ZARGON OIL & GAS $12.58 (Toronto symbol ZAR; TSINetwork Rating: Speculative) (403-264-9992; www.zargon.ca; Shares outstanding: 29.2 million; Market cap: $367.3 million; Dividend yield: 9.5%) produces natural gas and oil in Alberta, Manitoba, Saskatchewan and North Dakota. Its production is 60% oil and 40% gas.
In the three months ended September 30, 2011, Zargon produced 9,014 barrels of oil equivalent per day. That’s down 10.7% from 10,094 barrels a year earlier. The company sold some less-important properties; that was the main reason for the drop. The lower production pushed down Zargon’s cash flow per share by 27.5%, to $0.50 from $0.69 a year earlier.
The company continues to successfully drill horizontal wells in the Alberta Plains North area. Horizontal drilling involves drilling development wells sideways or at an angle to reach isolated pockets of gas or to follow a reservoir spread out in a narrow layer. Horizontal drilling works well in places where conventional drilling is impossible or too expensive.
Zargon pays a monthly dividend of $0.10 a share, for a high 9.5% yield. The company expects to report cash flow of $2.60 a share in 2012. The shares trade at 4.8 times that estimate.
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