ZARGON OIL & GAS $8.36 (Toronto symbol ZAR; TSINetwork Rating: Speculative) (403-264-9992; www.zargon.ca; Shares outstanding: 30.1 million; Market cap: $246.7 million; Dividend yield: 8.6%) produces natural gas and oil in Alberta, Manitoba, Saskatchewan and North Dakota. Its production is 64% oil and 36% gas.
In the quarter ended September 30, 2013, Zargon produced 7,560 barrels of oil equivalent a day, down 1.0% 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.
However, higher oil and gas prices in the latest quarter more than offset the lower output, raising the company’s cash flow per share by 14.6%, to $0.55 from $0.48.
Zargon expects cash flow of $1.66 a share in 2014. The stock trades at 5.0 times that estimate. It yields a high 8.6%.
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.
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 in 2014.
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.
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