RGY Rival Energy Ltd

Zargon Energy Trust ("Zargon") (TSX:ZAR.UN) (TSX:ZOG.B) and Rival Energy Ltd.
("Rival") (TSX VENTURE:RGY) today closed the previously announced Plan of
Arrangement (the "Arrangement"). Under the Arrangement, approximately 573,276
Zargon trust units were issued and $16.4 million in cash was paid for the
acquisition of all the issued and outstanding Rival common shares.


Currently, Rival's production is approximately 1,020 barrels of oil equivalent
per day ("boe/d") which consists of 650 barrels per day of crude oil and 2.22
million cubic feet per day of natural gas. Approximately 63 percent of Rival's
current production is from the operated Bellshill Lake oil property which is
located within Zargon's Alberta Plains core area, just south of Jarrow, Zargon's
largest producing property. The Rival acquisition brings oil development
drilling opportunities at Bellshill Lake, seismically defined oil exploration
opportunities at the Bellshill Lake and Morinville, Alberta properties, natural
gas exploration locations at Robsart, Saskatchewan, and high volume lift oil
exploitation projects at Bellshill Lake. In support of this acquisition, Zargon
hedged 500 barrels per day of crude oil production for calendar 2008 and 2009 at
an average price of US$87.01 per barrel.


With the closing of the Arrangement, Zargon reconfirms its 2008 guidance at
9,750 boe/d, which is premised on a $60 million capital budget that is currently
allocated $29 million to the Alberta Plains, $17 million to the Williston Basin
and $14 million to the West Central Alberta core areas.


FORWARD-LOOKING STATEMENTS

This press release contains statements that are forward-looking, such as those
relating to results of operations and financial condition, capital spending,
financing sources, commodity prices, costs of production and the magnitude of
oil and natural gas reserves. By their nature, forward-looking statements are
subject to numerous risks and uncertainties that could significantly affect
anticipated results in the future and, accordingly actual results may differ
materially from those predicted. The forward-looking statements contained in
this press release are as of January 23, 2008 and are subject to change after
this date. Readers are cautioned that the assumptions used in the preparation of
such information, although considered reasonable at the time of preparation, may
prove to be imprecise and, as such, undue reliance should not be placed on
forward-looking statements. Zargon disclaims, except as required by law, any
intention or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.


Boes may be misleading, particularly if used in isolation. A boe conversion
ratio of 6 mcf:1 bbl is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead.


ABOUT ZARGON

Based in Calgary, Alberta, Zargon's securities trade on the Toronto Stock
Exchange and there are currently approximately 17.662 million trust units
(ZAR.UN) (after giving effect to the Arrangement) and 2.071 million exchangeable
shares (ZOG.B) outstanding. After giving effect to the conversion privilege of
the exchangeable shares and the January 15, 2008 revised exchange ratio there
would be a total of approximately 20.367 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.

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