CanArgo Energy Corporation: Resignation of Board Director

• Press Release
• Source: CanArgo Energy Corporation
• On Monday December 8, 2008, 5:08 pm EST

GUERNSEY, BRITISH ISLES--(MARKET WIRE)--Dec 8, 2008 -- CanArgo Energy Corporation ("CanArgo" or the "Company") (AMEX:CNR - News) (Oslo:CNR.OL - News) today announced that Russ Hammond, Non-Executive Director, is stepping down from the CanArgo Board with immediate effect and leaving the Company.

Vincent McDonnell, Chairman, President and Chief Executive Officer, said: "I would like to thank Russ Hammond for his immense contribution to CanArgo over the years, having been a director of the Company since its inception, and I wish him all the best in the future."

The Company will consider appointing a replacement director to the Board in due course.

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.

     Contacts:
     US and NORWAY
     Eric Cameron
     Gambit Hill & Knowlton AS
     +47 96 62 55 94
     Email: canargo@hillandknowlton.com
      
     US and NORWAY
     Christopher Rodsten
     Gambit Hill & Knowlton AS
     +47 96 62 55 94
     Email: canargo@hillandknowlton.com
      
     US and NORWAY
     Fredrik Tangeraas
     Gambit Hill & Knowlton AS
     +47 96 62 55 94
     Email: canargo@hillandknowlton.com