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

North American Energy Partners Inc.

June 11, 2007 17:33 ET

North American Energy Partners Increases Operating Credit Facility to $125 Million

ACHESON, ALBERTA--(Marketwire - June 11, 2007) - North American Energy Partners Inc. ("NAEPI" or "Company") (TSX:NOA) (NYSE:NOA) has increased its revolving credit facility to $125 million.

Effective June 7, 2007, the amended facility, with an initial expiry date of June 7, 2010, replaces the Company's existing $55 million facility. On each anniversary date, the term of the facility can be extended for an additional year with the agreement of the lenders.

"The restated terms of the facility substantially increase our financial flexibility," said Doug Wilkes, Vice President, Finance and CFO of NAEPI. "The additional capacity is an important component of the access to capital that we require to effectively support our business growth targets."

The agreement is with a syndicate of four lenders. The Lead Arranger and Administrative Agent, Canadian Imperial Bank of Commerce (CIBC), and the Syndication Agent, Bank of Montreal, together with BNP Paribas and Scotiabank make up the lending syndicate.

North American Energy Partners Inc. (www.naepi.ca) is one of the largest providers of mining and site preparation, piling and pipeline installation services in western Canada. For more than 50 years, the Company has provided services to large oil, natural gas and resource companies, with a principal focus on the Canadian oil sands. The Company maintains one of the largest independently owned equipment fleets in the region.

The release contains forward-looking statements. Forward-looking statements include statements preceded by, followed by or that include the words "may", "could", "would", "should", "believe", "expect", "anticipate", "plan", "estimate", "target", "project", "intend", "continue", "further" or similar expressions. 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 are beyond our control. Important factors that could cause actual results to differ materially from those in forward-looking statements include success of business development efforts, changes in oil and gas prices, availability of a skilled labour force, internal controls, general economic conditions, terms of our debt instruments, exchange rate fluctuations, weather conditions, performance of our customers, access to equipment, changes in laws, and ability to execute transactions. Undue reliance should not be placed upon forward-looking statements and we undertake no obligation, other than as required by applicable law, to update or revise those statements.

For more complete information about us you should read our disclosure documents that we have filed with the SEC and the CSA. You may obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov or SEDAR on the CSA website at www.sedar.com.

Contact Information

  • North American Energy Partners Inc.
    Kevin Rowand
    Investor Relations, Manager
    (780) 960-4531
    (780) 960-7103 (FAX)
    Email: krowand@nacg.ca
    Website: www.naepi.ca