CALGARY, ALBERTA--(Marketwired - June 21, 2016) - Zargon Oil & Gas Ltd. (TSX:ZAR)(TSX:ZAR.DB) ("Zargon") has
renewed and extended its committed syndicated credit facilities with a borrowing base of $70 million, down from $88 million. The
credit facilities are now fully revolving until September 22, 2016, with the provision for a nine month extension at the option
of the lenders and upon request from Zargon. This reduced borrowing base compares with Zargon's outstanding bank debt of $64.6
million at March 31, 2016.
FURTHER INFORMATION
Based in Calgary, Alberta, Zargon's securities trade on the Toronto Stock Exchange and there are currently 30.470 million
common shares outstanding.
Zargon is a Calgary based oil and natural gas company working in the Western Canadian and Williston sedimentary basins and is
focused on oil exploitation projects (waterfloods and tertiary ASP) 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.