UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549


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                                 SCHEDULE 13G/A





                   Under the Securities Exchange Act of 1934
                         (Amendment No. _____2__________)*


                    	CANARGO ENERGY CORP.
             -----------------------------------------------------
                                (Name of Issuer)

                 		COMMON STOCK
             -----------------------------------------------------
                         (Title of Class of Securities)

                   		137225108
             -----------------------------------------------------
                                 (CUSIP Number)
				12/31/06
             -----------------------------------------------------
             (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 	15,555,556

     SHARES
  BENEFICIALLY    --------------------------------------------------------------
    OWNED BY      6.   SHARED VOTING POWER  	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)

	6.6%

--------------------------------------------------------------------------------
  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:
                                 ---------6.6%-----------------------------,

            (c) Number of shares as to which such person has:

                  (i) Sole power to vote or to direct the vote
				15,555,556

                  (ii) Shared power to vote or to direct the vote
				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 and shared 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.


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: 2/13/07


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).