UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________
OMB APPROVAL
OMB NUMBER: 3235-0145
Expires: December 31, 2005
Estimated average burden
hours per response....11
_____________________________
SCHEDULE 13G/A
Under the Securities Exchange Act of 1934
(Amendment No. _____1__________)*
CANARGO ENERGY CORP.
-----------------------------------------------------
(Name of Issuer)
COMMON STOCK
-----------------------------------------------------
(Title of Class of Securities)
137225108
-----------------------------------------------------
(CUSIP Number)
12/31/05
-----------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[X] Rule 13d-1(b)
[] Rule 13d-1(c)
[] Rule 13d-1(d)
----------
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
CUSIP No. _137225108____ 13G
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON(S)
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON(S)
INGALLS & SNYDER VALUE PARTNERS, L.P.
133694561
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
NEW YORK STATE
--------------------------------------------------------------------------------
NUMBER OF 5. SOLE VOTING POWER AS OF 12/31/05: 0
AS OF 1/1/06: 15,555,556
SHARES
BENEFICIALLY --------------------------------------------------------------
OWNED BY 6. SHARED VOTING POWER AS OF 12/31/05: 15,555,556
EACH AS OF 1/1/06: 0
REPORTING --------------------------------------------------------------
PERSON 7. SOLE DISPOSITIVE POWER 0
WITH
--------------------------------------------------------------
8. SHARED DISPOSITIVE POWER 15,555,556
--------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
15,555,556
--------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
--------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.5%
--------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
13G
Item 1. (a) Name of Issuer: CANARGO ENERGY CORP.
--------------------------------------------------------------
(b) Address of Issuer's Principal Executive Offices:
PO BOX 291
ST PETER PORT
GUERNSEY, C.I. XOGV13RR
--------------------------------------------------------------
Item 2. (a) Name of Person Filing: INGALLS & SNYDER VALUE PARTNERS, LP
--------------------------------------------------------------
(b) Address of Principal Business Office, or if None, Residence:
c/o INGALLS & SNYDER, LLC
61 BROADWAY, NEW YORK NY 10006
--------------------------------------------------------------
(c) Citizenship: NEW YORK STATE
-------------------------------------------------
(d) Title of Class of Securities:
COMMON STOCK
--------------------------------------------------------------
(e) CUSIP Number: 137225108
-------------------------------------------------
Item 3. If this statement is filed pursuant to Rules 13d-1(b), or
13d-2(b), check whether the person filing is a:
Not Applicable
(a) [ ] Broker or Dealer registered under Section 15 of the
Act,
(b) [ ] Bank as defined in Section 3(a)(6) of the Act,
(c) [ ] Insurance Company as defined in Section 3(a)(19) of
the Act,
(d) [ ] Investment Company registered under Section 8 of the
Investment Company Act,
(e) [ ] Investment Adviser registered under Section 203 of the
Investment Advisers Act of 1940,
(f) [ ] Employee Benefit Plan, Pension Fund which is subject
to the provisions of the Employee Retirement Income
Security Act of 1974 or Endowment Fund; see Section
240.13d-1(b)(ii)(F); see Item 7,
(g) [ ] Parent Holding Company, in accordance with Section
240.13d-1(b)(1)(ii)(G); see Item 7,
(h) [ ] Group, in accordance with Section
240.13d-1(b)(1)(ii)(H).
Item 4. Ownership.
If more than five percent of the class is owned, indicate:
(a) Amount beneficially owned:
------15,555,556-----------------,
(b) Percent of class:
---------6.5%-----------------------------,
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote
AS OF 12/31/05: 0
AS OF 1/1/06: 15,555,556
(ii) Shared power to vote or to direct the vote
AS OF 12/31/05: 15,555,556
AS OF 1/1/06: 0
(iii) Sole power to dispose or to direct the disposition of
-----------------0---------------------,
(iv) Shared power to dispose or to direct the disposition of
-----15,555,556----------------------------, and
(d) Shares which there is a right to acquire:
---------0----------.
Item 5. Ownership of Five Percent or Less of a Class.
Item 6. Ownership of More Than Five Percent on Behalf of Another Person.
Shares reported under sole voting, shared voting and dispositive
authority include 15,555,556 shares which are receivable under the assumed
conversion of $14,000,000 par value of Canargo Senior Secured Convertible
Notes due 07/24/09, which are convertible at $.90/per share. Ingalls & Snyder
Value Partners, LP ("ISVP") is an investment partnership managed under an
investment advisory contract by Ingalls & Snyder LLC ("Ingalls"), a registered
broker dealer and a registered investment advisor. At 12/31/05 Thomas O.
Boucher Jr, a Managing Director of Ingalls, and Robert L. Gipson, a Senior
Director of Ingalls, shared the right to vote securities owned by ISVP. Boucher
and Gipson are the general partners of ISVP. At 1/1/06 Adam Janovic, a Senior
Director of Ingalls became general partner of ISVP.
Item 7. Identification and Classification of the Subsidiary which Acquired
the Security Being Reported on By the Parent Holding Company.
Item 8. Identification and Classification of Members of the Group.
Item 9. Notice of Dissolution of Group.
Item 10. Certification.
By signing below -I/we- certify that, to the best of my/our
knowledge and belief, the securities referred to above were acquired
in the ordinary course of business and were not acquired for the
purpose of and do not have the effect of changing or influencing the
control of the issuer of such securities and were not acquired in
connection with or as a participant in any transaction having such
purpose or effect.
Signature.
After reasonable inquiry and to the best of my knowledge and
belief, -I/we- certify that the information set forth in this
statement is true, complete and correct.
Date: 1/17/06
INGALLS & SNYDER VALUE PARTNERS, LP
/S/ THOMAS O. BOUCHER, JR. /s/
----------------------------------
(Signature)*
THOMAS O. BOUCHER, JR.
GENERAL PARTNER
----------------------------------
(Name/Title)
* Attention. Intentional misstatements or omissions of fact constitute federal
criminal violations (see 18 U.S.C. 1001).