SUMMARY DETAILS

• CanArgo Energy Corporation is a US company registered in the State of Delaware with headquarters in St. Peter Port, Guernsey, Channel Islands.
• CanArgo stock is listed on the Oslo Stock Exchange (OSE) under the symbol "CNR" and in the U.S. over-the-counter market under the symbol "CANR" as quoted in the "Pink Quote".
• The company has 254,469,277 shares of Common Stock issued and outstanding.
• The main business of the company is oil and gas exploration, production and development.
• CanArgo holds a 100% contractor interest in four Production Sharing Contracts ("PSC/PSA") in the prolific Kura Basin in Georgia totaling 607,113 gross acres.
• It has a good project portfolio mix of production, development, appraisal and exploration.
• The company has one producing field, the Ninotsminda Field in Georgia, with gross total proven reserves of approximately 1.97 million barrels of oil and 2.25 billion cubic feet (63.7 million cubic metres) gas as assessed by independent petroleum engineers, Oilfield Production Consultants (OPC) Limited, at January 1, 2009.
• Gross production at the Ninotsminda Field for the first quarter 2009 was approximately 400 barrels of oil per day and approximately 1.73 million cubic feet of natural gas per day.