ARGAN INC — Director's Dealing 2005

Feb 23, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARGAN INC (AGAX)
CIK: 0000100591
Period of Report: 2005-01-28

Reporting Person: MSR I SBIC LP (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-01-28	Common Stock	P	129032	$7.75	Acquired	451616	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	53000	Indirect

Footnotes

F1: Includes 50,000 shares of common stock underlying warrants

F2: MSR I SBIC, L.P. may be deemed to beneficially own 3,000 shares of common stock held by Tri-Lev LLC and 50,000 shares of
common stock underlying warrants held by MSR Advisors, Inc.