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Press release from Marketwire

Zargon Oil & Gas Ltd. Announces Renewal of Credit Facilities

Tuesday, June 11, 2013

Zargon Oil & Gas Ltd. Announces Renewal of Credit Facilities

13:44 EDT Tuesday, June 11, 2013

CALGARY, ALBERTA--(Marketwired - June 11, 2013) - Zargon Oil & Gas Ltd. (TSX:ZAR)(TSX:ZAR.DB) ("Zargon") has renewed and extended its committed syndicated credit facilities and the lenders thereunder have confirmed a borrowing base of $165 million, an amount which remains unchanged from the prior year. The credit facilities are now fully revolving until June 25, 2014, with the provision for an annual extension at the option of the lenders and upon request from Zargon. If not extended, the credit facilities would have to be fully repaid one year later.

Based in Calgary, Alberta, Zargon's securities trade on the Toronto Stock Exchange and there are currently 29.995 million common shares outstanding.

FURTHER INFORMATION

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 and dividends (distributions). Zargon's business is focused on oil exploitation projects that profitably increase oil production and 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. Hansen
President and Chief Executive Officer
403-264-9992
zargon@zargon.ca


J.B. Dranchuk
Vice President, Finance and Chief Financial Officer
403-264-9992
zargon@zargon.ca
www.zargon.ca

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