Exhibit 99(1)
[CANARGO ENERGY CORPORATION LETTERHEAD]
FOR IMMEDIATE RELEASE IN NORTH AMERICA AND EUROPE
August 16, 2000 - Registration Statement Declared Effective
Calgary, Alberta, Oslo, Norway - CanArgo Energy Corporation (OSE: CNR, OTCBB:
GUSH) announced today that its Registration Statement on Form S-3 relating to
the offer and sale of 25,048,766 shares of its common stock by certain
stockholders has been declared effective by the U.S. Securities and Exchange
Commission. Neither CanArgo nor its directors nor executive officers is selling
shares in this offering, and will not receive any proceeds from the sale of the
shares offered under this prospectus.
This press release does not constitute an offer to sell, nor is it seeking an
offer to buy, the common stock in any jurisdiction.
A prospectus may be obtained from CanArgo's office at 1580 Guinness House, 727
7th Avenue SW, Calgary, Alberta T2P 0Z5.
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.
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
