Exploiting progressive niches, CanArgo has developed a portfolio of business opportunities with enormous upside potential, tempered by risks "less than typical" of this region.

CanArgo operates from a base established in The Republic of Georgia. Having successfully operated and repatriated U. S. dollars from the Ninotsminda field for three years, CanArgo has commenced an ambitious development plan to improve cash flow. With financing from the International Finance Corporation, the first stage of this development plan is expected to be completed in the first half of year 2000.

Investments in a 4,000 barrel per day refinery and a 2.0 megawatt flare and gas turbine generator increase profit potential and ensure that CanArgo does not lose control of its distribution chain. Involvement in the downstream distribution chain is an integral part of CanArgo's business unit strategy.

CanArgo has acquired project in West Ukraine and Dagestan. It expects these projects will offer similar combinations of "early oil", high upside and tempered risks as its Georgian Business Unit.

CanArgo has seasoned management, a strong balance sheet and a near term cash flow opportunity and large upsides. It offers investors the potential of short term returns for this risk based portfolio.

CanArgo's common shares are quoted on the OTC Bulletin Board under the symbol "GUSH" and the Oslo Stock Exchange under the symbol "CNR".

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