Zargon Energy Trust Announces Increase to Exchangeable Share Ratio

CALGARY, ALBERTA--(Marketwire - July 2, 2009) - Zargon Energy Trust ("Zargon") (TSX: ZAR-UN.TO) (TSX: ZOG-B.TO) is pleased to announce the increase to the Exchange Ratio of the exchangeable shares of Zargon Oil & Gas Ltd. from 1.53987 to 1.55759. This increase will be effective on July 15, 2009.

The following are the details of the calculation of the Exchange Ratio: 

                                   Five day           Effective
                                   Weighted           Date
                                   Average   Increase of the
                                   Trading   in       Increase  Exchange
Record Date  Opening  Zargon's     Price of  Exchange in        Ratio as of
of Zargon's  Exchange Distribution Zargon's  Ratio    Exchange  Effective
Distribution Ratio    per Unit     Units     (1)      Ratio     Date

June 30,                                              July 15,
 2009        1.53987  $0.18        $15.64074 0.01772   2009     1.55759

(1) The increase in the Exchange Ratio is calculated by multiplying Zargon's
    distribution per unit by the Exchange Ratio immediately prior to the
    distribution record date and dividing by the five day weighted average
    trading price of Zargon's units. 

A holder of exchangeable shares can exchange all or a portion of their holdings into Zargon Energy Trust Units, at any time, by giving notice to their investment advisor or Valiant Trust Company at its principal transfer office at Suite 310, 606 - 4th Street S.W., Calgary, Alberta, T2P 1T1.

Based in Calgary, Alberta, Zargon's securities trade on the Toronto Stock Exchange and there are currently 22.436 million trust units (ZAR.UN) and 1.849 million exchangeable shares (ZOG.B) outstanding. After giving effect to the conversion privilege of the exchangeable shares and the July 15, 2009 revised exchange ratio there would be a total of 25.316 million trust units outstanding.

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.

Contacts

C.H. Hansen
Zargon Energy Trust
President and Chief Executive Officer
(403) 264-9992

Executive Vice President and Chief Financial Officer
B.C. Heagy
(403) 264-9992
Email: zargon@zargon.ca
Website: www.zargon.ca