum, Inc. ("Cano")
  authorized amendments to the Employment Agreements of S. Jeffrey Johnson,
  Chairman and Chief Executive Officer, Morris B. "Sam" Smith, Senior Vice
  President and Chief Financial Officer, Patrick M. McKinney, Senior Vice
  President – Engineering and Operations and Michael J. Ricketts, Vice President
  and Principal Accounting Officer (the "Amendments").  The Amendments extend the term of the
  Employment Agreement (i) of Johnson from December 31, 2010 to May 31,
  2011, (ii) of Smith from May 31, 2010 to May 31, 2011, (iii) of
  McKinney from May 31, 2010 to May 31, 2011 and (iv) of Ricketts
  from June 30, 2010 to May 31, 2011.
  Feiner Employment Agreement
  On May 7, 2008, Cano agreed to an
  employment agreement (the "Employment Agreement") with Phillip Feiner, Vice
  President, General Counsel and Corporate Secretary.  The Employment Agreement has a term through May 31,
  2011 and provides for an annual salary of $150,000 and a bonus to be determined
  at the discretion of the Board of up to Mr. Feiner's entire annual base
  salary.  In addition, Mr. Feiner may
  receive increases in base salary at the discretion of the Board.
  Cano can terminate Mr. Feiner's
  employment prior to May 31, 2011 without Cano incurring any additional
  payments only (i) upon his death; (ii) if, as a result of his
  incapacity due to physical or mental illness, he shall be absent from his
  duties or unable to perform his duties for a total of 90 days during any twelve
  month period, and within fifteen days after written notice of termination is
  given, shall not have returned to the performance of his full duties on a full
  time basis; or (iii) for "Cause" as defined in his employment agreement.
  If Cano (i) terminates Mr. Feiner's
  employment other than due to Mr. Feiner's physical or mental illness as
  set forth in the Employment Agreement or other than for "Cause" as defined in
  the Employment Agreement; (ii) assigns Mr. Feiner any duties
  materially inconsistent with Mr. Feiner's position as Vice President and
  General Counsel of Cano; or (iii) assigns Mr. Feiner a title, office
  or status which is inconsistent with his present title, office or status, other
  than a promotion, Cano shall pay Mr. Feiner the greater of (a) his
  annual base salary for the remainder of the term of the Employment Agreement;
  or (b) six months of his annual base salary.
  If within twelve months after a "Change in
  Control," as defined in the Employment Agreement, Cano terminates Mr. Feiner's
  employment for any reason or Mr. Feiner resigns at any time after any
  diminution of his job title, duties or compensation or the relocation of Mr. Feiner
  to an office in a county that does not abut Tarrant County, Texas, Cano shall
  pay Mr. Feiner three times his annual salary and three times his prior
  year's bonuses and shall provide for three years to him, his spouse and
  dependents the right to participate in any health and dental plans that Cano
  maintains for its employees.
  * * * * *
  2
  SIGNATURES
  Pursuant to the requirements of the Securities Exchange Act of 1934,
  the registrant has duly caused this report to be signed on its behalf by the
  undersigned hereunto duly authorized.
  CANO PETROLEUM, INC.
  Date: 
    May 13, 2008
  By:
  /s/ Morris B. Smith
  Morris B. Smith
  Senior Vice President and
  Chief Financial
  Officer
  3