Item 8.01. Other Events.
October 13, 2008, - Guernsey, Channel Islands - CanArgo Energy Corporation (OSE:CNR; AMEX:CNR) ("CanArgo" or the "Company") announced today that it has been advised by certain of the underwriters of the Company's Rights Offering that, in light of current market conditions, those underwriters are unable or unwilling, or may be unable or unwilling, to fulfill their underwriting obligations. The Company is currently considering its position. In the meantime, and particularly in view of the scheduled Norwegian Expiration Time of 5:30
p.m., CET, on October 14, 2008, the Company has determined to extend the scheduled expiration dates and times of the Rights Offering from 4:00 p.m., U.S. Eastern time on October 24, 2008, the scheduled U.S. Expiration Time, until 4:00
p.m., U.S. Eastern time on October 31, 2008, and from 5:30 p.m., CET, on October 14, 2008, the scheduled Norwegian Expiration Time, until 5:30 p.m., CET, on October 21, 2008. The foregoing does not constitute an offer to sell or a solicitation of an offer to purchase any securities by the Company which offer can only be made pursuant to the registration statement filed pursuant to the Securities Act and declared effective by the Securities and Exchange Commission and in compliance with all other applicable securities laws and stock exchange rules and regulations. CanArgo is an independent oil and gas exploration and production company with its oil and gas operations currently located in Georgia. A copy of the Press Release is attached hereto as Exhibit 99.1,
Section 9-Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits.
(d) Exhibits:

Exhibit No. Exhibit Description

99.1 Press Release dated October 13, 2008 issued by CanArgo Energy Corporation.

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