CanArgo Comments On Market Speculation

CanArgo Energy Corporation ("CanArgo" or the "Company") (AMEX: CNR)(OSLO: CNR) today makes the following announcement in response to market speculation:

The Company noted in its recently filed Annual Report on Form 10-K that in order to continue with its planned development activities in Georgia, it was currently investigating fundraising proposals and that it would require to raise additional capital in 2008. The Company confirms that it is continuing to seek such funding and is in active discussions in connection with a potential fundraising. However, no agreement has yet been reached in relation to such a fundraising. A further announcement will be made in due course. Continued.......