ARGAN INC — Director's Dealing 2006

May 11, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARGAN INC (AGAX)
CIK: 0000100591
Period of Report: 2005-08-17

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-08-17	Common Stock	P	95321	—	Acquired	546937	Direct
2006-05-08	Common Stock	P	240000	$2.50	Acquired	786937	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	53000	Indirect

Footnotes

F1: On January 28, 2005, the Issuer sold and issued to MSR I SBIC, L.P. 129, 032 shares of common stock, pursuant to a
Subscription Agreement dated as of January 28, 2005, at a purchase of $7.75 per share. On August 17, 2005, the Issuer
issued 95,321 additional shares of common stock MSR I SBIC, L.P. for no additional consideration pursuant to terms and
conditions of the Subscription Agreement.

F2: Includes 50,000 shares of common stock underlying warrants

F3: MSR I SBIC, L.P. may be deemed to beneficially own 3,000 shares of common stock of the Issuer held by Tri-Lev LLC and 50,000
shares of common stock of the Issuer underlying warrants held by MSR Advisors, Inc.