North American Energy Partners Inc.

North American Energy Partners Inc.

October 16, 2006 19:35 ET

North American Energy Partners Announces Extension of Expiration Date of Tender Offer and Consent Solicitation for Its 9% Senior Secured Notes Due 2010

ACHESON, ALBERTA--(CCNMatthews - Oct. 16, 2006) - North American Energy Partners Inc. (the "Company") announced today that it is extending the expiration date of its previously announced tender offer and consent solicitation for its 9% Senior Secured Notes due 2010 (CUSIP No. 656844 AE 7) (the "Notes") to 5:00 p.m., New York City time, on November 20, 2006, unless further extended or earlier terminated.

Based on this new expiration date, the dealer manager and solicitation agent will determine the actual pricing for Notes validly tendered and accepted for payment on November 6, 2006. The Company will publicly announce the pricing information by issuing a news release prior to 9:00 a.m. New York City time on the day following the price determination date.

The Notes are being tendered pursuant to the Company's Offer to Purchase and Consent Solicitation Statement, dated September 8, 2006 (the "Offer to Purchase"), which more fully sets forth the terms and conditions of the cash tender offer to purchase any and all of the outstanding principal amount of the Notes as well as the consent solicitation to eliminate substantially all of the restrictive covenants and certain events of default contained in the indenture governing the Notes.

The Company expects to pay for any Notes purchased pursuant to the tender offer and consent solicitation on a date promptly following the expiration of the tender offer. The Company may accept and pay for any Notes at any time after the consent date, in its sole discretion.

The obligation of the Company to accept for payment and purchase the Notes in the tender offer, and pay for the related consents, is conditioned on, among other things, the Company's proposed amalgamation with its parent corporations and completion of the subsequent initial public offering of common shares of the amalgamated company, as described in more detail in the Offer to Purchase.

This announcement is neither an offer to purchase, nor a solicitation of an offer to purchase, nor a solicitation of tenders or consents with respect to, any Notes. The tender offer and the consent solicitation are being made solely pursuant to the Offer to Purchase and the related letter of transmittal.

The Company has retained Credit Suisse Securities (USA) LLC to serve as the dealer manager for the tender offer and the solicitation agent for the consent solicitation. Questions regarding the tender offer and the consent solicitation may be directed to Credit Suisse Securities (USA) LLC at (800) 820-1853 (toll free) or (212) 538-0652 (collect). Requests for documents in connection with the tender offer and the consent solicitation may be directed to D. F. King & Co., Inc., the information agent for the tender offer and the consent solicitation, at (800) 431-9633.

This news release contains forward-looking statements. Actual results could differ materially from those contemplated by such forward-looking statements as a result of any number of factors and uncertainties, many of which factors may be beyond the Company's control. Important factors that could cause actual results to differ materially from those in the forward-looking statements herein are enumerated in NACG Holdings Inc.'s registration statement and the Company's periodic reports filed with the United States Securities and Exchange Commission. Undue reliance should not be placed upon forward-looking statements and we undertake no obligation to update those statements.

Contact Information

  • North American Energy Partners Inc.
    Vincent Gallant
    Vice President, Corporate
    (780) 960-2255
    (780) 960-7167 (FAX)
    Email: vgallant@nacg.ca