Canargo Energy (CANRQ) 8-K Regulation FD Disclosure

Exhibit 99.1

CanArgo Energy Corporation

FOR IMMEDIATE RELEASE IN EUROPE & NORTH AMERICA
Q1 Results 2007

May 10, 2007 — Guernsey, British Isles — CanArgo Energy Corporation (”CanArgo” or the “Company”) (OSE: CNR, AMEX: CNR) today reported results for the three months ending March 31, 2007.

Please see the tables attached to this release.

The Form 10-Q filed with the Securities and Exchange Commission in the United States can be accessed at the following link;

http://www.sec.gov/Archives/edgar/data/310316/000115697307000768/0001156973-07-000768-index.htm

CanArgo is an independent oil and gas exploration and production company with its oil and gas operations currently located in Georgia and in the Republic of Kazakhstan.

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 ENERGY CORPORATION AND SUBSIDIARIES

Selected Financial Information
Consolidated Condensed Statements of Operations
Expressed in United States dollars

CANARGO ENERGY CORPORATION AND SUBSIDIARIES

Selected Financial Information
Consolidated Condensed Statements of Operations
Expressed in United States dollars

For more information please contact:

USA
Sabin Rossi, VP External Affairs and Investor Relations
CanArgo Energy Corporation
Tel:     +1 617 669 1841
Fax:     +1 617 973 6406

e-mail: sabin@canargo.com

NORWAY
Eric Cameron
Gambit H&K AS
Tel: +47 (22) 048206