Zargon Oil & Gas Ltd. reported production results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported production averaged 2,416 barrels of oil equivalent per day, slightly lower than the fourth quarter 2016 rate of 2,449 barrels of oil equivalent per day and 2017 production guidance of 2,500 barrels of oil equivalent per day. The reduced volumes were primarily due to the shut-in of uneconomic gas production resulting from low field prices. Fourth quarter 2017 oil and liquids production averaged 1,924 barrels per day, and compares to rates of 2,037 barrels of oil and liquids per day in the preceding quarter and 1,952 barrels of oil and liquids per day in the fourth quarter of 2016. Fourth quarter 2017 natural gas production averaged 2.95 million cubic feet per day, and compares to rates of 3.55 million cubic feet per day in the preceding quarter and 2.98 million cubic feet per day in the fourth quarter of 2016.

For the year, the company reported production averaged 2,531 barrels of oil equivalent per day, and was comprised of 1,974 barrels of oil and liquids per day and 3.34 million cubic feet per day of natural gas.

For the first half of 2018, the company forecasting first half 2018 production to average 2,525 barrels of oil and liquids per day, which is comprised of 2,050 barrels of oil and liquids per day and 2.85 million cubic feet of natural gas per day.