Every Monday we feature “A Stock to Sell” as our daily post. With every stock we recommend as a sell, we give you a full explanation of why we advise against investing in the stock at this time.
ZARGON OIL & GAS (Toronto symbol ZAR; www.zargon.ca) produces natural gas and oil in Alberta, Manitoba, Saskatchewan and North Dakota. Its output is 62% oil and 38% gas.
Zargon continues to sell properties to fund high development spending at its alkaline surfactant polymer (ASP) enhanced oil recovery project at Little Bow, Alberta.
ASP is a new process that floods oil wells with a chemical mixture when water is no longer effective. The alkali in the mixture penetrates the rock and frees trapped oil.
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Energy stocks: Costly ASP project diverting funds from conventional oil drilling and lowering cash flow
This project is costly, and it’s diverting funds from Zargon’s conventional oil drilling. That’s lowering the company’s cash flow—per-share cash flow fell 26.4% in the latest quarter, to $0.39 from $0.53 a year ago.
The company’s long-term outlook is positive—if it can successfully start up its ASP project. However, in the near term it will keep selling properties to fund its development.
Zargon has also used debt to raise funds: its long-term debt of $109.5 million is now a high 60% of its market cap.
We now view Zargon Oil & Gas as a sell.
Tomorrow in Best Canadian Stocks we look at how Torstar is adapting to the changing media market.
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