CanArgo Energy Corporation: Notice of Delisting

GUERNSEY, BRITISH ISLES, Jul 06 (MARKET WIRE) --
CanArgo Energy Corporation ("CanArgo" or the "Company") (OSLO: CNR) (PINK
SHEETS: CANR) today announced that on July 3, 2009 it was notified by the
Legal Department of the Oslo Bors ASA (the "Oslo Bors ") that the Company
is in breach of the Continuing Obligations of the Oslo Bors and is given
a notice of delisting under section 16 of the Public Administration Act
("Forvaltningsloven"). The Company is in breach of the Securities Trading
Act section 5.5 in not having filed its annual financial report within
four months of the financial year end 2008 and is not in compliance with
section 2.4 of the Continuing Obligations in that its share price has
traded below NOK1 for a period in excess of six months. The Company does
not believe it has the financial means to comply with the Continuing
Obligations in the near term and expects the Oslo Bors to commence
delisting procedures immediately after July 13, 2009.

Shareholders, creditors and other interested parties should consult the
Company's website www.canargo.com for further updates on the Company's
status.

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, among other matters, the
uncertainties inherent in oil and gas activities; the effects of the
Company's impaired financial condition; the effects of actions by third
parties including creditors and government officials; fluctuations in
world oil prices and other risks detailed in the Company's reports on
Forms 10-K and 10-Q previously filed with the Securities and Exchange
Commission; the ability of the Company and its subsidiaries to arrive at
a successful negotiation with its creditors and to prosecute, develop and
consummate one or more plans of reorganization with respect to any
possible Chapter 11 proceeding; the effects of any possible Chapter 11
filing on the Company and the interests of various creditors, equity
holders and other constituents; Bankruptcy Court rulings in any possible
Chapter 11 case and the outcome of any such proceedings in general; the
length of time the Company will operate under a possible Chapter 11
proceeding; the risks associated with third party motions in any possible
Chapter 11 proceeding, which may interfere with the Company's ability to
develop and consummate one or more plans of reorganization; the potential
adverse effects of a possible Chapter 11 proceeding on the Company's
liquidity or results of operations; continued compliance with conditions
for funding under any secured credit facility that may be obtained to
fund the Company while in any possible Chapter 11 proceeding; the ability
to execute the Company's business and restructuring plan; management of
cash resources; restrictions imposed by, and as a result of, the
Company's substantial leverage; increased legal costs related to a
possible bankruptcy case and other litigation and the Company's ability
to maintain contracts that are critical to its operation, to obtain and
maintain normal terms with customers, suppliers and service providers and
to retain key executives, managers and employees. 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:
CanArgo Energy Corporation
www.canargo.com

Copyright 2009, Market Wire, All rights reserved.

-0-