ZARGON OIL & GAS $8.61 (Toronto symbol ZAR; TSINetwork Rating: Speculative) (403-264-9992; www.zargon.ca; Shares outstanding: 30.1 million; Market cap: $259.1 million; Dividend yield: 8.4%) produces natural gas and oil in Alberta, Manitoba, Saskatchewan and North Dakota. Its production is 64% oil and 36% gas.
In the quarter ended December 31, 2013, Zargon produced 7,276 barrels of oil equivalent a day, down 5.8% from 7,634 a year earlier. That’s because it sold some less-important properties and cut back on natural gas drilling in response to lower gas prices.
That lower output more than offset slightly higher oil and gas prices in the latest quarter, dropping the company’s cash flow per share by 27.3%, to $0.40 from $0.55. Zargon expects cash flow of $1.66 a share in 2014. The stock trades at 5.2 times that estimate.
The company’s outlook is positive, but high development spending at its alkaline surfactant polymer (ASP) enhanced oil recovery project at Little Bow, Alberta, will hold back its near-term production.
The company acquired the Little Bow plant from Masters Energy in 2009. 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 well drilling. Still, it should significantly add to the company’s output by 2016. Meanwhile, the stock yields a high 8.4%, and the dividend looks safe.
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