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CALGARY, ALBERTA--(Marketwire - May 1, 2008) - Zargon Energy Trust (TSX:ZAR.UN) (TSX:ZOG.B) ("Zargon") is pleased to announce the increase to the Exchange Ratio of the exchangeable shares of Zargon Oil & Gas Ltd. from 1.33802 to 1.34817. This increase will be effective on May 15, 2008.

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


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


April 30,                                               May 15,
 2008         1.33802  $0.18         $23.73293 0.01015   2008     1.34817


(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 17.686 million trust units (ZAR.UN) and 2.056 million exchangeable shares (ZOG.B) outstanding. After giving effect to the conversion privilege of the exchangeable shares and the May 15, 2008 revised exchange ratio there would be a total of 20.458 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.

FOR FURTHER INFORMATION PLEASE CONTACT:

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

or

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