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Press release from Marketwire

Zargon Oil & Gas Ltd. Confirms May 2012 Cash Dividend

Tuesday, May 15, 2012

Zargon Oil & Gas Ltd. Confirms May 2012 Cash Dividend17:01 EDT Tuesday, May 15, 2012CALGARY, ALBERTA--(Marketwire - May 15, 2012) - Zargon Oil & Gas Ltd. (TSX:ZAR) (TSX:ZAR.DB) ("Zargon") confirms that the monthly cash dividend for the month of May in the amount of Cdn. $0.10 per common share will be paid on June 15, 2012 to shareholders of record on May 31, 2012. The ex-dividend date is May 29, 2012.Unless otherwise indicated, all dividends paid by Zargon are "eligible dividends" for Canadian tax purposes.Zargon has a Dividend Reinvestment Plan (the "DRIP") which allows eligible shareholders to reinvest their cash dividends in additional common shares which, when issued from treasury, will be issued at 95 percent of the "Average Market Price" (as defined in the DRIP) on the applicable dividend payment date. A complete copy of the DRIP is available on Zargon's website or by calling the Account Manager for Zargon at Valiant Trust Company at (403) 233-2801 or (866) 313-1872. Based in Calgary, Alberta, Zargon's securities trade on the Toronto Stock Exchange and there are currently 29.511 million common shares (ZAR) outstanding. 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.FOR FURTHER INFORMATION PLEASE CONTACT: C.H. HansenZargon Oil & Gas Ltd.President and Chief Executive Officer403-264-9992 or Toll Free: 1-855-464-9992ORVice President, Finance and Chief Financial OfficerJ.B. Dranchuk403-264-9992 or Toll Free: