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GUERNSEY, CHANNEL ISLANDS--CanArgo Energy Corporation ("CanArgo") (OSE: CNR, OTCBB: GUSH) is pleased to announce that gross total proved oil reserves at its Ninotsminda Field in Georgia at January 1, 2004 have increased by 63% to 6.76 million barrels.
The reserves appraisal report effective January 1, 2004 was prepared by Oilfield Production Consultants (OPC), independent petroleum consultants, in accordance with SEC classifications and guidelines. Gross total proven oil reserves for the Ninotsminda Field increased from 4.15 million barrels (mmbbls) at the end of December 2002 to 6.762 mmbbls at January 1, 2004. Over the same period, natural gas reserves, on an energy equivalent basis, decreased from 1.34 million barrels of oil equivalent (mmboe) to 0.51 mmboe.
Posts: 443 | From: Honolulu, HI | Registered: Jan 2004
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