Exhibit 99(1)
[CANARGO ENERGY CORPORATION LETTERHEAD]
FOR IMMEDIATE RELEASE IN NORTH AMERICA AND EUROPE
August 31, 2000 - CanArgo appoints Roger Brittain as non-executive Chairman
Calgary Alberta, Oslo, Norway - CanArgo Energy Corporation (OSE: CNR, OTCBB:
GUSH) today announced the appointment of Mr. Roger Brittain as the Company's
non-executive Chairman of the Board of Directors. Mr. Brittain joins the Company
effective September 1, 2000.
Mr. Brittain is an experienced investment banker having worked for many years in
the oil and gas sector. He began his career in the Foreign Service, working in
the Middle East, before moving to London, where he has worked with several
investment banks with a focus on the oil and gas sector. He was involved in the
establishment of TR Energy, Guinness Mahon Energy Services Limited and is
currently a Director of Corporate Finance at Investec Henderson Crosthwaite. Mr
Brittain is also a non-executive Director of Soco International plc and Glenrand
Simpson Limited and an adviser to Devon Energy Corporation. He has been
chairman (or a member) of audit committees of several oil companies over the
past 12 or so years.
Dr David Robson, Chief Executive Officer, said, "I am delighted that Roger
Brittain is joining us. With our recently announced move to London and focus on
European markets, Mr Brittain's considerable knowledge and experience will be of
great benefit to our Board. As Chief Executive, I very much look forward to
working with him."
CanArgo Energy Corporation is an independent oil and gas exploration and
production company operating in Eastern Europe. CanArgo's principal oil and gas
operations are located in the Republic of Georgia. The Company's activities at
its primary field in Georgia, the Ninotsminda field, are conducted through its
wholly owned subsidiary, Ninotsminda Oil Company Limited. In addition, the
Company has interests in several other oil and gas prospects and in refining,
marketing, independent power production and oilfield technology activities.
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 anticipated herein will be attained.
For further information, contact:
North America Norway
Tel: +403.777.1185 Eric Cameron, Gambit
Toll Free 1-888-777-7974 Tel : +47.22.04.82.00
E-mail : [email protected] Fax : +47.22.04.82.01
web: www.canargo.com
