EXHIBIT 10.1

                 STOCK REDEMPTION AGREEMENTS WITH SHAREHOLDERS


<PAGE>


                             NOXSO CORPORATION
                         STOCK REDEMPTION AGREEMENT

THIS AGREEMENT, dated as of April 24, 2002, by and between NOXSO CORPORATION, a
corporation organized and existing under the laws of the State of Virginia,
having its principal office at 19 Maple Lane, Rhinebeck, New York 12572 (the
"Corporation"), and ROBERT M. LONG, residing at 19 Maple Lane, Rhinebeck, New
York 12572 ("Seller").

                                  RECITALS

WHEREAS, Seller owns 360,000 shares of common stock of the Corporation; and

WHEREAS, Corporation is desirous of redeeming 119,570 of the shares of common
stock of the Corporation owned by Seller (the "Shares"); and

WHEREAS, Seller is desirous of selling the Shares to the Corporation as
aforesaid;

NOW, THEREFORE, in consideration of the mutual covenants and agreements
hereinafter set forth, it is agreed:

1.     REDEMPTION OF SHARES.

       a.     The Corporation agrees to redeem from Seller 119,570 shares of the
              Corporation's common stock owned by Seller and Seller agrees to
              transfer to Corporation 119,570 shares of the Corporation's common
              stock owned by Seller for and in consideration of the total sum of
              One Hundred Nineteen Thousand Five Hundred Seventy Dollars
              ($119,570) to be paid on or before the closing of the business
              combination transaction with Cano Energy Corporation (the "Cano
              Closing"). The Corporation's payment obligation shall be evidenced
              by a non-interest bearing promissory note due July 3, 2002, which
              note shall be in the form annexed hereto as Exhibit A and
              delivered to Seller upon execution of this Agreement (the
              "Promissory Note").

       b.     If the business combination transaction with Cano Energy
              Corporation should fail to close by July 3, 2002, the Corporation,
              at its option, may cancel and terminate this Agreement.  In that
              event, the Promissory Note delivered to Seller will be deemed to
              be cancelled and the Corporation shall have no obligation or
              liability to Seller.

2.     REPRESENTATIONS OF SELLER.  Seller hereby represents and warrants as
follows:

       a.     The Shares being sold hereunder are validly issued, fully paid and
              nonassessable by the Corporation.


Noxso Corporation Stock Redemption Agreement - Page 1 of 4
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       b.     Seller has, and will have  at the  Closing as  hereafter  defined,
              full, lawful power and authority to enter into and to carry out
              the terms of, and all the transactions contemplated by this
              Agreement.

       c.     Seller has legal title to the Shares to be redeemed pursuant to
              this Agreement, free and clear of any and all liens, claims,
              pledges, or encumbrances of any kind, nature, or description, with
              full and unrestricted legal power, authority, and right to enter
              into this Agreement and to issue and deliver such Shares pursuant
              hereto, and upon such delivery of such Shares to the Corporation,
              the Corporation will be the owner of such Shares and receive legal
              title to such Shares, free and clear of any and all liens, claims,
              pledges, or encumbrances.

       d.     All of the representations and warranties set forth in this
              Section shall be deemed renewed by Seller at the Closing as if
              made at such time and shall survive the Closing.

3.     REPRESENTATIONS OF CORPORATION.  The Corporation hereby represents and
warrants as follows:

       a.     Corporation has, and will have at the Closing, full, lawful power
              and authority to enter into and to carry out the terms of, and all
              transactions contemplated by, this Agreement.

       b.     The execution and delivery of this Agreement, and the consummation
              of the transactions contemplated hereby, by Corporation, have been
              duly authorized by its Board of Directors and no other corporate
              action is required for the approval of this Agreement, which is
              valid and binding upon Corporation in accordance with its terms.

       c.     Corporation has been duly organized and is validly existing in
              good standing under the laws of the State of Virginia and is
              qualified to do business and in good standing in all other
              jurisdictions in which the conduct of its business requires
              qualification.

       d.     At the Closing, the Corporation will have sufficient surplus to
              lawfully redeem Seller's Shares as provided herein.

       e.     All of the representations and warranties set forth in this
              Section shall be deemed renewed by  Corporation at the Closing as
              if made at said time and shall survive the Closing.

4.     CLOSING.

       a.     The closing ("Closing") of the sale of the Shares hereunder shall
              take place simultaneously with the Cano Closing.


Noxso Corporation Stock Redemption Agreement - Page 2 of 4
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       b.     At the Closing, Corporation shall deliver to Seller the amount of
              One Hundred Nineteen Thousand Five Hundred Seventy Dollars
              ($119,570) as full payment of the Promissory Note.

       c.     At the Closing, Seller shall deliver to Corporation a certificate
              or certificates for 119,570 shares of common stock of the
              Corporation, duly endorsed for transfer, with all transfer stamps
              affixed.

5.     BINDING EFFECT.  This Agreement shall be binding upon and shall inure to
       the benefit of the parties hereto and their respective heirs, executors,
       administrators, successors, and permitted assigns.

6.     APPLICABLE LAW.  This Agreement is to be governed and interpreted in
       accordance with the laws of the State of Virginia.

7.     ENTIRE AGREEMENT. This Agreement constitutes the entire agreement between
       the parties hereto and may not be changed, amended, altered, or modified
       except by an instrument in writing signed by the party or parties sought
       to be charged with such change, amendment, alteration, or modification.

IN WITNESS WHEREOF, the parties hereto have hereunto set their respective
hands and seals as of the date first above written.

                                      "Corporation"
                                      NOXSO CORPORATION


                                     By:  /s/ ROBERT M. LONG
                                        ----------------------------------------
                                            Robert M. Long, President

                                     "Seller"

                                      /s/ ROBERT M. LONG
                                     -------------------------------------------
                                     Robert M. Long


Noxso Corporation Stock Redemption Agreement - Page 3 of 4
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<PAGE>



                                 Exhibit A

                              PROMISSORY NOTE

$119,570                                                          APRIL 24, 2002
                                                             RHINEBECK, NEW YORK

FOR  VALUE  RECEIVED,  the  undersigned,  NOXSO  CORPORATION  ("Maker"),  hereby
promises to pay to the order of ROBERT M. LONG  ("Holder"),  in lawful  money of
the United States and in immediately  available  funds,  the principal amount of
ONE HUNDRED NINETEEN THOUSAND FIVE HUNDRED SEVENTY DOLLARS  ($119,570),  without
interest, on or before July 3, 2002.

This Note is without  recourse  to Maker.  Holder's  sole remedy in the event of
nonpayment  shall be the  non-delivery  of 119,570  shares of the Maker's common
stock to Maker.

This  Note may be  cancelled  as  described  in the Stock  Redemption  Agreement
executed between Maker and Holder as of this date.

This Promissory Note shall be governed by the laws of Virginia.

"Maker"
NOXSO CORPORATION


BY:  /s/ ROBERT M. LONG
-----------------------------------
    Robert M. Long, President



<PAGE>

                                NOXSO CORPORATION
                           STOCK REDEMPTION AGREEMENT

THIS AGREEMENT, dated as of April 24, 2002, by and between NOXSO CORPORATION, a
corporation organized and existing under the laws of the State of Virginia,
having its principal office at 19 Maple Lane, Rhinebeck, New York 12572 (the
"Corporation"), and ROBERT PLATEK, residing at 5 Halls Lane, Rye, New York 10580
("Seller").

                                    RECITALS

WHEREAS, Seller owns 450,000 shares of common stock of the Corporation; and

WHEREAS, Corporation is desirous of redeeming 119,570 of the shares of common
stock of the Corporation owned by Seller (the "Shares"); and

WHEREAS, Seller is desirous of selling the Shares to the Corporation as
aforesaid;

NOW, THEREFORE, in consideration of the mutual covenants and agreements
hereinafter set forth, it is agreed:

1.     REDEMPTION OF SHARES.

       a.     The Corporation agrees to redeem from Seller 119,570 shares of the
              Corporation's common stock owned by Seller and Seller agrees to
              transfer to Corporation 119,570 shares of the Corporation's common
              stock owned by Seller for and in consideration of the total sum of
              One Hundred Nineteen Thousand Five Hundred Seventy Dollars
              ($119,570) to be paid on or before the closing of the business
              combination transaction with Cano Energy Corporation (the "Cano
              Closing"). The Corporation's payment obligation shall be evidenced
              by a non-interest bearing promissory note due July 3, 2002, which
              note shall be in the form annexed hereto as Exhibit A and
              delivered to Seller upon execution of this Agreement (the
              "Promissory Note").

       b.     If the business combination transaction with Cano Energy
              Corporation should fail to close by July 3, 2002, the Corporation,
              at its option, may cancel and terminate this Agreement. In that
              event, the Promissory Note delivered to Seller will be deemed to
              be cancelled and the Corporation shall have no obligation or
              liability to Seller.

2.     REPRESENTATIONS OF SELLER.  Seller hereby represents and warrants as
follows:

       a.     The Shares being sold hereunder are validly issued, fully paid and
              nonassessable by the Corporation.


Noxso Corporation Stock Redemption Agreement - Page 1 of 4
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<PAGE>



       b.     Seller has, and will have at the Closing as hereafter defined,
              full, lawful power and authority to enter into and to carry out
              the terms of, and all the transactions contemplated by this
              Agreement.

       c.     Seller has legal title to the Shares to be redeemed pursuant to
              this Agreement, free and clear of any and all liens, claims,
              pledges, or encumbrances of any kind, nature, or description, with
              full and unrestricted legal power, authority, and right to enter
              into this Agreement and to issue and deliver such Shares pursuant
              hereto, and upon such delivery of such Shares to the Corporation,
              the Corporation will be the owner of such Shares and receive legal
              title to such Shares, free and clear of any and all liens, claims,
              pledges, or encumbrances.

       d.     All of the representations and warranties set forth in this
              Section shall be deemed renewed by Seller at the Closing as if
              made at such time and shall survive the Closing.

3.     REPRESENTATIONS OF CORPORATION.  The Corporation hereby represents and
warrants as follows:

       a.     Corporation has, and will have at the Closing, full, lawful power
              and authority to enter into and to carry out the terms of, and all
              transactions contemplated by, this Agreement.

       b.     The execution and delivery of this Agreement, and the consummation
              of the transactions contemplated hereby, by Corporation, have been
              duly authorized by its Board of Directors and no other corporate
              action is required for the approval of this Agreement, which is
              valid and binding upon Corporation in accordance with its terms.

       c.     Corporation has been duly organized and is validly existing in
              good standing under the laws of the State of Virginia and is
              qualified to do business and in good standing in all other
              jurisdictions in which the conduct of its business requires
              qualification.

       d.     At the Closing, the Corporation will have sufficient surplus to
              lawfully redeem Seller's Shares as provided herein.

       e.     All of the representations and warranties set forth in this
              Section shall be deemed renewed by Corporation at the Closing
              as if made at said time and shall survive the Closing.

4.     CLOSING.

       a.     The closing ("Closing") of the sale of the Shares hereunder shall
              take place simultaneously with the Cano Closing.


Noxso Corporation Stock Redemption Agreement - Page 2 of 4
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<PAGE>



       b.     At the Closing, Corporation shall deliver to Seller the amount of
              One Hundred Nineteen Thousand Five Hundred Seventy Dollars
              ($119,570) as full payment of the Promissory Note.

       c.     At the Closing, Seller shall deliver to Corporation a certificate
              or certificates for 119,570 shares of common stock of the
              Corporation, duly endorsed for transfer, with all transfer stamps
              affixed.

5.     BINDING EFFECT.  This Agreement shall be binding upon and shall inure to
       the benefit of the parties hereto and their respective heirs, executors,
       administrators, successors, and permitted assigns.

6.     APPLICABLE LAW.  This Agreement is to be governed and interpreted in
       accordance with the laws of the State of Virginia.

7.     ENTIRE AGREEMENT.  This Agreement constitutes the entire agreement
       between the parties hereto and may not be changed, amended, altered, or
       modified except by an instrument in writing signed by the party or
       parties sought to be charged with such change, amendment, alteration, or
       modification.

IN WITNESS WHEREOF, the parties hereto have hereunto set their respective hands
and seals as of the date first above written.

                                      "Corporation"
                                      NOXSO CORPORATION


                                      By:  /s. ROBERT M. LONG
                                         ---------------------------------------
                                           Robert M. Long, President

                                      "Seller"

                                        /s/ ROBERT PLATEK
                                      ------------------------------------------
                                      Robert Platek


Noxso Corporation Stock Redemption Agreement - Page 3 of 4
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<PAGE>



                                    Exhibit A

                                 PROMISSORY NOTE

$119,570                                                          APRIL 24, 2002
                                                             RHINEBECK, NEW YORK

FOR  VALUE  RECEIVED,  the  undersigned,  NOXSO  CORPORATION  ("Maker"),  hereby
promises to pay to the order of ROBERT PLATEK ("Holder"), in lawful money of the
United States and in immediately  available  funds,  the principal amount of ONE
HUNDRED  NINETEEN  THOUSAND FIVE HUNDRED  SEVENTY  DOLLARS  ($119,570),  without
interest, on or before July 3, 2002.

This Note is without  recourse  to Maker.  Holder's  sole remedy in the event of
nonpayment  shall be the  non-delivery  of 119,570  shares of the Maker's common
stock to Maker.

This  Note may be  cancelled  as  described  in the Stock  Redemption  Agreement
executed between Maker and Holder as of this date.

This Promissory Note shall be governed by the laws of Virginia.

"Maker"
NOXSO CORPORATION


BY:  /s/ ROBERT M. LONG
------------------------------------------
   Robert M. Long, President

<PAGE>

                                NOXSO CORPORATION
                           STOCK REDEMPTION AGREEMENT

THIS AGREEMENT, dated as of April 24, 2002, by and between NOXSO CORPORATION, a
corporation organized and existing under the laws of the State of Virginia,
having its principal office at 19 Maple Lane, Rhinebeck, New York 12572 (the
"Corporation"), and ROBERT J. SALLUZZO, residing at 204 South William Street,
Johnstown, New York 12095 ("Seller").

                                    RECITALS

WHEREAS, Seller owns 135,000 shares of common stock of the Corporation; and

WHEREAS, Corporation is desirous of redeeming 35,860 of the shares of common
stock of the Corporation owned by Seller (the "Shares"); and

WHEREAS, Seller is desirous of selling the Shares to the Corporation as
aforesaid;

NOW, THEREFORE, in consideration of the mutual covenants and agreements
hereinafter set forth, it is agreed:

1.       REDEMPTION OF SHARES.

         a.       The Corporation agrees to redeem from Seller 35,860 shares of
                  the Corporation's common stock owned by Seller and Seller
                  agrees to transfer to Corporation 35,860 shares of the
                  Corporation's common stock owned by Seller for and in
                  consideration of the total sum of Thirty Five Thousand
                  Eight Hundred Sixty Dollars ($35,860) to be paid on or before
                  the closing of the business combination transaction with Cano
                  Energy Corporation (the "Cano Closing").  The Corporation's
                  payment obligation shall be evidenced by a non-interest
                  bearing promissory note due July 3, 2002, which note shall be
                  in the form annexed hereto as Exhibit A and delivered to
                  Seller upon execution of this Agreement (the "Promissory
                  Note").

         b.       If the business combination transaction with Cano Energy
                  Corporation should fail to close by July 3, 2002, the
                  Corporation, at its option, may cancel and terminate this
                  Agreement. In that event, the Promissory Note delivered to
                  Seller will be deemed to be cancelled and the Corporation
                  shall have no obligation or liability to Seller.

2.       REPRESENTATIONS OF SELLER.  Seller hereby represents and warrants as
follows:

         a.       The Shares being sold hereunder are validly issued, fully paid
                  and nonassessable by the Corporation.


Noxso Corporation Stock Redemption Agreement - Page 1 of 4
                                                          --------    ---------
<PAGE>


         b.       Seller has, and will have at the Closing as hereafter defined,
                  full, lawful power and authority to enter into and to carry
                  out the terms of, and all the transactions contemplated by
                  this Agreement.

         c.       Seller has legal title to the Shares to be redeemed pursuant
                  to this Agreement, free and clear of any and all liens,
                  claims, pledges, or encumbrances of any kind, nature, or
                  description, with full and unrestricted legal power,
                  authority, and right to enter into this Agreement and to issue
                  and deliver such Shares pursuant hereto, and upon such
                  delivery of such Shares to the Corporation, the Corporation
                  will be the owner of such Shares and receive legal title to
                  such Shares, free and clear of any and all liens, claims,
                  pledges, or encumbrances.

         d.       All of the representations and warranties set forth in this
                  Section shall be deemed renewed by Seller at the Closing as if
                  made at such time and shall survive the Closing.

3.       REPRESENTATIONS OF CORPORATION.  The Corporation hereby represents and
         warrants as follows:

         a.       Corporation has, and will have at the Closing, full, lawful
                  power and authority to enter into and to carry out the terms
                  of, and all transactions contemplated by, this Agreement.

         b.       The execution and delivery of this Agreement, and the
                  consummation of the transactions contemplated hereby, by
                  Corporation, have been duly authorized by its Board of
                  Directors and no other corporate action is required for the
                  approval of this Agreement, which is valid and binding upon
                  Corporation in accordance with its terms.

         c.       Corporation has been duly organized and is validly existing in
                  good standing under the laws of the State of Virginia and is
                  qualified to do business and in good standing in all other
                  jurisdictions in which the conduct of its business requires
                  qualification.

         d.       At the Closing, the Corporation will have sufficient surplus
                  to lawfully redeem Seller's Shares as provided herein.

         e.       All of the representations and warranties set forth in this
                  Section shall be deemed renewed by Corporation at the Closing
                  as if made at said time and shall survive the Closing.

4.       CLOSING.

         a.       The closing ("Closing") of the sale of the Shares hereunder
                  shall take place simultaneously with the Cano Closing.

Noxso Corporation Stock Redemption Agreement - Page 2 of 4
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<PAGE>


         b.       At the Closing, Corporation shall deliver to Seller the amount
                  of Thirty Five Thousand Eight Hundred Sixty Dollars ($35,860)
                  as full payment of the Promissory Note.

         c.       At the Closing, Seller shall deliver to Corporation a
                  certificate or certificates for 35,860 shares of common stock
                  of the Corporation, duly endorsed for transfer, with all
                  transfer stamps affixed.

5.       BINDING EFFECT.  This Agreement shall be binding upon and shall inure
         to the benefit of the parties hereto and their respective heirs,
         executors, administrators, successors, and permitted assigns.

6.       APPLICABLE LAW.  This Agreement is to be governed and interpreted in
         accordance with the laws of the State of Virginia.

7.       ENTIRE AGREEMENT.  This Agreement constitutes the entire agreement
         between the parties hereto and may not be changed, amended, altered, or
         modified except by an instrument in writing signed by the party or
         parties sought to be charged with such change, amendment, alteration,
         or modification.

IN WITNESS WHEREOF, the parties hereto have hereunto set their respective hands
and seals as of the date first above written.

                                       "Corporation"
                                       NOXSO CORPORATION


                                       By:  /s/ ROBERT M. LONG
                                          --------------------------------------
                                             Robert M. Long, President

                                       "Seller"

                                        /s/ ROBERT J. SALLUZZO
                                       -----------------------------------------
                                       Robert J. Salluzzo


Noxso Corporation Stock Redemption Agreement - Page 3 of 4
                                                          --------    ---------


<PAGE>



                                    Exhibit A

                                 PROMISSORY NOTE

$35,860                                                           APRIL 24, 2002
                                                             RHINEBECK, NEW YORK

FOR  VALUE  RECEIVED,  the  undersigned,  NOXSO  CORPORATION  ("Maker"),  hereby
promises to pay to the order of ROBERT J. SALLUZZO  ("Holder"),  in lawful money
of the United States and in immediately available funds, the principal amount of
THIRTY FIVE THOUSAND EIGHT HUNDRED SIXTY DOLLARS ($35,860), without interest, on
or before July 3, 2002.

This Note is without  recourse  to Maker.  Holder's  sole remedy in the event of
nonpayment  shall be the  non-delivery  of 35,860  shares of the Maker's  common
stock to Maker.

This  Note may be  cancelled  as  described  in the Stock  Redemption  Agreement
executed between Maker and Holder as of this date.

This Promissory Note shall be governed by the laws of Virginia.

"Maker"
NOXSO CORPORATION


BY:    /s/ ROBERT M. LONG
   ---------------------------------------
      Robert M. Long, President