CanArgo Energy Names New CEO

CanArgo Energy Corp. revealed that, in connection with today's successful listing and IPO of its associate company Tethys Petroleum Limited ("Tethys") on the Toronto Stock Exchange ("TSX"), as of today's date Vincent McDonnell is assuming the position of Chief Executive Officer of the Corporation, in addition to his existing roles as President, Chief Operating Officer and Chief Commercial Officer. Dr David Robson is stepping down from the position of Chief Executive Officer but will remain as Chairman of the Corporation. Dr Robson is Chairman, President and Chief Executive Officer of Tethys and these changes were deemed necessary to ensure separation between the two companies.

Mr. McDonnell holds a B.Sc. (Hons.) degree in Geology, an M.Sc. degree in Geophysics and an MBA. He has worked for the Corporation since 2000, serving in positions including Chief Commercial Officer, Chief Financial Officer and Chief Operating Officer. He has also served as Acting General Director of the Corporation's Georgian operating subsidiary CanArgo Georgia Ltd. Prior to joining CanArgo, Mr. McDonnell worked in various business, commercial and technical roles with JKX Oil & Gas plc, Mobil Oil and Britoil plc.

CanArgo is an independent oil and gas exploration and production company with its principal oil and gas operations currently located in Georgia.

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