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August 16, 2005 Stock Pick: CanArgo Energy Corporation (CNR)

Stock Price: $1.11

CanArgo is an independent oil and gas exploration and production company with its principal oil and gas operations currently located in the Republic of Georgia. The company acts as a holding company that carries out its activities through subsidiaries and associated companies.

CNR has been rebounding strongly after hitting $0.65 on July 22nd and is now about to break through resistance at $1.20. Energy stocks are still going strong especially the ones that are still undervalued or not necessarily overvalued.

The company currently has total assets of $130.7 million and total liabilities of only $20.5 million. There is over $18.8 million in cash on the balance sheet and stock holders equity of $110 million. Right now, there are 186 million shares in the float.

CNR hit $2.09 on March 3rd, we believe it is headed back there.