ZARGON OIL & GAS $6.03 (Toronto symbol ZAR; TSINetwork Rating: Speculative) (403- 264-9992; www.zargon.ca; Shares outstanding: 30.2 million; Market cap: $183.5 million; Dividend yield: 11.9%) 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.
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.
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