CALGARY, ALBERTA--(Marketwire - Feb. 2, 2009) - Zargon Energy Trust ("Zargon") (TSX:ZAR.UN) (TSX:ZOG.B) is pleased to announce the increase to the Exchange Ratio of the exchangeable shares of Zargon Oil & Gas Ltd. from 1.45278 to 1.46953. This increase will be effective on February 17, 2009.
The following are the details of the calculation of the Exchange Ratio:
Five day Effective
Weighted Date of
Average Increase the Exchange
Record Date Trading in Increase Ratio
of Opening Zargon's Price of Exchange in as of
Zargon's Exchange Distribution Zargon's Ratio Exchange Effective
Distribution Ratio per Unit Units (1) Ratio Date
31, 2009 1.45278 $0.18 $15.61204 0.01675 17, 2009 1.46953
(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 18.552 million trust units (ZAR.UN) and 1.862 million exchangeable shares (ZOG.B) outstanding. After giving effect to the conversion privilege of the exchangeable shares and the February 17, 2009 revised exchange ratio there would be a total of 21.288 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
President and Chief Executive Officer
Executive Vice President and Chief Financial Officer