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Press release from Marketwire

Zargon Energy Trust Announces Increase to Exchangeable Share Ratio

Monday, July 05, 2010

Zargon Energy Trust Announces Increase to Exchangeable Share Ratio13:48 EDT Monday, July 05, 2010CALGARY, ALBERTA--(Marketwire - July 5, 2010) - Zargon Energy Trust (TSX:ZAR.UN) (TSX:ZOG.B) ("Zargon") is pleased to announce the increase to the Exchange Ratio of the exchangeable shares of Zargon Oil & Gas Ltd. from 1.72913 to 1.74620. This increase will be effective on July 15, 2010.The following are the details of the calculation of the Exchange Ratio: Five day Effective Weighted Date Average of the Exchange Trading Increase Increase Ratio Record Date Opening Zargon's Price of in in as of of Zargon's Exchange Distribution Zargon's Exchange Exchange Effective Distribution Ratio per Unit Units Ratio (1) Ratio Date June 30, 2010 1.72913 $0.18 $18.22927 0.01707 July 15, 1.74620 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 23.380 million trust units (ZAR.UN) and 1.698 million exchangeable shares (ZOG.B) outstanding. After giving effect to the conversion privilege of the exchangeable shares and the July 15, 2010 revised exchange ratio there would be a total of 26.345 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.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 zargon@zargon.ca www.zargon.ca