North American Energy Partners Inc.
TSX : NOA
NYSE : NOA

North American Energy Partners Inc.

December 08, 2006 08:47 ET

North American Energy Partners Commences Consent Solicitation Relating to 8.75% Senior Notes Due 2011

ACHESON, ALBERTA--(CCNMatthews - Dec. 8, 2006) - North American Energy Partners Inc. (TSX:NOA) (NYSE:NOA) (the "Company") announced today that it has commenced a solicitation of consents from the holders of its 8.75% Senior Notes due 2011 (CUSIP No. 656844 AB 3) (the "Notes") to remove the requirement in the indenture governing the Notes (the "Indenture") that the Company include a reconciliation of its financial statements. These are prepared in accordance with Canadian GAAP, to U.S. GAAP in the quarterly reports that the Company files with the Securities and Exchange Commission. This amendment will not alter the Company's obligation to reconcile its financial statements to U.S. GAAP in its annual reports. The consent solicitation is subject to the terms and conditions set forth in the consent solicitation statement and the related letter of consent, each dated December 8, 2006.

The consent solicitation is scheduled to expire at 5:00 p.m., New York City time, on December 19, 2006, unless extended (the "Expiration Date"). Each holder of Notes who has validly delivered a consent (and not validly revoked) with respect to such Notes before the Expiration Date will receive US$1.25 for each US$1,000 aggregate principal amount of such Notes. Duly executed (and not validly revoked) consents from holders of Notes representing at least a majority of the aggregate principal amount of the Notes then outstanding are required for the amendment to the Indenture to become effective. Consents may be revoked at any time prior to the time that the requisite consents have been obtained but not thereafter.

This announcement is neither an offer to purchase nor a solicitation of an offer to purchase nor a solicitation of consents with respect to any Notes. The consent solicitation is being made solely pursuant to the consent solicitation statement and the related letter of consent.

The Company has retained BNP Paribas Securities Corp. to serve as the solicitation agent for the consent solicitation. Questions regarding the consent solicitation may be directed to BNP Paribas Securities Corp. at (866) 491-7302 (toll free) or (212) 841-3059 (collect). Requests for documents in connection with consent solicitation may be directed to Global Bondholder Services Corporation, the information agent for the consent solicitation, at (866) 807-2200 (toll free) or (212) 430-3774.

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 may be beyond the Company's control. Important factors that could cause actual results to differ materially are enumerated in the Company's periodic reports filed with the Securities and Exchange Commission. Undue reliance should not be placed upon forward-looking statements and we undertake no obligation to update them.

North American Energy Partners Inc. (TSX:NOA) (NYSE:NOA) is one of the largest providers of mining and site preparation, piling and pipeline services in western Canada. For more than 50 years, we have provided services to large oil, natural gas and resource companies, with a principal focus on the Canadian oil sands. We maintain one of the largest independently owned equipment fleets in the region.

Contact Information

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