CanArgo Shares to Trade on Main List of the Oslo Stock Exchange.

Business Editors

LONDON & OSLO, Norway--(BUSINESS WIRE)--Oct. 17, 2000

CanArgo Energy Corporation (OSE:CNR, OTCBB:GUSH) announced today it has been notified by the Oslo Stock Exchange ("OSE") that its shares have been transferred from the SMB list to the Main list.

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."

Admission to the Main list is reserved by the OSE for more senior companies, while the SMB list is traditionally for small to medium size enterprises. The admission of CanArgo's shares was based on several factors including market value, share distribution, financial strength and trading record. The first trading day on the Main list will be determined by the Stock Exchange President and is expected to be early next week. As a result of the move to the Main list, CanArgo will now be included in the Oslo Stock Exchange All Share Index.

Dr. David Robson, Chief Executive Officer, reported, "The graduation of our listing from the SMB list to the Main list is no doubt an achievement for CanArgo. I feel quite confident that our investors will benefit from the increased exposure and prestige this new listing brings our Company."

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.