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Press release from Marketwire

Zargon Oil & Gas Ltd. Confirms November 2012 Cash Dividend

Thursday, November 15, 2012

Zargon Oil & Gas Ltd. Confirms November 2012 Cash Dividend17:01 EST Thursday, November 15, 2012CALGARY, ALBERTA--(Marketwire - Nov. 15, 2012) - Zargon Oil & Gas Ltd. (TSX:ZAR) (TSX:ZAR.DB) ("Zargon") confirms that the monthly cash dividend for the month of November in the amount of Cdn. $0.06 per common share will be paid on December 17, 2012 to shareholders of record on November 30, 2012. The ex-dividend date is November 28, 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 29.813 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: Contact Information: Zargon Oil & Gas Ltd.C.H. HansenPresident and Chief Executive Officer403-264-9992 or Toll Free: 1-855-464-9992zargon@zargon.caJ.B. DranchukVice President, Finance and Chief Financial Officer403-264-9992 or Toll Free: 1-855-464-9992zargon@zargon.cawww.zargon.ca