CanArgo Energy Corp. (fka CANRQ)

[bigarow]

Press Release Source: CanArgo Energy Corporation


CanArgo Energy Corporation: Settlement of WEUS Holding Inc Claims
Tuesday February 10, 4:01 pm ET


GUERNSEY, BRITISH ISLES--(MARKET WIRE)--Feb 10, 2009 -- CanArgo Energy Corporation ("CanArgo" or the "Company") (AMEX:CNR - News) (Oslo:CNR.OL - News) today announced that on February 9, 2009 it had entered in to a Settlement Agreement with WEUS Holding Inc ("WEUS") a subsidiary of Weatherford International Ltd. On September 12, 2005, WEUS had lodged a formal Request for Arbitration with the London Court of International Arbitration against the Company in respect of unpaid invoices for work performed under the Master Service Contract dated June 1, 2004 between the Company and WEUS for the supply of under-balanced coil tubing drilling equipment and services during the first and second quarter of 2005. Pursuant to the Request for Arbitration, WEUS' demand for relief was USD $4,931,332. Pursuant to the terms of the Settlement Agreement and in consideration for the termination of the arbitration proceedings and the receipt of mutual releases the Company has agreed to use its best efforts to pay WEUS the settlement amount of $1.2 million on or before February 18, 2009 but in any event on or before March 31, 2009. Each party agrees to bear its own costs of the arbitral proceedings and the settlement and to share equally the costs of the arbitrator.
ADVERTISEMENT


Vincent McDonnell, Chairman, President and Chief Executive Officer, said: "I believe the terms of the settlement of this long standing claim, given the original amount of the claim and the further costs of litigating the matter to a possibly uncertain conclusion, is in the best interests of the Company and its stockholders, creditors and other interest holders."

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.



Contact:
Contacts:
US and NORWAY
Eric Cameron
Gambit Hill & Knowlton AS
[phone]
Email: [e-mail]

US and NORWAY
Christopher Rodsten
Gambit Hill & Knowlton AS
[phone]
Email: [e-mail]

US and NORWAY
Fredrik Tangeraas
Gambit Hill & Knowlton AS
[phone]
Email: [e-mail]



--------------------------------------------------------------------------------
Source: CanArgo Energy Corporation


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[bigarow]

CNR NEWS,Settled suit.Gonna rocket tomorrow.IMO.Press Release Source: CanArgo Energy Corporation


CanArgo Energy Corporation: Settlement of WEUS Holding Inc Claims
Tuesday February 10, 4:01 pm ET


GUERNSEY, BRITISH ISLES--(MARKET WIRE)--Feb 10, 2009 -- CanArgo Energy Corporation ("CanArgo" or the "Company") (AMEX:CNR - News) (Oslo:CNR.OL - News) today announced that on February 9, 2009 it had entered in to a Settlement Agreement with WEUS Holding Inc ("WEUS") a subsidiary of Weatherford International Ltd. On September 12, 2005, WEUS had lodged a formal Request for Arbitration with the London Court of International Arbitration against the Company in respect of unpaid invoices for work performed under the Master Service Contract dated June 1, 2004 between the Company and WEUS for the supply of under-balanced coil tubing drilling equipment and services during the first and second quarter of 2005. Pursuant to the Request for Arbitration, WEUS' demand for relief was USD $4,931,332. Pursuant to the terms of the Settlement Agreement and in consideration for the termination of the arbitration proceedings and the receipt of mutual releases the Company has agreed to use its best efforts to pay WEUS the settlement amount of $1.2 million on or before February 18, 2009 but in any event on or before March 31, 2009. Each party agrees to bear its own costs of the arbitral proceedings and the settlement and to share equally the costs of the arbitrator.
ADVERTISEMENT


Vincent McDonnell, Chairman, President and Chief Executive Officer, said: "I believe the terms of the settlement of this long standing claim, given the original amount of the claim and the further costs of litigating the matter to a possibly uncertain conclusion, is in the best interests of the Company and its stockholders, creditors and other interest holders."

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.



Contact:
Contacts:
US and NORWAY
Eric Cameron
Gambit Hill & Knowlton AS
[phone]
Email: [e-mail]

US and NORWAY
Christopher Rodsten
Gambit Hill & Knowlton AS
[phone]
Email: [e-mail]

US and NORWAY
Fredrik Tangeraas
Gambit Hill & Knowlton AS
[phone]
Email: [e-mail]



--------------------------------------------------------------------------------
Source: CanArgo Energy Corporation


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Set News Alert
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[sludgehound]

CNR 8am SEC filing Blackrock holdings

Form SC 13G/A CANARGO ENERGY CORP Filed by: BlackRock Inc.
Blackrock (BLK) volatility at 90; assets under management at $1.31 trillion
BlackRock (BLK) Misses Q4 Views; Reports $80.5B Decline in Asset Values
BlackRock Reports Full Year and Fourth Quarter Earnings; Assets Under Management of $1.307 Trillion at December 31, 2008

CanArgo Energy Corporation: Continued NYSE Alternext US Listing Rules

February 10, 2009 8:17 AM EST

http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=6119706

Filed on: February 10, 2009

[iwant1mil]

Yeah you probably could buy at .03 and sell at .04, but I'm out of this one. I don't like the zillions of little 100 block buys. I perfer a stock trading with larger volume like SIRI, check it out.

[buy_high_sell_lower]

now he is going to have to buy at $.03 and sell @ $.04...lol

[hang ten]

I like that strategy/idea, that way you have a chance to lower your cost basis. I'll see if mine offers that ability!

[iwant1mil]

Yeah, looks like something might be up. I finnaly got out, but I'm thinking about getting back in. I just don't like the little 100 and 200 block trades.

[buy_high_sell_lower]

Wow....some heavy volume today...

[iwant1mil]

Let's just say it's one of the best. But all brokers that I know only charge one commission per day on partial trades of the same stock.

[buy_high_sell_lower]

who do you trade through??

[iwant1mil]

It's only one commission per day no matter how many partial sells. So on Wednesday, I had about a ton of 100 & 200 buys that hit my sell. I have never seen that many small trades before. But since it total over 6K, it was worth the one commission. Now if I can just sell the remaining 3K in one day I'll be ok.

[buy_high_sell_lower]

With the broker fee for each trade, how can you make any money if you you are selling in such small clumps?

[iwant1mil]

That's strange, I bought 10,000 at .04 and sold a little over 6,000 at .05 all day Wednesday in 100 and 200 lots. But not even 1 share Thrusday and Friday even though it still sold at .05.

[iwant1mil]

It's time to rumble. This sleeping baby could have potential. Looks like they have an agreement that the note will not be converted into shares, so no dilution.

---------------------------------------------------

Form 8-K for CANARGO ENERGY CORP


--------------------------------------------------------------------------------

16-Jan-2009

Entry into a Material Definitive Agreement, Regulation FD Disclosure, Financi



Item 1.01 Entry into a Material Definitive Agreement
On June 28, 2006 CanArgo Energy Corporation, ("CanArgo"), entered into a Notes Purchase Agreement ("the Purchase Agreement") with Persistency Capital ("Persistency") relating to the 12% Subordinated Convertible Guaranteed Notes, due June 28, 2010 (the "Subordinated Notes").
On January 16 , 2009 CanArgo entered into a further agreement (the "Agreement") with Persistency whereby Persistency agrees and covenants that prior to April 20, 2009, absent the Company's consent, or an event of default which results in the Subordinated Notes becoming immediately due and payble, or a Change of Control as defined in the Purchase Agreement (other than as a result of a transaction with Persistency or its affiliate), it will not convert or exchange, or seek to convert or exchange, any or all of the Subordinated Notes into shares of Common Stock of the Issuer, or into any other security convertible or exchangeable into shares of Common Stock of the Issuer, pursuant to Section 11.7 of the Note Agreement.
A copy of the Agreement is attached hereto as Exhibit 10.1.




Item 7.01. Regulation FD Disclosure.
January 16, 2009 - Guernsey, British Isles - CanArgo Energy Corporation ("CanArgo" or the "Company") (OSE: CNR, NYSE ALTERNEXT: CNR.BC) today announced that the Company has filed a lawsuit with the Oslo Conciliation Board, as court of first instance in Oslo, Norway, against Caldwell Associates Limited, Provincial Securities Limited and Heritage Cie S.A., three of the underwriters of the Company's recent rights offering.
The defendant parties have not given notification that they are represented by legal attorneys in the matter. CanArgo is therefore, under Norwegian law, required to bring the lawsuit before the Conciliation Board, instead of directly in the Oslo District Court. The Conciliation Board may however refer the matter to the Oslo District Court.
CanArgo is in preliminary settlement discussions with certain of the other five underwriters (who in aggregate account for $5m of the total $24.2m underwriting commitments) and accordingly at this time has not filed a complaint against those five underwriters.
CanArgo is an independent oil and gas exploration and production company with its oil and gas operations currently located in Georgia.
The information in this item 7.01 (including its exhibit) shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended ("Exchange Act"), or otherwise subject to liability of that section. The information in this report (including its exhibit) shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing.
A copy of the Press Release is attached hereto as Exhibit 99.1.




Item 9.01. Financial Statements and Exhibits.
(d) Exhibits:

Exhibit No. Exhibit Description

10.1 Agreement dated January 16, 2009 between CanArgo Energy Corporation and
Persistency.
99.1 Press Release dated January 16, 2008 issued by CanArgo Energy
Corporation

[buy_high_sell_lower]

I bet we see this thing fly this year! Better get in before it's to late!!

[Tutu]

.6 i cant believe it wow

[Tutu]

did you get any sweetners

[Tutu]

what has happen to this company wow

[Tutu]

do you still hold

[TITAN]

CANARGO DIRECTORS & OFFICERS

Vincent McDonnell – Director
– Chairman,
– President, Chief Executive Officer ("CEO"), Chief Operating
Officer ("COO"), Chief Commercial Officer ("CCO")
Jeffrey Wilkins – Director
– Chief Financial Officer ("CFO")
– Corporate Secretary
Michael Ayre – Independent Non-Executive Director
Russ Hammond – Independent Non-Executive Director
Anthony Perry – Independent Non-Executive Director

[TITAN]

CNR News http://www.canargo.com/Investor%20Information/Press%20Releases/2008/CNR%20081020%20Press%20Release%20re%20second%20extension.pdf

[TITAN]

Transfer Agent
Signature Stock Transfer, Inc.
2301 Ohio Drive
Plano, TX 75093

[TITAN]

Estimated Market Cap
$21,789,665 as of Oct 22, 2008
Outstanding Shares
242,107,390 as of Aug 1, 2008
Number of Share Holders of Record
15,000 as of Mar 13, 2008

[TITAN]

CanArgo Energy Corp.
CanArgo Energy Corporation
P.O. Box 291
St. Peter Port, Guernsey
British Isles GY1 3RR
United Kingdom

http://www.canargo.com

Phone: [phone]

[Recognizer]

CNR chart by mtcinc0

[Maldical]

If we were to use the Ichimoku Clouds the Tenkan (9 EMA) & Kijun (26 EMA) lines are currently inside the cloud making this a "watch and see" play only right now. The Chikou span (current price 26 periods ago) is below the cloud (bearish) but it is about to enter the cloud. If the Tenkan crosses over the Kijun and the Chikou span goes above the cloud we will have a full break out. If we can blow by the 100 day moving average at .33 I think this will line up perfectly. If we break .35 that would be great confirmation. A good 4-5 million volume day could make this go fast.

[Sidney]

I'm watching CNR, it looks good.

[Pennyland]

there will be tomorrow!;')

[Maldical]

Anyone still watching CNR? Chart looks ready to go, IMO.

[hang ten]

More like boom, lootie :) eom

[hang ten]

Management’s Plan

We require additional funding within the next six months to continue with our Georgian operations as planned. We are in the process of addressing this by exploring available financing alternatives sufficient to cover at least our short-term working capital needs. On April 23, 2008, we announced that our Board of Directors had given approval to conducting a proposed offering to common stockholders (the Rights Offering) of rights to purchase one share of common stock for each share of common stock held of record on a date to be announced later. The proposed subscription price for the Rights Offering will be $0.10 per share. As of April 18, 2008, there were an aggregate of 242,107,390 shares of common stock issued and outstanding. The Rights Offering is contingent, among other things, upon stockholders approving an increase in the number of authorized shares of common stock at the Annual Meeting of Stockholders, currently scheduled for June 26, 2008, securing the consents of the holders of the our outstanding notes, securing a standby underwriting, registration of the Rights Offering under the Securities Act of 1933, as amended (the Securities Act) and complying with all other applicable securities laws and stock exchange rules and regulations. We also announced that we are currently negotiating with one or more prospective investors to underwrite the unsubscribed shares at the subscription price. The Rights Offering, if successful, would provide the capital needed to meet at least our 2008 planned capital expenditures.

We believe that if we are eventually able to successfully complete the Manavi 12 well such that a significant quantity of oil flows are produced, we will be able to raise additional debt and/or equity funds in order to continue operations and to properly develop the Manavi Field, continue our development plans for the Ninotsminda Field, continue appraising the Norio discoveries, and further develop our business in the region.

http://www.sec.gov/Archives/edgar/data/310316/000115697308000532/u55592e10vq.htm



Drink What The Lion Drinks

[lootie]

CNR is either going bust or boom.The fact the institutions are staying in and buying tells you something.
Not a sure thing but I am holding till I know.Too many od things happening.

[hang ten]

Yesterday up nearly 7c on over 3m volume...

[lootie]

Too damn odd.
This stock looks like a real investors disaster.

But get this:the major shareholders are buying more shares!
The current share offer,1-1 at 10 cents is totally underwritten.

Then add in,we have someone wanting in to drill Norio.Probably BP.They have the pipeline adjacent.

I believe we are being played false-or at least could be.
I am holding my small holding .More dd is needed here to uncover the truth.

[hang ten]

Alright, maybe CNR stays on AMEX......

CanArgo Energy Corporation: Appointment of New Independent Director

GUERNSEY, CHANNEL ISLANDS, Mar 27, 2008 (MARKET WIRE via COMTEX) -- CanArgo Energy Corporation today announces the appointment of Anthony J. Perry as an Independent Non-Executive Director of the Board of CanArgo with effect from April 1, 2008. He will also join the Company's Audit Committee.
Anthony Perry, a British citizen, is an experienced oil and gas professional with over 40 years of organizational, financial, commercial and technical experience within the international exploration and production industry. He has a B.Sc. degree in Geology from Bristol University and a Diploma of Imperial College London in Petroleum Reservoir Engineering. He is a Chartered Engineer and a Distinguished Member of the Society of Petroleum Engineers (SPE); he is a Board Member and a former Chairman of the London section of the SPE.
Mr. Perry began his career as a Petroleum Engineer with Ultramar and a subsidiary of Gulf Oil Company in Venezuela. From 1970 to 1978 he worked for a subsidiary of British Petroleum in Abu Dhabi, ultimately as Chief Petroleum Engineer. During the period 1978 to 1983, he held the position of Manager of Petroleum Engineering at BP Petroleum Development (UK) Ltd which was a period of major expansion for BP in the North Sea. Later he went on to become Manager of Operations at Texas Eastern North Sea Inc. before taking up senior management positions at Mobil North Sea Limited as commercial co-ordinator, joint venture co-ordinator and secretary of the Mobil North Sea management council. From 2000 to 2005, he was Chairman of Oilfield Production Consultants (OPC) Limited, a Petroleum and Reservoir Engineering Consultancy.
Vincent McDonnell, Chairman, President and Chief Executive Officer of CanArgo commented: "I am extremely pleased to have Anthony join us as an Independent Non-Executive Director and also as a member of the Company's Audit Committee. Anthony's broad experience and expertise in oil and gas will be invaluable as we continue to develop and grow the Company. This appointment means that we now satisfy the continued listing requirements of the American Stock Exchange (AMEX) for a majority of Independent Directors on the Board and three Independent Directors on the Audit Committee."

[hang ten]

S&P Afrms CNR At 'A-' On Strong Competitive Position

From my Streamer

[hang ten]

On AMEX until Apr 4, is this enough to time to test Manavi 12?


http://www.marketwatch.com/news/story/canargo-energy-corporation-continued-amex/story.aspx?guid=%7B33385DF3%2D7D76%2D42F8%2D90D1%2DEAA3924665FB%7D&newsid=921738645&&dist=bigchartssymb=CNR&sid=115519

[hang ten]

I can see why Canargo is putting out updates now. From the website and pr's, work on Manavi12 has been ongoing since 2004... So I'm sure they're anxious to start testing asap, IMO.

[Myth]

Not really, mostly negative posts.... well I guess its attention... http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_C/threadview?m=tm&bn=22184&tid=81341&mid=81341&tof=2&frt=2

[Myth]

I think this is the only news that matters with cnr http://biz.yahoo.com/e/080108/cnr8-k.html What happens next ? On what exchange will they end up ? Too many if, ands or buts here, its a hold or sell imo.

[Daisy Dukes]

I'll check it out, thanks! :)

[jsc52033]

Daisy there have some excellent posts on Investor Village cnr board as to how SLB is attempting to stop the water in the well.

[Daisy Dukes]

WOW! Only 15 minutes into the trading day and almost 500,000 shares traded.

Come on NEWS!


CNR is a STRONG BUY!!!

[Daisy Dukes]

Anyone else sense GREAT news coming soon.

With all this volume its almost a MUST.

[Daisy Dukes]

CNR Norway Volume is HUGE!

The market opens at midnight west coast time.

Here is the link to see how it is doing, this will give us a clue about how it will do here tomorrow.


http://hopey.netfonds.no/ppaper.php?paper=CNR

The stock symbol is CNR.OL

You can also check it up on yahoo

[Daisy Dukes]

This one is looking terrific!

Notice the reference to CANARGO ENERGY!

Good thing is, this came out on Fridar Febuary 1st.



Rowan Gets $56 Million Drilling Contract
AP
Posted: 2008-01-08 17:04:56
HOUSTON (AP) - Rowan Companies Inc. said Tuesday it signed a six-month drilling contract worth $56 million for work offshore eastern Canada beginning in mid-2009.

The contract oil driller did not disclose its partner in the deal. It has committed one of its "Gorilla" rigs for the job.

Chief Executive Danny McNease said recent contracts "enhance our future earnings visibility" and that Rowan's fleet is benefitting from strong demand for high-specification drilling equipment. The company recently reported $110 million worth of drilling contracts for its "Super Gorilla" rigs with CanArgo Energy Corp. and BG Group PLC.

Rowan shares rose 28 cents to $39.26 in morning trading.

[Daisy Dukes]

Building is down, so construction and tool stocks aren't any good, people are dropping cable and other extras, so cable stocks aren't any good.

BUT IT IS A DARN COLD WINTER!

So these OIL and NATURAL GAS stocks are GREAT!

GO CNR!

[Daisy Dukes]

This board will be BOOMING in a few days.

[Daisy Dukes]

Keep looking, but not too long, this is going to jump SOON!

2,000,000 shares traded daily!

Not many stocks on the AMEX do that.

[Daisy Dukes]

I think that was semi good news, I believe more is on its way.