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.