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: MSR I SBIC LP (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-12-08	Common Stock	P	92793	$3.75	Acquired	879730	Direct
2006-12-08	Common Stock	P	440540	$3.75	Acquired	493540	Indirect

Footnotes

F1: MSR I SBIC, L.P. may be deemed to beneficially own: (i) 3,000 shares of common stock held by Tri-Lev LLC; (ii) 50,000 shares
of common stock underlying warrants held by MSR Advisors, Inc.; and (iv) 440,540 shares of common stock held by MSR Fund II,
L.P.