ZARGON ENERGY TRUST $21.75 (Toronto symbol ZAR.UN; SI Rating: Speculative) (403-264- 9992; www.zargon.ca; Shares outstanding: 18.2 million; Market cap: $395.6 million) has oil and gas production assets in Alberta, Manitoba, Saskatchewan and North Dakota. Output is weighted 54% toward gas and 46% to oil.
In the three months ended June 30, 2008, Zargon’s production rose 9.1%, to 9,239 barrels of oil equivalent per day, from 8,465 barrels. However, cash flow per unit rose 47.6%, to $1.55 from $1.05 a year earlier on sharply higher oil and gas prices. Zargon’s monthly distribution of $0.18 gives the units a yield of 9.9%.
The trust flowed just 35% of its cash flow through to its unitholders in the latest quarter. The units now trade at around 3.5 times forecast cash flow based on the latest quarter. Debt of $85.4 million is equal to just under three quarters’ cash flow.
Zargon Energy is a buy.
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