0001104659-08-008480 Sample Contracts

AMENDMENT NO. 8 AND AGREEMENT
8 and Agreement • February 8th, 2008 • Cano Petroleum, Inc • Crude petroleum & natural gas • Texas

This AMENDMENT NO. 8 AND AGREEMENT (“Agreement”) entered into and made effective as of January 16, 2008 (“Effective Date”) is among Cano Petroleum, Inc., a Delaware corporation (“Borrower”), the Guarantors (as defined below), the Lenders (as defined below), and Union Bank of California, N.A., as administrative agent for such Lenders (in such capacity, the “Administrative Agent”) and as issuing lender (in such capacity, the “Issuing Lender”).

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FIRST AMENDMENT TO THE CANO PETROLEUM, INC. NONQUALIFIED STOCK OPTION AGREEMENT
Nonqualified Stock Option Agreement • February 8th, 2008 • Cano Petroleum, Inc • Crude petroleum & natural gas

This FIRST AMENDMENT (the “Amendment”) to the Nonqualified Stock Option Agreement (the “Agreement”) dated December 28, 2006, is hereby made and entered as of the 2nd day of January, 2008 by and between Cano Petroleum, Inc., a Delaware corporation (the “Company”) and Donnie Dale Dent (the “Participant”). Terms used in this Amendment with initial capital letters that are not otherwise defined herein shall have the meanings ascribed to such terms in the Agreement.

FIRST AMENDMENT TO THE CANO PETROLEUM, INC. NONQUALIFIED STOCK OPTION AGREEMENT
Nonqualified Stock Option Agreement • February 8th, 2008 • Cano Petroleum, Inc • Crude petroleum & natural gas

This FIRST AMENDMENT (the “Amendment”) to the Nonqualified Stock Option Agreement (the “Agreement”) dated December 13, 2005, is hereby made and entered as of the 2nd day of January, 2008 by and between Cano Petroleum, Inc., a Delaware corporation (the “Company”) and Donnie Dale Dent (the “Participant”). Terms used in this Amendment with initial capital letters that are not otherwise defined herein shall have the meanings ascribed to such terms in the Agreement.

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