CanArgo Energy Corporation (CanArgo) operates as an oil and gas exploration and production company, and as a holding company carry out its activities through a number of operating subsidiaries and associated or affiliated companies. The Company?s principal activities are oil and gas exploration, development and production, principally in Georgia. In Georgia, the Company?s exploration, development and production activities are carried out under four production sharing contracts or agreements (PSC or PSA). These include the Ninotsminda, Manavi and West Rustavi Production Sharing Contract (Ninotsminda PSC), the Nazvrevi and Block XIII Production Sharing Contract (Nazvrevi PSC), the Norio (Block XI C) and North Kumisi Production Sharing Agreement (Norio PSA) and the Block XI G and XI H Production Sharing Contract (Tbilisi PSC). On August 3, 2007, the Company sold its interests in Tethys Petroleum Limited.(Source: 10-K)
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