Zargon Oil & Gas Ltd. Confirms October 2012 Cash Dividend

Mon Oct 15, 2012 5:01pm EDT

* Reuters is not responsible for the content in this press release.

Zargon Oil & Gas Ltd. (TSX:ZAR) (TSX:ZAR.DB) ("Zargon") confirms that the
monthly cash dividend for the month of October in the amount of Cdn.
$0.06 per common share will be paid on November 15, 2012 to shareholders
of record on October 31, 2012. The ex-dividend date is October 29, 2012.

    Unless otherwise indicated, all dividends paid by Zargon are "eligible
dividends" for Canadian tax purposes.

    On August 8, 2012, Zargon announced a revised monthly dividend policy in
which the dividend will be reduced from $0.10 to $0.06 per share
commencing in the fourth quarter of 2012. 

    Based in Calgary, Alberta, Zargon's securities trade on the Toronto Stock
Exchange and there are currently 29.780 million common shares (ZAR)

    Zargon Oil & Gas Ltd. is a Calgary based oil and natural gas company
working in the Western Canadian and Williston sedimentary basins that has
delivered a long history of returns, dividends (distributions) and value
creation. Zargon's business is focused on oil exploitation projects where
we employ a careful reservoir engineering inspired technical approach to
profitably increase oil recovery factors from existing oil reservoirs. 

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

Zargon Oil & Gas Ltd.
C.H. Hansen
President and Chief Executive Officer
403-264-9992 or Toll Free: 1-855-464-9992

Zargon Oil & Gas Ltd.
J.B. Dranchuk
Vice President, Finance and Chief Financial Officer
403-264-9992 or Toll Free: 1-855-464-9992

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