Exhibit 99.1
CanArgo Energy Corporation
FOR IMMEDIATE RELEASE IN EUROPE & NORTH AMERICA
CANARGO ENERGY CORPORATION
ANNOUNCES THE CLOSING OF THE OFFERING PERIOD
FOR ITS GLOBAL PUBLIC OFFERING
12 July 2004 — Oslo, Norway, New York, USA — CanArgo Energy Corporation (OSE: CNR; AMEX: CNR) announced today that it closed the offering period for its global public offering of up to 75,000,000 of its common shares at 22:00 CET on Friday July 9, 2004. Pricing of the offering is anticipated to take place at or shortly after the Registration Statement becoming effective.
A Registration Statement relating to these securities has been filed with the United States Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the Registration Statement becomes effective. This Press Release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
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 give assurance that the results will be attained.
CanArgo is an independent oil and gas exploration and production company with its oil and gas operations currently located in the Republic of Georgia and the Caspian area.
For more information please contact:
CanArgo Energy Corporation,
Julian Hammond, Investor Relations Manager
Tel: +44 7740 576 139
Fax: +44 1481 729 982
e-mail: info@canargo.com
| NORWAY Regina Jarstein Gambit H&K AS Tel: + 47 95213451 | USA Michael Wachs CEOcast.com Tel: + 1 212 732 4300 |