ZARGON ENERGY TRUST
TSX : ZAR.UN

ZARGON ENERGY TRUST
Zargon Oil & Gas Ltd.
TSX : ZAR

Zargon Oil & Gas Ltd.

April 04, 2005 17:01 ET

Zargon Energy Trust Announces Increase to Exchangeable Share Ratio


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: ZARGON ENERGY TRUST

TSX SYMBOL: ZAR.UN

AND ZARGON OIL & GAS LTD.

TSX SYMBOL: ZOG.B

APRIL 4, 2005 - 17:01 ET

Zargon Energy Trust Announces Increase to Exchangeable
Share Ratio

CALGARY, ALBERTA--(CCNMatthews - April 4, 2005) - Zargon Energy Trust
("Zargon") (TSX:ZAR.UN) is pleased to announce the increase to the
Exchange Ratio of the exchangeable shares of Zargon Oil & Gas Ltd.
(TSX:ZOG.B) from 1.04292 to 1.04883. This increase will be effective on
April 15, 2005.



The following are the details of the calculation of the Exchange Ratio:

Five
day Effective
Weighted Date of
Average the Exchange
Record Trading Increase Increase Ratio
Date of Opening Zargon's Price of in in as of
Zargon's Exchange Distribution Zargon's Exchange Exchange Effective
Distribution Ratio per Unit Units Ratio (1) Ratio Date

March 1.04292 $0.14 $24.68829 0.00591 April 1.04883
31, 15,
2005 2005

(1) The increase in the Exchange Ratio is calculated by multiplying
Zargon's distribution per unit by the Exchange Ratio immediately
prior to the distribution record date and dividing by the five day
weighted average trading price of Zargon's units.


A holder of exchangeable shares can exchange all or a portion of their
holdings into Zargon Energy Trust Units, at any time, by giving notice
to their investment advisor or Valiant Trust Company at its principal
transfer office at Suite 310, 606 - 4th Street S.W., Calgary, Alberta,
T2P 1T1.

Based in Calgary, Alberta, Zargon's securities trade on the Toronto
Stock Exchange and there are currently 15.887 million trust units
(ZAR.UN) and 2.704 million exchangeable shares (ZOG.B) outstanding.
After giving effect to the conversion privilege of the exchangeable
shares and the April 15, 2005 revised exchange ratio there would be a
total of 18.723 million trust units outstanding.

In order to learn more about Zargon, we encourage you to visit Zargon's
website at www.zargon.ca where you will find a current shareholder
presentation, financial reports and historical news releases.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Zargon Energy Trust
    C.H. Hansen
    President and Chief Executive Officer
    or
    B.C. Heagy
    Vice President, Finance and Chief Financial Officer
    Phone: (403) 264-9992
    E-mail: zargon@zargon.ca
    Website: www.zargon.ca