Their self-funded film, Water of Tears, was awarded the Special Prize of the Jury, Premiul Special Filmului, on 3 June 2006.
The 25-minute documentary had received its world premiere in Chisinau in the former Soviet republic two days earlier.
It was competing against documentaries from 21 countries, including Azerbaijan, the Czech Republic, Serbia, Canada and Germany.
From hundreds of initial entries, Water of Tears was the only successful film exclusively from the UK to be selected for festival screening.
Filmed with privileged access in Moldova, the documentary follows the journey of a unique Englishman with a heart transplant, who reflects upon his values as a human being whilst making new friendships within the warm soul of a fledgling nation.
Mark Reynolds, 35, lives at Wheddon Cross on Exmoor and is Chairman of the award-winning Wiveliscombe-based film society, Cinema Obscura.
"As collaborative filmmakers, Charles and I have made many new friends from across the world at CRONOGRAF," he said.
"Our success came as a wonderful surprise, especially as there was big-budget competition, such as the BBC who collaborated on a Bosnia-Herzegovina production about war-torn Mostar.
"We have proved that significant documentary filmmaking can be made to a high standard with a remarkably meagre amount of money."
Charles Wood, 45, lives in Wiveliscombe and was given a heart transplant in 2000. He has worked as a freelancer for the BBC and for ITV Westcountry.
|Mark Reynolds (left) and Charles Wood at CRONOGRAF|
"I hope that achievements such as this can give real hope to people who are facing or have undergone the trauma of heart transplant. It is proof of the gift of life.
"The ceremony was, for me, an extremely emotional and proud event, and Mark and I were privileged to receive the special award from the CRONOGRAF jury."
In addition to participating at the festival, Mark Reynolds and Charles Wood delivered a workshop on documentary production theory affecting human rights, cultures and religions to students from seven countries.