Canargo Energy (CANRQ) 8-K CanArgo Announces Q3 Results

EXHIBIT 99.1

FOR IMMEDIATE RELEASE IN EUROPE & NORTH AMERICA

CanArgo Announces Q3 Results

November 14^th 2003 — CanArgo Energy Corporation (“CanArgo”) (OSE: CNR, OTCBB: GUSH) today filed its results for the nine months ended September 30th 2003. A summary of the results released is attached.

CanArgo has reported a Net Profit of $313,718 for the three-month period ending September 30, 2003 compared to a Net Loss of $1,227,844 for the three-month ending September 30, 2002. In the Third Quarter, excluding Depreciation, Depletion and Amortization (D,D & A), CanArgo has made an Operating Profit of $1,337,533 compared to an Operating Loss of $145,406 in the same period last year. Including D, D & A, CanArgo has made an Operating Profit of $273,044 in the Third Quarter 2003 compared to an Operating Loss of $462,236 in the Third Quarter of 2002.

The move into profit is attributable primarily to the increase in revenue due to production from the N4H and N100H horizontal wells on the Ninotsminda Field in Georgia. In the Third Quarter 2003, revenue increased by 258% to $2,494,029 compared to $696,406 for the same period last year. Average quarterly Operating Expenses in 2003 to date compared to the average quarterly Operating Expenses in 2002 are down 24%.

In Georgia the N96H horizontal development well is currently being drilled with completion anticipated before the end of the year, and preparations are being made for a further horizontal well N22H. The testing programme on the Manavi exploration well M11 well is continuing with 35 degree API oil having been recovered, however during testing the production tubing became plugged and operations are underway to clean out this plug and recommence flow testing. The Norio exploration well MK72 is expected to recommence drilling before the end of the year following the farm-in by Georgian Oil announced earlier.

CanArgo is an independent oil and gas exploration and production company with its oil and gas operations currently located in the Republic of Georgia, Ukraine and the Caspian Sea. Further information on the Company is available at www.canargo.com and at http://www.sec.gov.

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 harbor 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

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give assurance that the results anticipated herein will be attained.

For further information, contact:

CanArgo Energy Corporation Julian Hammond
Tel:	+44 20 7808 4708
Fax	+44 20 7808 4747
Mobile:	+44 77 4057 6138
e-mail:	info@canargo.com

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CANARGO ENERGY CORPORATION AND SUBSIDIARIES

Financial Statements

Consolidated Condensed Balance Sheets

			Unaudited
			September 30,			December 31,
			2003			2002
			(Unaudited)			(Audited)
ASSETS
Cash and cash equivalents			$	2,690,920		$	1,598,304
Accounts receivable				233,345			306,336
Inventory				289,751			185,924
Prepayments				411,367			211,623
Assets held for sale				8,982,564			8,095,947
Other current assets				186,475			175,951
		Total current assets	$	12,794,422		$	10,574,085
Capital assets, net (including unevaluated amounts of $37,011,743 and $36,843,425, respectively)				60,595,949			59,702,525
Investments in and advances to oil and gas and other ventures — net				463,469			459,308
Total Assets			$	73,853,840		$	70,735,918
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable — trade			$	612,141		$	871,996
Advance from joint venture partner				533,750			—
Loans payable				167,536			—
Other liabilities				3,850,000			1,500,000
Income taxes payable				61,000			61,000
Accrued liabilities				187,769			204,045
Liabilities held for sale				3,049,269			2,351,965
		Total current liabilities	$	8,461,465		$	4,989,006
Provision for future site restoration				147,000			122,290
Minority interest in subsidiaries				2,880,860			3,519,342
Commitments and contingencies
Stockholders’ equity:
	Common stock, par value $0.10 per share			10,335,620			9,735,620
	Capital in excess of par value			145,520,060			145,151,475
	Foreign currency translation adjustment			(7,602	)		4,668
	Accumulated deficit			(93,483,563	)		(92,786,483	)
		Total stockholders’ equity	$	62,364,515		$	62,105,280
Total Liabilities and Stockholders’ Equity			$	73,853,840		$	70,735,918

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CANARGO ENERGY CORPORATION AND SUBSIDIARIES

Financial Statements

Consolidated Condensed Statements of Operations

		Unaudited Three Months Ended						Unaudited Nine Months Ended
		September 30,			September 30,			September 30,			September 30,
		2003			2002			2003			2002
Operating Revenues from Continuing Operations:
	Oil and gas sales	$	2,468,029		$	696,406		$	5,271,874		$	3,159,850
	Other		26,000			—			223,608			1,398,153
			2,494,029			696,406			5,495,482			4,558,003
Operating Expenses:
	Field operating expenses		359,530			261,943			1,004,804			1,141,304
	Direct project costs		266,378			176,556			690,508			1,158,258
	Selling, general and administrative		530,588			403,313			2,021,995			2,703,952
	Non cash stock compensation expense		—			—			276,507			—
	Depreciation, depletion and amortization		1,064,489			316,830			2,360,280			1,601,327
			2,220,985			1,158,642			6,354,094			6,604,841
Operating Income (Loss) from Continuing Operations			273,044			(462,236	)		(858,612	)		(2,046,838	)
Other Income (Expense):
	Interest, net		(15,168	)		34,507			(21,047	)		31,710
	Other		(69,668	)		(829,444	)		(86,198	)		(724,388	)
	Equity income (loss) from investments		86,059			45,495			129,089			136,485
Total Other Income (Expense)			1,223			(749,442	)		21,844			(556,193	)
Net Income (Loss) Before Minority Interest			274,267			(1,211,678	)		(836,768	)		(2,603,031	)
Minority interest in income (loss) of consolidated subsidiaries			7,284			(52,774	)		23,159			(2,300	)
Net Income (Loss) from Continuing Operations		$	281,551		$	(1,264,452	)	$	(813,609	)	$	(2,605,331	)
Net Income from Discontinued Operations, net of taxes and minority interest			32,167			36,608			75,239			173,390
Cumulative effect of change in accounting principle			—			—			41,290			—
Net Income (Loss)			313,718			(1,227,844	)		(697,080	)		(2,431,941	)
Other Comprehensive Income:
	Foreign currency translation		11,811			149,195			(12,270	)		97,938
Comprehensive Income (Loss)		$	325,529		$	(1,078,649	)	$	(709,350	)	$	(2,334,003	)
	Weighted average number of common shares outstanding		99,117,076			97,356,206			97,949,613			96,479,984
Net Loss Per Common Share — Basic and Diluted Before Cumulative Effect of Change in Accounting Principle
	— from continuing operations	$	0.00		$	(0.01	)	$	(0.01	)	$	(0.03	)
	— from discontinued operations	$	0.00			0.00		$	0.00			0.00
Net Loss Per Common Share — Basic and Diluted		$	0.00		$	(0.01	)	$	(0.01	)	$	(0.03	)

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