History of Company

Zargon has a rich history of disciplined, value-oriented growth for well over a decade which provides the solid foundation for a sustainable trust.

1992

Zargon Oil & Gas Ltd., a private company, amalgamates with two other companies to create a junior with production of 256 bbl/d of crude oil and natural gas production of 0.63 mmcf/d.

1993

In October, Zargon becomes a public company issuing 2.3 million shares at $1.50 per share to raise $3.5 million.
Production averages 426 bbl/d for crude oil and 2.07 mmcf/d for natural gas.

1994

Zargon begins an oil exploration and exploitation program in Southeast Saskatchewan and the implementation of its first waterflood project.
Production averages 616 bbl/d for crude oil and 2.26 mmcf/d for natural gas.

1995

A private placement of 1.0 million shares is made for $1.55 million and additional oil producing properties are purchased.
Production averages 885 bbl/d for crude oil and 2.77 mmcf/d for natural gas.

1996

Initial natural gas interests in the Jarrow area of Alberta are acquired and Zargon’s operated gas exploration and development activities commences.
1.9 million special warrants are issued at $2.25 per share to raise $4.3 million.
Production averages 1,012 bbl/d for crude oil and 3.70 mmcf/d for natural gas.

1997

Zargon increases its ownership in several Southeastern Saskatchewan properties and acquires additional interests adjacent to Jarrow.
Zargon purchases Oasis Energy Ltd. For $3.5 million, gaining production and undeveloped land in West Central Alberta.
Production averages 1,385 bbl/d for crude oil and 6.36 mmcf/d for natural gas.

1998

Exploration, development and land purchase programs are expanded in the Jarrow area and additional oil and gas assets are acquired from a private company for $4.4 million.
Issued 1.8 million special warrants at $2.90 per share raising $5.2 million.
Production averages 1,508 bbl/d for crude oil and 6.33 mmcf/d for natural gas.

1999

Emphasis is increased on gas-related projects with spending of $14.7 million or 87 percent of the capital budget on land acquisition, seismic, drilling and infrastructure with a focus on the Jarrow gas property.
Production averages 1,711 bbl/d for crude oil and 9.15 mmcf/d for natural gas.

2000

Capital expenditure budget grows to $30.5 million, funded from cash flow, with a focus on gas exploration and development at Jarrow.

2001

Focus of capital programs shifts to crude oil with the purchase of Herc Oil Corp. for $23.39 million and a total capital expenditure program of $55.2 million.
Issued 2.0 million special warrants at $7.05 per share for gross proceeds of $14.1 million.
Production averages 2,441 bbl/d for crude oil and 18.67 mmcf/d for natural gas.

2002

Emphasis placed on expanding West Central Alberta natural gas exploration base and acquired Hadrian Energy Corp. for $9.6 million.
Issued 542 thousand shares at $8.75 per share for gross proceeds of $4.7 million.
Production averages 2,968 bbl/d for crude oil and 20.29 mmcf/d for natural gas.

2003

Growth in natural gas volumes from successful drilling in West Central Alberta as well as the $5.0 million acquisition of the Truro Unit in Renville County, North Dakota.
Disposed of higher cost properties for proceeds of $5.2 million.
Production averages 3,287 bbl/d for crude oil and 24.95 mmcf/d for natural gas.

2004

On July 15, 2004, Zargon converts into an energy trust by acquiring all of its predecessor Company’s assets.
Zargon has a record $56.3 million capital program which includes the acquisition of oil producing properties in Southeast Saskatchewan for $11.8 million.
Production averages 3,416 bbl/d for crude oil and 28.84 mmcf/d for natural gas.

2005

Zargon completes its first full year as an energy trust with record operating and financial results.
A net capital expenditure program of $54.68 million replaces 127 percent of 2005 production volumes.
Production averages 3,697 bbl/d for crude oil and 27.87 mmcf/d for natural gas.

2006

Drilled a record 76.2 net well program with a 95 percent success rate.
A net capital expenditure program of $63.37 million replaces 122 percent of 2006 production volumes.
Production averages 3,805 bbl/d for crude oil and 27.70 mmcf/d for natural gas.

2007

Zargon has maintained a strong balance sheet and has built up its staff and technical resources to ensure we are well positioned to take advantage of opportunities that fit our long term risk adjusted return objective.
Net capital expenditures increased five per cent to $66.67 million, with $63.54 million allocated to exploration and development activities.
Drilled a 46.9 net well program, with a 94 per cent success rate.