$ Canargo $ Rakete ?

Funds raised are intended to be used to advance the development of the Kyzyloi Gas Field and further exploration and development plans for the Akkulka and Greater Akkulka areas, including further shallow gas exploration, tie-in of new discoveries and exploration for potential oil and gas condensate deposits in the deeper Jurassic and Triassic prospects identified on recent seismic re-interpretation as well as potential new acquisitions in Kazakhstan and related areas.

CanArgo's current Senior Subordinated Convertible Guaranteed Note holders currently have an option to convert their Notes into Tethys shares and in anticipation of the AIM Admission have agreed that they will convert any outstanding portion of their $13 million debt in CanArgo into ordinary shares in the capital of Tethys immediately prior to a Tethys Spin Out subject to certain terms and conditions, including the issue of 13 million warrants to purchase CanArgo common stock at a price of $1.00 per share. In a separate transaction, the New York based investment firm, Persistency Capital, acting for the Cayman based investment fund, Persistency, who have recently closed a $10 million Third Lien Convertible Guaranteed Note in CanArgo, have arranged the acquisition of $5 million of the Senior Subordinated Note including its conversion obligations into Tethys.

In Kazakhstan, work is proceeding on the Kyzyloi Gas Field development program. The initial development will involve production from six already tested gas wells on the Kyzyloi Field, with addition of recent exploration discoveries. Purchase orders have now been placed for the compressors necessary to pressure up the gas for delivery into the main Bukhara - Urals gas trunkline, and first gas is expected in Q1 2007 with an initial planned rate of approximately 22 million cubic feet (625,000 cubic metres) of gas per day. Five further exploration / appraisal wells are planned on identified shallow gas prospects this year, with the drilling program expected to commence in Q3 2006.

Dr David Robson, Chairman, President and CEO of CanArgo commented, "The success of last year's shallow gas exploration program and the testing of wells on the Kyzyloi Field means that we are in a strong position to move ahead with both the gas development and further exploration. In addition, our recent seismic re-interpretation and the acquisition of the Greater Akkulka area means that we have significant deeper oil and gas condensate prospects to drill and explore. We believe that financing these activities separately through the Tethys Spin Off will be the best way to raise capital for these ventures whilst minimising dilution for our shareholders and with CanArgo retaining a significant interest in what we hope will be a successful venture for both CanArgo and Tethys."

CanArgo is an independent oil and gas exploration and production company with its oil and gas operations currently located in Georgia and in the Republic of Kazakhstan.

The matters discussed in this press release include forward-looking statements, which are subject to various risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated in such forward-looking statements. Such risks, uncertainties and other factors include the uncertainties inherent in oil and gas development and production activities, the effect of actions by third parties including government officials, fluctuations in world oil prices and other risks detailed in the Company's reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission. The forward-looking statements are intended to help shareholders and others assess the Company's business prospects and should be considered together with all information available. They are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company cannot give assurance that the results will be attained.

The M12 well is an appraisal of the Manavi M11
oil discovery which flowed oil at observed high
rates from the Cretaceous reservoir interval in
what is mapped as a large prospect and which
could be a substantial new oilfield.

Kazakhstan

Work continues on the development of the Kyzyloi
Gas Field. Orders have now been placed for the
pipeline and compressors for the development,
and first gas is currently planned for the
Spring of 2007. A five well
exploration/appraisal program is planned before
the end of this year. The proposed Spin-Out of
the Kazakhstan assets is still planned for later
this year, subject to pricing and market
conditions.

Vincent McDonnell, President of the Corporation,
commented `I am extremely pleased that we have
successfully run casing at this depth on the
Manavi 12 well. This is a significant drilling
success which should enable us to complete the
well and, subject to encountering hydrocarbons,
produce significant quantities of oil from the
well, and obtain the maximum flow rates from
this regionally prolific reservoir`.

The presentation will be held at 11:35 am
Central Mountain Time (19:35 pm Oslo time) on
Thursday August 17th, 2006 and will be Webcast.
The Webcast can be accessed at the following
link:

www.investorcalendar.com/CEPage.asp?
ID=107626

CanArgo is an independent oil and gas
exploration and production company with its oil
and gas operations currently located in Georgia
and the Republic of Kazakhstan.

The matters discussed in this press release
include forward-looking statements, which are
subject to various risks, uncertainties and
other factors that could cause actual results to
differ materially from the results anticipated
in such forward-looking statements. Such risks,
uncertainties and other factors include the
uncertainties inherent in oil and gas
development and production activities, the
effect of actions by third parties including
government officials, fluctuations in world oil
prices and other risks detailed in the Company`s
reports on Forms 10-K and 10-Q filed with the
Securities and Exchange Commission. The forward-
looking statements are intended to help
shareholders and others assess the Company`s
business prospects and should be considered
together with all information available. They
are made in reliance upon the safe harbor
provisions of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The
Company cannot give assurance that the results
will be attained.

For more information please contact:

USA
Sabin Rossi, VP External Affairs and Investor
Relations
CanArgo Energy Corporation
Tel : +1 617 669 1841
Fax : +1 617 973 6406
e-mail: sabin@canargo.com

NORWAY
Regina Jarstein
Gambit H&K AS
Tel: +47 (22) 048206

WKN: 896988   ISIN: US1372251082   Symbol: CNR  

Emerging Markets Investor - Canargo Energy dreistelliges Erholungspotenzial  

14:29 10.07.06  

Endingen (aktiencheck.de AG) - Die Aktie von Canargo Energy (ISIN US1372251082/ WKN 896988) können Anleger auf dem derzeitigen Kursniveau zu absoluten Tiefstpreisen mit dreistelligem Erholungspotenzial einsammeln, so die Experten von "Emerging Markets Investor".

Canargo Energy sei eine spannende Explorationsgesellschaft, mit Aktivitäten in Kasachstan und Georgien. Man rechne noch in diesem Jahr mit der Produktionsaufnahme. Die Analysten von ABG Sundal Collier würden für das laufende Jahr einen Umsatz von 20 Mio. USD und einen Gewinn je Aktie von 0,03 USD prognostizieren. Umsatz und Gewinn sollten sich in den nächsten Jahren vervielfachen. Das 2007er KGV von 2,7 solle im Folgejahr auf 1,9 sinken.

Die Begründung für die zuletzt geschehene Drittelung des Aktienkurses von Canargo Energy seien Klagen von Zulieferern und ferner eine Kontaminierung von Trinkwasser durch ein Leck. Diese Probleme habe man aber im Griff, alle Umweltauflagen würden nun eingehalten. Die Analysten von ABG Sundal Collier sähen ein Kursziel von 1,70 USD, was einem Potenzial von rund 150% entspreche, und für den Fall weiterer Ölfunde in der Kaukasusregion lägen die Zielkurse zwischen 5 und 8 USD.

Die Experten von "Emerging Markets Investor" sind der Ansicht, dass spekulativ orientierte Anleger bei der Canargo Energy-Aktie auf diesem Niveau blind zugreifen sollten. (10.7.2006/ac/a/a)  

CanArgo Energy says that while drilling ahead on the Manavi M12 well through the Cretaceous limestone reservoir a significant gas influx was observed, with up to 20% gas recorded at surface and with heavily gas-cut drilling mud. Traces of condensate were also observed in the mud. Drilling was temporarily halted at a depth of 4,733 meters (15,528 feet) in order to increase the mud weight to control the flow. Cuttings samples indicate a fractured porous vuggy white limestone, and oil/bitumen staining has been noted together with light oil/condensate shows. The mud weight is still being increased to control the well, after which it is planned to re-commence drilling through the reservoir whilst hydrocarbon shows continue. It is anticipated that total depth will be reached in early October 2006 after which logs will be run to evaluate the zones to be tested.

The Manavi M12 well is located in the Republic of Georgia.  

mal schauen was denn hier nochmal so geht bin gestern rein

The matters discussed in this press release include forward-looking statements, which are subject to various risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated in such forward-looking statements. Such risks, uncertainties and other factors include the uncertainties inherent in oil and gas development and production activities, the effect of actions by third parties including government officials, fluctuations in world oil prices and other risks detailed in the Companys reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission. The forward-looking statements are intended to help shareholders and others assess the Companys business prospects and should be considered together with all information available. They are made in reliance upon the safe harbour provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company cannot give assurance that the results will be attained.

This information was brought to you by Cision www.cisionwire.com

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irgendwas ist doch hier im busch??? oder wie seht ihr das ?

The Exchange further notified the Company that, as a result of the Company’s low share price of its common stock, the Company’s common stock may not be suitable for auction market trading. In accordance with Section 1003(f)(v) of the Company Guide, the Exchange notified the Company that it deemed it appropriate under the circumstances for the Company to effect a reverse stock split to address its low selling price and if a reverse stock split was not completed within a reasonable timeframe, the Exchange would consider suspending dealings in, or delisting, the Company’s common stock.

Finally, as a result of the previously announced resignation of one of its independent directors the Company was no longer in compliance with Sections 803 (A)(1) and Section 803(B)(2)a of the Company Guide, which require, respectively, that at least a majority of the Company’s directors are independent and that the Company’s audit committee be comprised of at least
three independent directors. Specifically, the Company currently only has two independent directors of the four directors on the Company’s Board of Directors and an audit committee composed of only two members.

The Company was offered an opportunity to file a plan with the Exchange of the steps it intended to take to regain compliance with the continued listing requirements of the Exchange within certain designated periods (“Plan Periods”). The Company submitted its plan of compliance on February 17, 2009 (the “Plan”).

On March 27, 2009, the Company was notified by the Staff that it had determined, following a review of the Plan, that the Plan did not make a reasonable demonstration of the Company’s ability to regain compliance with the Exchange’s continued listing standards by the end of the Plan Periods based upon the following reasons: the Staff’s concerns that due to the
Company's current severely impaired financial condition it would be unable to restructure its outstanding subordinated debt, which is currently in default, thereby precipitating possible bankruptcy proceedings; the severity of the Company’s financial impairment could result in an inability to secure audited financial statements timely thereby delaying the filing of CanArgo’s Form 10-K for the fiscal year ended December 31, 2008 by the required date of
March 31, 2009 (violating Sections 134 and 1101 of the Company Guide); there was significant uncertainty regarding the Company’s ability to receive the funds it is seeking in litigation against the defaulting standby underwriters in its rights offering concluded in October 2008 by the end of the Plan Period, and the Company’s common stock was continuing to trade at extremely low levels. Due to the nature and severity of the deficiencies cited above, as well as the triggering of these additional deficiencies, Staff determined to apply commentary .01 of Section 1009 of the Company Guide and not offer the Company an opportunity to submit a plan of compliance related to these deficiencies. Based on the foregoing, the Staff has concluded that it was appropriate to initiate immediate delisting proceedings at this time.

The Exchange intends to strike the Company’s common stock from the Exchange by filing a delisting application with the Securities and Exchange Commission pursuant to Section 1009(d) of the Company Guide. The Company does not intend to appeal the Exchange’s decision and the Company expects the Exchange’s decision to become final on or before April 3, 2009.

www.rufo.de/canargo

Ich hoffe, das sich der Titel hier mit steigendem Ölpreis etwas regeneriert und nicht total abschmiert!

66%

                            Gruß