CALGARY, ALBERTA–(Marketwired – May 30, 2016) – (TSX:ZAR)(TSX:ZAR.DB) Zargon Oil & Gas Ltd. (“Zargon“) announces that the following matters were voted upon at the annual meeting of the shareholders of Zargon held on May 30, 2016 in Calgary, Alberta.
1. Election of Directors
By resolution passed via ballot, the following seven 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 | 8,316,282 | 96.44 | % | 307,124 | 3.56 | % | ||||
| K. James Harrison | 8,314,354 | 96.42 | % | 309,052 | 3.58 | % | ||||
| Kyle D. Kitagawa | 8,314,351 | 96.42 | % | 309,055 | 3.58 | % | ||||
| Geoffrey C. Merritt | 8,315,457 | 96.43 | % | 307,949 | 3.57 | % | ||||
| Jim Peplinski | 8,303,954 | 96.30 | % | 319,452 | 3.70 | % | ||||
| Ron Wigham | 8,306,576 | 96.33 | % | 316,830 | 3.67 | % | ||||
| Grant A. Zawalsky | 7,952,907 | 92.22 | % | 670,499 | 7.78 | % |
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 remuneration. The results of the ballot were as follows:
| Votes For | Percent | Votes Withheld | Percent | ||||
| 10,183,337 | 95.69% | 458,162 | 4.31% |
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.
C.H. Hansen
President and Chief Executive Officer
J.N. Post
Chief Financial Officer
403-264-9992
zargon@zargon.ca
www.zargon.ca