Canargo Secures Primary Listing on the Oslo Stock Exchange.Business Editors CALGARY, ALBERTA & OSLO, NORWAY--(BUSINESS WIRE)--July 26, 2000 CanArgo Energy Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :GUSH)(OSE OSE - Open Systems Environment :CNR See riser card. CNR - Communication and Network Riser ) is pleased to announce it has received approval for a primary listing of its common shares on the Oslo Stock Exchange Oslo Stock Exchange An exchange founded in 1819 and trading stocks, bonds, and stock options that is considered the options market of Norway. ("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 OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. 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 (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. 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 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. , 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 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. The Company cannot give assurance that the results anticipated herein will be attained. |
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