CanArgo to Hold Conference Call and Webcast.

GUERNSEY, Channel Islands -- CanArgo Energy Corporation ("CanArgo") (OSE:CNR) (AMEX:CNR) today announced that it will hold a conference call and webcast at 10:00 a.m. US Eastern Time (16:00 pm Central European Time) on Tuesday, November 16, 2004 to update shareholders on its third quarter 2004 financial results for the period ended September 30, 2004 and to discuss current operations in Georgia.

To participate in the call in the Unites States and Canada please dial 1-800-273-9154. Callers from outside the US and Canada please dial [phone]. The conference code is 2051825. Participants will have an opportunity to ask questions after the presentation. There will also be a playback available. To listen to the playback, please call 1-800-642-1687 when calling within the United States or [phone] when calling from outside the US and Canada. Please use passcode 2051825. The playback will be available beginning at midnight eastern time the day of the call and accessible for 60 days.

The call will also be broadcast over the Internet. To listen to the call, please go to www.canargo.com or http://audioevent.mshow.com/193988 where there is a short registration process.

Shareholders are also reminded that a briefing meeting will be held at 11:00 am on Tuesday 16th November 2004 in the Hotel Continental, Stortingsgaten 24/26, Oslo, Norway.

CanArgo is an independent oil and gas exploration and production company with its oil and gas operations currently located in the Republic of Georgia and the Caspian area.

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 will be attained.