Zargon Energy Trust Announces Increase to Exchangeable Share Ratio

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 1.60561 to 1.62142. This increase will be effective on November 16, 2009.

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

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

October 31,                                              November
 2009         1.60561   $     0.18 $ 18.27903   0.01581  16, 2009   1.62142

(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 22.991 million trust units (ZAR.UN) and 1.848 million exchangeable shares (ZOG.B) outstanding. After giving effect to the conversion privilege of the exchangeable shares and the November 16, 2009 revised exchange ratio there would be a total of 25.987 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.

SOURCE: Zargon Energy Trust

Zargon Energy Trust
C.H. Hansen
President and Chief Executive Officer
(403) 264-9992
B.C. Heagy
Executive Vice President and Chief Financial Officer
(403) 264-9992
zargon@zargon.ca
www.zargon.ca

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