0001156973-07-000261 Sample Contracts

AMENDMENT, CONSENT, WAIVER AND RELEASE
Amendment, Consent, Waiver and Release • February 21st, 2007 • Canargo Energy Corp • Crude petroleum & natural gas • New York

This AMENDMENT, CONSENT, WAIVER AND RELEASE (this “Agreement”) is made and entered into as of the 9th day of February, 2007 by and among Tethys Petroleum Limited, a company incorporated and existing in the Island of Guernsey (“TPL”) (formerly known as Tethys Petroleum Investments Limited), Tethys Kazakhstan Limited, a company incorporated and existing in the Island of Guernsey (“TKL,” and together with TPL, each a “Company” and collectively the “Companies”), and the individuals and entities who or which are signatories hereto.

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AMENDMENT, CONSENT, WAIVER AND RELEASE
Amendment, Consent, Waiver and Release • February 21st, 2007 • Canargo Energy Corp • Crude petroleum & natural gas • New York

This AMENDMENT, CONSENT, WAIVER AND RELEASE (this “Agreement”) is made and entered into as of the 9th day of February, 2007 by and among Tethys Petroleum Limited, a company incorporated and existing in the Island of Guernsey (“TPL”) (formerly known as Tethys Petroleum Investments Limited), Tethys Kazakhstan Limited, a company incorporated and existing in the Island of Guernsey (“TKL,” and together with TPL, each a “Company” and collectively the “Companies”), and the individuals and entities who or which are signatories hereto.

CANARGO LIMITED and TETHYS PETROLEUM LIMITED and INGALLS & SNYDER LLC and THE SECURED PARTIES SECURITY INTEREST AGREEMENT (SECURITIES)
Security Interest Agreement • February 21st, 2007 • Canargo Energy Corp • Crude petroleum & natural gas

This Agreement is made between the parties hereto for the purposes of creating security over the issued share capital of the Company held by the Debtor.

AMENDMENT, CONSENT, WAIVER AND RELEASE
Amendment, Consent, Waiver and Release • February 21st, 2007 • Canargo Energy Corp • Crude petroleum & natural gas • New York

This AMENDMENT, CONSENT, WAIVER AND RELEASE (this “Agreement”) is made and entered into as of the 9th day of February, 2007 by and among Tethys Petroleum Limited, a company incorporated and existing in the Island of Guernsey (“TPL”) (formerly known as Tethys Petroleum Investments Limited), Tethys Kazakhstan Limited, a company incorporated and existing in the Island of Guernsey (“TKL,” and together with TPL, each a “Company” and collectively the “Companies”), and Persistency, a company incorporated in the Cayman Islands (“Purchaser”).

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