Zargon Energy Trust and Churchill Energy Inc. Complete Plan of Arrangement

• Press Release
• Source: Zargon Energy Trust, Zargon Oil & Gas Ltd., Churchill Energy Inc.
• On 12:25 pm EDT, Wednesday September 23, 2009

CALGARY, ALBERTA--(Marketwire - Sept. 23, 2009) - Zargon Energy Trust ("Zargon") (TSX:ZAR.UN - News; TSX:ZOG.B - News) and Churchill Energy Inc. ("Churchill") (TSX VENTURE:CEI - News) today closed the previously announced Plan of Arrangement (the "Arrangement"). Under the Arrangement, 554,669 Zargon trust units were issued and $0.1 million in cash was paid for the acquisition of all the issued and outstanding Churchill common shares. In connection with the closing of the Arrangement, Zargon assumed Churchill's net debt of approximately $5.8 million (inclusive of adjustments).

ABOUT ZARGON

Based in Calgary, Alberta, Zargon's securities trade on the Toronto Stock Exchange and there are currently approximately 22.991 million trust units (ZAR.UN) (after giving effect to the Arrangement) and 1.848 million exchangeable shares (ZOG.B) outstanding. After giving effect to the conversion privilege of the exchangeable shares and the September 15, 2009 revised exchange ratio there would be a total of approximately 25.930 million trust units outstanding.

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 unitholder presentation, financial reports and historical news releases.

Mr. C.H. Hansen
Zargon Energy Trust
President and Chief Executive Officer
(403) 264-9992

Executive Vice President and Chief Financial Officer
Mr. B.C. Heagy
(403) 264-9992
zargon@zargon.ca
www.zargon.ca