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: 2006-05-08

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-05-08	Common Stock	P	240000	$2.50	Acquired	839937	Indirect

Footnotes

F1: On May 8, 2006, Argan, Inc. issued to MSR I SBIC, L.P. 240,000 shares of its common stock pursuant to a certain Stock
Purchase Agreement dated as of May 4, 2006. MSR I SBIC, L.P., is an entity controlled by Daniel Levinson. Accordingly, Mr.
Levinson may be deemed to beneficially own 786,937 shares of common stock held by MSR I SBIC, L.P. (including the 240,000
shares issued to MSR I SBIC, L.P. on May 8, 2006) as well as (i) 3,000 shares of common stock held by Tri-Lev LLC and (ii)
50,000 shares of common stock underlying warrants held by MSR Advisors, Inc.