CanArgo Energy Corporation: Sale of Interest in Boryslaw Oil Company Completed.Energy Editors/Business Editors OSLO, Norway--(BUSINESS WIRE)--Nov. 10, 2003 CanArgo Energy Corporation ("CanArgo") (OSE OSE - Open Systems Environment :CNR See riser card. CNR - Communication and Network Riser ) (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :GUSH) today announced that it has completed the sale of its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Fountain Oil Boryslaw ("FOB FOB 1) adj. short for Free on Board, meaning shipped to a specific place without cost. 2) Friend of Bill (Clinton). (See: Free on Board) "), following early receipt of the total payment due to CanArgo under the recently announced sales agreement. FOB holds a 45% interest in Boryslaw Oil Company, the joint venture in west Ukraine currently operating the Stynawske oilfield. CanArgo is an independent oil and gas exploration and production company operating in Eastern Europe. CanArgo's principal oil and gas operations are currently located in the Republic of 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 CanArgo'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 CanArgo's business prospects and should be considered together with all information available. They are made in reliance upon the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. CanArgo cannot give assurance that the results anticipated herein will be attained. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion