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Press release from Marketwire

Zargon Energy Trust Announces Increase to Exchangeable Share Ratio

Tuesday, May 04, 2010

Zargon Energy Trust Announces Increase to Exchangeable Share Ratio15:34 EDT Tuesday, May 04, 2010CALGARY, ALBERTA--(Marketwire - May 4, 2010) - 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 1.69785 to 1.71277. This increase will be effective on May 17, 2010.The following are the details of the calculation of the Exchange Ratio: Five day Effective Weighted Date of Average the Exchange Trading Increase Increase Ratio as Record Date Opening Zargon's Price of in in of of Zargon's Exchange Distribution Zargon's Exchange Exchange Effective Distribution Ratio per Unit Units Ratio (1) Ratio Date April 30, 1.69785 $0.18 $20.47987 0.01492 May 17, 1.71277 2010 2010 (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 23.347 million trust units (ZAR.UN) and 1.699 million exchangeable shares (ZOG.B) outstanding. After giving effect to the conversion privilege of the exchangeable shares and the May 17, 2010 revised exchange ratio there would be a total of 26.257 million trust units outstanding.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.FOR FURTHER INFORMATION PLEASE CONTACT: 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