ZARGON OIL & GAS $6.39 (Toronto symbol ZAR; TSINetwork Rating: Speculative) (403-264-9992; www.zargon.ca; Shares outstanding: 30.0 million; Market cap: $189.3 million; Dividend yield: 11.3%) produces natural gas and oil in Alberta, Manitoba, Saskatchewan and North Dakota. The company’s production is 67% oil and 33% gas.
In the three months ended March 31, 2013, Zargon produced 7,648 barrels of oil equivalent per day, down 13.4% from 8,834 barrels a year earlier. Cash flow per share was unchanged at $0.46.
Zargon expects cash flow of $2.03 a share in 2013. It trades at 3.1 times that estimate. But cash flow could fall to $1.60 a share in 2014. The shares yield a high 11.3%.
Zargon’s long-term outlook is positive, but high development spending at its enhanced oil recovery project at Little Bow, Alberta, will hold back its nearterm production.
This is an expensive project, and it’s taking funds away from the company’s conventional oil well drilling. However, Little Bow should significantly add to Zargon’s production, starting as soon as 2014..
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