ZARGON ENERGY TRUST
TSX : ZAR.UN

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

Zargon Oil & Gas Ltd.

July 02, 2008 18:01 ET

Zargon Energy Trust Announces Increase to Exchangeable Share Ratio

CALGARY, ALBERTA--(Marketwire - July 2, 2008) - Zargon Energy Trust ("Zargon") (TSX:ZAR.UN) (TSX:ZOG.B) is pleased to announce the increase to the Exchange Ratio of the exchangeable shares of Zargon Oil & Gas Ltd. from 1.35736 to 1.36679. This increase will be effective on July 15, 2008.



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

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

June July
30, 2008 1.35736 $0.18 $25.90268 0.00943 15, 2008 1.36679

(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 18.145 million trust units (ZAR.UN) and 2.056 million exchangeable shares (ZOG.B) outstanding. After giving effect to the conversion privilege of the exchangeable shares and the July 15, 2008 revised exchange ratio there would be a total of 20.955 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.

Contact Information

  • Zargon Energy Trust
    C.H. Hansen
    President and Chief Executive Officer
    (403) 264-9992
    or
    B.C. Heagy
    Executive Vice President and Chief Financial Officer
    (403) 264-9992
    Email: zargon@zargon.ca
    Website: www.zargon.ca