ZARGON ENERGY TRUST $14.87 (Toronto symbol ZAR.UN; SI Rating: Speculative) (403-264-9992; www.zargon.ca; Units outstanding: 18.4 million; Market cap: $274.1 million) has oil and gas production assets in Alberta, Manitoba, Saskatchewan and North Dakota. Output is weighted 53% toward natural gas and 47% to oil.
In the three months ended September 30, 2008, Zargon’s production rose 9.9%, to 9,340 barrels of oil equivalent per day, from 8,501 barrels.
Zargon’s $75-million debt is low, at around 27% of market cap. The trust’s monthly distribution of $0.18 gives the units a yield of 14.5%. Zargon flows just 47% of its cash flow through to its unitholders, so a distribution cut is unlikely, even if oil and gas prices remain low.
Zargon’s cash flow for 2009 is forecast at $4.55 a unit. The trust’s units trade at 3.3 times that estimate.
Zargon Energy is a buy.
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