Client: Cano Petroleum, Inc.
Line of Business: Oil Recovery
Services: Risk Assessment Services
Client Contact: Morris B. "Sam" Smith, Vice President, 817.698.0900
Fort Worth-based Cano Petroleum, Inc. (Cano) focuses on secondary and enhanced oil recovery techniques to extract additional oil from mature onshore U.S. fields. The company engaged Weaver and Tidwell in 2006 for Sarbanes-Oxley Section 404 compliance services.
“At that time, Cano was a non-accelerated filer and needed to be compliant in the fiscal year ending June 30, 2007,” recalls Morris B. “Sam” Smith, a Senior Vice President with the company who recently stepped down from his previous role as Chief Financial Officer. “We subsequently engaged Weaver and Tidwell in 2007 to perform internal audit services.”
Acting as an internal auditor, Weaver and Tidwell examines Cano’s internal controls to ensure the compliant preparation of financial statements, says Weaver and Tidwell’s Bruce Zaret, a partner in risk advisory services.
The company selected Weaver and Tidwell for a variety of reasons, Smith says. Reputation, quality of work, depth of experience, size of the organization, accessibility and cost were all important criteria when comparing potential audit service providers, he explains.
“Weaver and Tidwell has a good reputation in the local community, as well as specific experience in the oil and gas industry that we believed would be important to Cano,” notes Smith. “We checked with other companies that had utilized the services of Weaver and Tidwell and had good responses as well.”
Smith and his colleagues at Cano have been very satisfied with quality of work, level of service, and responsiveness from Weaver and Tidwell’s partners and staffers. He has been particularly pleased with the excellent level of communication, as well as with the professional relationships developed between the two companies.
“We made the correct decision when we engaged Weaver and Tidwell to provide services to Cano,” Smith concludes.
Morris B. "Sam" Smith
Vice President
Cano Petroleum, Inc.