CanArgo Stockholders Authorize Share Issue

CanArgo Energy announced that at a Special Meeting of Stockholders held in Oslo, Norway, its stockholders have passed a proposal which authorizes CanArgo to issue up to 75 Million Shares of common stock.

Dr. David Robson, President and CEO of CanArgo said, "We are pleased that our Stockholders have voted to authorize this issue which will now allow us to move forward with our efforts to raise funds for our development and appraisal efforts in Georgia."

A Registration Statement relating to these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the Registration Statement becomes effective. This Press Release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

In other news CanArgo announced that it has completed a deal to sell its interest in the Bugruvativske Field in Ukraine for $2 million. CanArgo has received $250,000 and will receive the remaining $1,250,000 based on certain production targets being achieved on the project. CanArgo has now completed its exit from that country.

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