CanArgo Makes Changes to the Board of Directors

CanArgo has appointed Jeffrey Wilkins to the position of Executive Director on the Board of CanArgo Energy Corporation with immediate effect in addition to his current duties as Chief Financial Officer.

Mr. Jeffrey Wilkins has served as the Company's CFO since August 2006 prior to which he acted as the Company's Financial Controller from April 2001. Before joining CanArgo, he held various European finance positions for Fisher-Rosemount, part of Emerson Electric Company between 1995 and 1999 and from 1999 to 2000 he was European Financial Accountant for The Dialog Corporation, a business of the Thompson Corporation. Mr. Wilkins is 44 years old and a Chartered Management Accountant with a degree in Economics and Politics from the University of Bath.

The Company also announced that Nils Trulsvik, Non-Executive Director, is stepping down from the CanArgo Board with immediate effect due to potential conflict of interest in respect of other oil and gas companies in which he is involved.

Dr. David Robson, Non-Executive Chairman of CanArgo's Board said, "I am pleased to announce the appointment of Jeffrey to the Board of CanArgo. His track record with the Company and his extensive finance experience will serve to strengthen the executive team at this very important time for the Company as it prepares to complete the testing of the Manavi 12 well and build for the future. Also, I would like to thank Nils Trulsvik for his very significant contribution to CanArgo over the years and I wish him all the best in the future."

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