ARGAN INC — Director's Dealing 2006

Dec 12, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARGAN INC (AGAX)
CIK: 0000100591
Period of Report: 2006-12-08

Reporting Person: LEVINSON DANIEL (Director, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-12-08	Common Stock	P	533333	$3.75	Acquired	1373270	Indirect

Footnotes

F1: On December 8, 2006, Argan, Inc., issued (i) 92,793 shares of its common stock to MSR I SBIC, L.P. ("SBIC") and (ii) 440,540
shares of its common stock to MSR Fund II, L.P. ("Fund II") pursuant to a certain Stock Purchase Agreement dated as of
December 8, 2006. SBIC and Fund II are entities controlled by Daniel Levinson. Accordingly, Mr. Levinson may be deemed to
beneficially own: (i) 879,730 shares of common stock held by SBIC (including the 92,793 shares issued to SBIC on December 8,
2006); (ii) 440,540 shares of common stock held by Fund II; (iii) 3,000 shares of common stock held by Tri-Lev LLC; and (iv)
50,000 shares of common stock underlying warrants held by MSR Advisors, Inc.