Edgar Filing: CANARGO ENERGY CORP

Ownership Submission

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

Â PERSISTENCY

2. Date of Event Requiring Statement (Month/Day/Year)
04/07/2008

3. Issuer Name and Ticker or Trading Symbol
CANARGO ENERGY CORP [CNR]

(Last)

(First)

(Middle)

UGLAND HOUSE,Â SOUTH CHURCH STREET

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

_____ Director	__X__ 10% Owner
_____ Officer (give title below)	_____ Other (specify below)

5. If Amendment, Date Original Filed(Month/Day/Year)

(Street)

GEORGE TOWN,Â E9Â

6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Beneficially Owned

1.Title of Security
(Instr. 4)

2. Amount of Securities Beneficially Owned
(Instr. 4)

3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)

4. Nature of Indirect Beneficial Ownership
(Instr. 5)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.			SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security		6. Nature of Indirect Beneficial Ownership (Instr. 5)
Warrant to Purchase Common Stock	12/28/2006	06/28/2008	Common Stock	12,500,000	$ 1	D ⁽¹⁾	Â
Warrant to Purchase Common Stock	12/28/2006	06/28/2008	Common Stock	12,500,000	$ 1	I	Footnote ⁽²⁾
Note Convertible into Common Stock	12/28/2006	06/28/2010	Common Stock	10,000,000	$ 1	D ⁽¹⁾	Â
Note Convertible into Common Stock	12/28/2006	06/28/2010	Common Stock	10,000,000	$ 1	I	Footnote ⁽²⁾
Warrant to Purchase Common Stock	06/06/2008	09/01/2009	Common Stock	5,000,000	$ 1	D ⁽¹⁾	Â
Warrant to Purchase Common Stock	06/06/2008	09/01/2009	Common Stock	5,000,000	$ 1	I	Footnote ⁽²⁾
Note Convertible into Common Stock	06/30/2007⁽³⁾	06/30/2010⁽³⁾	Common Stock	600,000	$ 1	D ⁽¹⁾	Â
Note Convertible into Common Stock	06/30/2007⁽³⁾	06/30/2010⁽³⁾	Common Stock	600,000	$ 1	I	Footnote ⁽²⁾

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
PERSISTENCY UGLAND HOUSE SOUTH CHURCH STREET GEORGE TOWN,Â E9Â	Â	Â X	Â	Â
PERSISTENCY CAPITAL, LLC 1270 AVENUE OF THE AMERICAS SUITE 2100 NEW YORK,Â NYÂ 10020	Â	Â X	Â	Â
Morris Andrew C/O PERSISTENCY CAPITAL LLC 1270 AVENUE OF THE AMERICAS, STE 2100 NEW YORK,Â NYÂ 10020	Â	Â X	Â	Â

Signatures

Persistency, By: /s/ Andrew J. Morris, Director		04/17/2008
^**Signature of Reporting Person		Date
Persistency Capital, LLC, By: /s/ Andrew J. Morris, Managing Member		04/17/2008
^**Signature of Reporting Person		Date
/s/ Andrew J. Morris		04/17/2008
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 5(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	These securities are directly owned by Persistency.
(2)	These securities are directly owned by Persistency and may be deemed to be beneficially owned by Persistency Capital, LLC by virtue of its role as the investment manager of Persistency and Andrew J. Morris as the managing member of Persistency Capital, LLC. The Reporting Persons disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Persons are the beneficial owners of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.
(3)	This position was acquired via PIK on June 30, 2007.

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