Exhibit 99(3)
[CANARGO ENERGY CORPORATION LETTERHEAD]
FOR IMMEDIATE RELEASE IN NORTH AMERICA AND EUROPE
July 26, 2000 - CanArgo secures primary listing on the Oslo Stock Exchange
Calgary, Alberta, Oslo, Norway-- CanArgo Energy Corporation (OTCBB: GUSH, OSE:
CNR) is pleased to announce it has received approval for a primary listing of
its common shares on the Oslo Stock Exchange ("OSE").
CanArgo's common shares will trade on the OSE under its existing symbol "CNR."
These shares will continue to be quoted on the OTC Bulletin Board under the
symbol "GUSH."
In light of CanArgo's recent $16 million private placement, it is anticipated
that this primary listing will result in a significantly higher profile for the
Company in the investment community in Europe, and in particular in Norway.
Dr David Robson, Chairman and CEO of CanArgo commented: " With our growing
institutional and retail following in Norway, a primary listing on the OSE was a
logical choice for CanArgo. We believe that a primary listing on the OSE along
with a quote on the OTC Bulletin Board provides our investors with liquidity and
CanArgo with access to capital markets appropriate for its present stage of
development."
The Oslo Stock Exchange established in 1819 is the sole public market in Norway.
There are currently 217 companies listed on the OSE, with 195 domestic and 22
international issuers.
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
