Chart Patterns and Trends

[Stockz4O]

CNR--CANARGO ENERGY

The Maybach Review: Has added CanArgo Energy Corp. to their watch list
1/31/2008

Jan 31, 2008 (M2 PRESSWIRE via COMTEX News Network) --
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Today's activity has brought CanArgo Energy Corp. on our radar.

CanArgo Energy Corp. was over 5% with below average volume early trading Thursday, January 31, 2008.

Thursday, January 31, 2008 CanArgo Energy Corporation have an update on the well testing operations at the Manavi 12 well in Georgia following the acid fracturing stimulation completed on January 28, 2008.

During the 40 hour period since the Manavi 12 well was put on production after fracture stimulating the well, the well has flowed back a total volume of liquids in excess of the treatment amount pumped into the formation during the fracturing operation. The well is currently flowing on a 5/16 inch (8 mm) choke with a well head pressure of 696 psi (47 atmospheres) at a rate of 78 barrels per hour (1,872 barrels per day) of fluids which includes 5 - 7% oil. The well continues to flow gas at an estimated rate of approximately 530,000 cubic feet (15 thousand cubic metres) per day, earlier having produced at double this rate.

While the fracture stimulation has demonstrated its effectiveness in opening the reservoir up to flow, the potential deliverability of the reservoir itself (maximum flow-back of 223 barrels per hour (5,352 barrels per day) observed) and the confirmation of oil and gas, it is not clear where the excess water is coming from. As part of the ongoing testing program, it is planned to run a production long in the well to determine the origin of this water.

Schlumberger is now preparing to run a mechanical plug in the well in preparation for changing out the 5" frac string for the 2 7/8" production tubing as planned. Once this operation is completed, the testing program will resume.

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