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Press release from Marketwire

Zargon Oil & Gas Ltd. Confirms July 2012 Cash Dividend

Monday, July 16, 2012

Zargon Oil & Gas Ltd. Confirms July 2012 Cash Dividend17:01 EDT Monday, July 16, 2012CALGARY, ALBERTA--(Marketwire - July 16, 2012) - Zargon Oil & Gas Ltd. (TSX:ZAR) (TSX:ZAR.DB) ("Zargon") confirms that the monthly cash dividend for the month of July in the amount of Cdn. $0.10 per common share will be paid on August 15, 2012 to shareholders of record on July 31, 2012. The ex-dividend date is July 27, 2012.Unless otherwise indicated, all dividends paid by Zargon are "eligible dividends" for Canadian tax purposes.Based in Calgary, Alberta, Zargon's securities trade on the Toronto Stock Exchange and there are currently 29.638 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 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 Officer403-264-9992 or Toll Free: 1-855-464-9992ORVice President, Finance and Chief Financial OfficerJ.B. Dranchuk403-264-9992 or Toll Free: 1-855-464-9992zargon@zargon.cawww.zargon.ca