CALGARY, ALBERTA--(Marketwired - May 26, 2015) - (TSX:ZAR)(TSX:ZAR.DB) Zargon Oil & Gas Ltd. ("Zargon" or the "Corporation") announces that the following matters were voted upon at the annual meeting of the shareholders of Zargon held on May 26, 2015 in Calgary, Alberta. Each of the matters is described in greater detail in the Notice of Annual Meeting of Shareholders and Information Circular dated April 14, 2015 (the "Circular").

1.  Election of Directors

By resolution passed via ballot, the following six nominees were appointed as Directors of the Corporation to serve until the next annual meeting of shareholders of the Corporation, or until their successors are elected or appointed. The results of the ballot were as follows:

                                                           Votes            
Name of Nominee                Votes For     Percent    Withheld     Percent
---------------------------- ----------- ----------- ----------- -----------
K. James Harrison             10,085,904       99.22      79,768        0.78
Craig H. Hansen               10,099,217       99.35      66,455        0.65
Kyle D. Kitagawa              10,081,789       99.18      82,983        0.82
Geoffrey C. Merritt           10,030,889       98.68     133,883        1.32
Jim Peplinski                 10,084,144       99.21      80,628        0.79
Grant A. Zawalsky              8,879,957       87.35   1,285,715       12.65

2.  Appointment of Auditors

By resolution passed via ballot, Ernst & Young LLP, Chartered Accountants, were appointed as auditors of the Corporation to hold office until close of the next annual meeting or until their successors are duly appointed, and the directors were authorized to fix their remuneration. The results of the ballot were as follows:

                                                           Votes            
                               Votes For     Percent    Withheld     Percent
                             ----------- ----------- ----------- -----------
                              11,797,570       99.36      75,518        0.64

FURTHER INFORMATION

Zargon Oil & Gas Ltd. 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 recently tertiary ASP) that profitably increase oil production and recovery factors from existing oil reservoirs. Ultimately, these projects will provide a long-life low-decline oil production that will support many years of stable dividends.

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.

Zargon Oil & Gas Ltd.
C.H. Hansen
President and Chief Executive Officer
403-264-9992
zargon@zargon.ca

or

J.N. Post
Chief Financial Officer
403-264-9992
zargon@zargon.ca
www.zargon.ca