03:38 PM EST - Zargon Oil & Gas Ltd. :
provided the following operational update and announces a reduced fourth quarter 2011 monthly dividend of $0.10 per common share to ensure continued financial flexibility, execution of our promising oil exploitation programs and to provide for the development of the Little Bow tertiary oil recovery project. Consistent with Zargon's strategy to maximize returns from non-core properties, on July 7, Zargon completed the previously announced disposition of the Antler and Manor, Williston Basin properties for a cash consideration, after adjustments, of $23.87 million. In aggregate, these two southeast Saskatchewan properties were producing 260 barrels of oil per day, and had included 7,800 net acres of undeveloped land. On September 6, Zargon also completed the sale of 3,200 net acres of undeveloped land in the Whitecourt area of Alberta, for a cash consideration of $5.00 million. There was no production associated with the Whitecourt lands. Zargon Oil & Gas Ltd.
shares T.ZAR are trading down $1.32 at $14.05.
