ZARGON ENERGY TRUST
TSX : ZAR.UN

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

Zargon Oil & Gas Ltd.

January 17, 2005 17:39 ET

Zargon Energy Trust Confirms January 2005 Cash Distribution


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: ZARGON ENERGY TRUST

TSX SYMBOL: ZAR.UN

AND ZARGON OIL & GAS LTD.

TSX SYMBOL: ZOG.B

JANUARY 17, 2005 - 17:39 ET

Zargon Energy Trust Confirms January 2005 Cash
Distribution

CALGARY, ALBERTA--(CCNMatthews - Jan. 17, 2005) - Zargon Energy Trust
("Zargon") (TSX:ZAR.UN) confirms that the monthly cash distribution for
the month of January in the amount of Cdn. $0.14 per trust unit will be
paid on February 15, 2005 to unitholders of record on January 31, 2005.
The ex-distribution date is January 27, 2005.

Based in Calgary, Alberta, Zargon's securities trade on the Toronto
Stock Exchange and there are currently 15.341 million trust units
(ZAR.UN) and 3.186 million exchangeable shares (ZOG.B) outstanding.
After giving effect to the conversion privilege of the exchangeable
shares and the January 17, 2005 revised exchange ratio there would be a
total of 18.628 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
    Email: zargon@zargon.ca
    Website: www.zargon.ca