FORM 4
[ X ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

CARLSON CAPITAL L P 		2. Issuer Name and Ticker or Trading Symbol

CANO PETROLEUM, INC [ CFW ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      __ X __ 10% Owner
_____ Officer (give title below)      _____ Other (specify below)
(Last)          (First)          (Middle)

2100 MCKINNEY AVE, STE 1800 		3. Date of Earliest Transaction (MM/DD/YYYY)

3/3/2011
(Street)

DALLAS, TX 75201
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

___ Form filed by One Reporting Person
_ X _ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock, par value $.0001 per share ("Common Stock")   3/3/2011     S    624220   D $0.64   4181598   I   See Footnote   (1) (2)

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Explanation of Responses:
( 1)  The shares of common stock of Cano Petroleum, Inc. reported herein are directly beneficially owned by Double Black Diamond Offshore Ltd., Black Diamond Offshore Ltd., and Black Diamond Relative Value Offshore Ltd. (together, the "Funds") and by a managed account (the "Account"). Carlson Capital, L.P. ("Carlson Capital") is the investment manager of the Funds and the Account. Asgard Investment Corp. II ("Asgard II") is the general partner of Carlson Capital. Asgard Investment Corp. ("Asgard ") is the sole shareholder of Asgard II. Clint D. Carlson is the President of Asgard II, Asgard, and Carlson Capital.
( 2)  The Reporting Persons disclaim beneficial ownership of any and all such shares in excess of their pecuniary interest therein, and the filing of this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of or has a pecuniary interest in any such shares for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or any other purpose.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
CARLSON CAPITAL L P
2100 MCKINNEY AVE
STE 1800
DALLAS, TX 75201
X

Carlson Clint Duane
2100 MCKINNEY AVENUE
SUITE 1800
DALLAS, TX 75201
X

Asgard Investment Corp. II
2100 MCKINNEY AVENUE
SUITE 1800
DALLAS, TX 75201
X

Asgard Investment Corp.
2100 MCKINNEY AVENUE
SUITE 1800
DALLAS, TX 75201
X

Double Black Diamond Offshore Ltd
2100 MCKINNEY AVENUE
SUITE 1800
DALLAS, TX 75201
X

Black Diamond Offshore Ltd.
2100 MCKINNEY AVENUE
SUITE 1800
DALLAS, TX 75201
X

Black Diamond Relative Value Offshore Ltd.
2100 MCKINNEY AVENUE
SUITE 1800
DALLAS, TX 75201
X


Signatures
By: /s/ Clint D. Carlson, President of Asgard Investment Corp. II, general partner of Carlson Capital, L.P. 3/3/2011
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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