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 *
  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, 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, E9 
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)
Date Exercisable Expiration Date Title Amount or Number of Shares
Warrant to Purchase Common Stock 12/28/2006 06/28/2008 Common Stock 12,500,000 $ 1 D (1)  
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)  
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)  
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)  
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
Director 10% Owner Officer Other
PERSISTENCY
UGLAND HOUSE
SOUTH CHURCH STREET
GEORGE TOWN, E9 
    X    
PERSISTENCY CAPITAL, LLC
1270 AVENUE OF THE AMERICAS
SUITE 2100
NEW YORK, NY 10020
    X    
Morris Andrew
C/O PERSISTENCY CAPITAL LLC
1270 AVENUE OF THE AMERICAS, STE 2100
NEW YORK, NY 10020
    X    

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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