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Press release from Marketwire

Zargon Oil & Gas Ltd. Confirms October 2011 Cash Dividend

Monday, October 17, 2011

Zargon Oil & Gas Ltd. Confirms October 2011 Cash Dividend17:01 EDT Monday, October 17, 2011CALGARY, ALBERTA--(Marketwire - Oct. 17, 2011) - Zargon Oil & Gas Ltd. (TSX:ZAR) ("Zargon") confirms that the monthly cash dividend for the month of October in the amount of Cdn. $0.10 per common share will be paid on November 15, 2011 to shareholders of record on October 31, 2011. The ex-dividend date is October 27, 2011.Based in Calgary, Alberta, Zargon's securities trade on the Toronto Stock Exchange and there are currently 29.237 million common shares outstanding. Zargon Oil & Gas Ltd. is a Calgary based oil and natural gas company working in the Western Canadian and Williston sedimentary basins with a long history of earnings and distributions/dividends. Zargon's smaller size and technical focus provides a unique opportunity to deliver profitable oil exploitation results from smaller oil projects that may be overlooked by larger competitors. 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: C.H. HansenZargon Oil & Gas Ltd.President and Chief Executive Officer403-264-9992ORJ.B. DranchukZargon Oil & Gas Ltd.Vice President, Finance and Chief Financial Officer403-264-9992zargon@zargon.cawww.zargon.ca