July 17, 2008

CanArgo Energy Corporation: Annual Meeting of Stockholders

CanArgo Energy Corporation ("CanArgo" or the "Company") (AMEX: CNR) (OSLO: CNR) today reminded Stockholders that its Annual Meeting of Stockholders will be held on July 18, 2008 at 10.30 a.m. Eastern Standard Time at the American Stock Exchange, 86 Trinity Place, New York, NY. Following the meeting, there will be a corporate presentation which will be webcast and can be accessed via CanArgo's homepage at www.canargo.com.

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

The matters discussed in this press release include forward-looking statements, which are subject to various risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated in such forward-looking statements. Such risks, uncertainties and other factors include the uncertainties inherent in oil and gas development and production activities, the effect of actions by third parties including government officials, fluctuations in world oil prices and other risks detailed in the Company's reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission. The forward-looking statements are intended to help shareholders and others assess the Company's business prospects and should be considered together with all information available. They are made in reliance upon the safe harbour provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company cannot give assurance that the results will be attained.

 Contacts: US and NORWAY Gambit Hill & Knowlton AS Eric Cameron +47 96 62 55 94 Email: [email protected]  US and NORWAY Gambit Hill & Knowlton AS Christopher Rodsten +47 96 62 55 94 Email: [email protected]  US and NORWAY Gambit Hill & Knowlton AS Fredrik Tangeraas +47 96 62 55 94 Email: [email protected] Website: www.canargo.com

SOURCE: CanArgo Energy Corporation