May 30, 2017 - 5:01 PM EDT
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Zargon Oil & Gas Ltd. Report on Voting From the 2017 Shareholders Meeting

CALGARY, Alberta, May 30, 2017 (GLOBE NEWSWIRE) -- Zargon Oil & Gas Ltd. (TSX:ZAR) (TSX:ZAR.DB.A) ("Zargon") announces that the following matters were voted upon at the annual and special meeting of the shareholders of Zargon held on May 30, 2017 in Calgary, Alberta.

1.  Election of Directors

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

Name of Nominee   Votes For   Percent   Votes Withheld   Percent
Craig H. Hansen   7,557,131   98.96%   79,587   1.04%
Kyle D. Kitagawa   7,519,803   98.47%   116,915   1.53%
Geoffrey C. Merritt   7,434,986   97.36%   201,732   2.64%
Jim Peplinski   7,434,678   97.35%   202,040   2.65%
Ron Wigham   7,556,431   98.95%   80,287   1.05%
Grant A. Zawalsky   7,193,841   94.20%   442,877   5.80%

2.  Appointment of Auditors

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

    Votes For   Percent   Votes Withheld   Percent
    9,993,531   99.58%   42,239   0.42%

3.  Approval of 2017 Stock Option Plan

By resolution passed via ballot, the 2017 stock option plan and ratification of grants made thereunder, were approved. The results of the ballot were as follows:

    Votes For   Percent   Votes Against   Percent
    7,174,083   93.94%   462,635   6.06%


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 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:

C.H. Hansen
President and Chief Executive Officer

Zargon Oil & Gas Ltd.
Telephone: 403-264-9992
E-mail: [email protected] 
Website: www.zargon.ca

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Source: GlobeNewswire (May 30, 2017 - 5:01 PM EDT)

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