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Press release from Marketwire

Zargon Oil & Gas Ltd. Confirms October 2012 Cash Dividend

Monday, October 15, 2012

Zargon Oil & Gas Ltd. Confirms October 2012 Cash Dividend17:01 EDT Monday, October 15, 2012CALGARY, ALBERTA--(Marketwire - Oct. 15, 2012) - Zargon Oil & Gas Ltd. (TSX:ZAR) (TSX:ZAR.DB) ("Zargon") confirms that the monthly cash dividend for the month of October in the amount of Cdn. $0.06 per common share will be paid on November 15, 2012 to shareholders of record on October 31, 2012. The ex-dividend date is October 29, 2012.Unless otherwise indicated, all dividends paid by Zargon are "eligible dividends" for Canadian tax purposes.On August 8, 2012, Zargon announced a revised monthly dividend policy in which the dividend will be reduced from $0.10 to $0.06 per share commencing in the fourth quarter of 2012. Based in Calgary, Alberta, Zargon's securities trade on the Toronto Stock Exchange and there are currently 29.780 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: 1-855-464-9992ORJ.B. DranchukZargon Oil & Gas Ltd.Vice President, Finance and Chief Financial Officer403-264-9992 or Toll Free: 1-855-464-9992zargon@zargon.cawww.zargon.ca