🕐09.12.08 - 11:02 Uhr

CanArgoEnergyCorporation: RESIGNATION OF BOARD DIRECTOR




CanArgoEnergyCorporation


CanArgoEnergyCorporation

FOR IMMEDIATE RELEASE IN EUROPE & NORTH AMERICA
RESIGNATION OF BOARD DIRECTOR

December 8, 2008 - Guernsey, British Isles - CanArgo Energy Corporation ("CanArgo" or
the "Company") (OSE: CNR, AMEX:CNR) today announced that Russ Hammond, Non-
Executive Director, is stepping down from the CanArgo Board with immediate effect and
leaving the Company.
Vincent McDonnell, Chairman, President and Chief Executive Officer, said: "I would like to
thank Russ Hammond for his immense contribution to CanArgo over the years, having been a
director of the Company since its inception, and I wish him all the best in the future."
The Company will consider appointing a replacement director to the Board in due course.
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.
For more information please contact:
US and NORWAY
Eric Cameron, Christopher Rodsten, Fredrik Tangeraas
Gambit Hill & Knowlton AS
Tel: +47 96 62 55 94
Email:

December 8, 2008 - Guernsey, British Isles - CanArgo Energy Corporation ("CanArgo" or
the "Company") (OSE: CNR, AMEX:CNR) today announced that Russ Hammond, Non-
Executive Director, is stepping down from the CanArgo Board with immediate effect and
leaving the Company.
Vincent McDonnell, Chairman, President and Chief Executive Officer, said: "I would like to
thank Russ Hammond for his immense contribution to CanArgo over the years, having been a
director of the Company since its inception, and I wish him all the best in the future."
The Company will consider appointing a replacement director to the Board in due course.
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.

For more information please contact:
US and NORWAY
Eric Cameron, Christopher Rodsten, Fredrik Tangeraas
Gambit Hill & Knowlton AS
Tel: +47 96 62 55 94
Email:

 




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