Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN 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. Issuer Name and Ticker or Trading Symbol
CANARGO ENERGY CORP [CNR] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
UGLAND HOUSE, SOUTH CHURCH STREET		 3. Date of Earliest Transaction (Month/Day/Year)
06/28/2008
(Street)

GEORGE TOWN, E9 00000		 4. If Amendment, Date Original Filed(Month/Day/Year)
 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 Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Note (1) $ 1             12/28/2006 06/28/2010 Common Stock 10,000,000   10,000,000 D (2)  
Note (1) $ 1             12/28/2006 06/28/2010 Common Stock 10,000,000   10,000,000 I Footnote (3)
Warrant (1) $ 1             06/06/2008 09/01/2009 Common Stock 5,000,000   5,000,000 D (2)  
Warrant (1) $ 1             06/06/2008 09/01/2009 Common Stock 5,000,000   5,000,000 I Footnote (3)
Note (1) $ 1             06/30/2007 06/30/2010 Common Stock 600,000   600,000 D (2)  
Note (1) $ 1             06/30/2007 06/30/2010 Common Stock 600,000   600,000 I Footnote (3)

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
PERSISTENCY
UGLAND HOUSE
SOUTH CHURCH STREET
GEORGE TOWN, E9 00000		     X    
PERSISTENCY CAPITAL, LLC
1270 AVENUE OF THE AMERICAS
SUITE 2100
NEW YORK, NY 10020		     X    
MORRIS ANDREW J
C/O PERSISTENCY CAPITAL, LLC
1270 AVENUE OF THE AMERICAS, SUITE 2100
NEW YORK, NY 10020		     X    

Signatures

 Persistency, By: /s/ Andrew J. Morris   07/21/2008
**Signature of Reporting Person Date
 Persistency Capital, LLC, By: /s/ Andrew J. Morris   07/21/2008
**Signature of Reporting Person Date
 /s/ Andrew J. Morris   07/21/2008
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(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) Due to the expiration of unexercised warrants on June 28, 2008, this Form 4 is being filed to reflect the fact that the Reporting Persons no longer beneficially own more than 10% of the Issuer's securities. The reported securities reflect present beneficial ownership amounts. No transactions are being reported on this Form 4.
(2) These securities are directly owned by Persistency.
(3) 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.

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