CALGARY, Alberta – Zargon Oil & Gas Ltd. (“Zargon” or the “Company”) announces that it has entered into an agreement to settle its US$3.05 million term debt through the sale of its US subsidiaries for nominal proceeds and the release of the Company from its obligations under the loan agreement.
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 (water floods 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.
For further information please contact:
President and Chief Executive Officer
Zargon Oil & Gas Ltd.