North American Energy Partners Inc.

North American Energy Partners Inc.

May 11, 2005 23:59 ET

North American Energy Partners: News Release

North American Energy Partners: News Release

ACHESON, ALBERTA--(CCNMatthews - May 11, 2005) - North American Energy Partners
announced today that its previously announced closing of the sale of its 9%
Senior Secured Notes due 2010, originally scheduled for yesterday, did not
occur. As disclosed, the sale of the senior secured notes was subject to various
conditions, including that a new revolving credit facility would be finalized.
The company is continuing to work on its refinancing options, including
completing the previously disclosed offering of new senior secured notes and
arranging a new revolving credit facility to replace the company's existing
senior secured bank credit facility.

The sale of the new senior secured notes being issued has not been registered
under the Securities Act of 1933 or under the securities laws of any
jurisdiction. They are being offered only to qualified institutional buyers (as
defined in Rule 144A under the Securities Act), to persons outside the United
States under Regulation S of the Securities Act and to a limited number of
institutional "accredited investors" within the meaning of Rule 501(a)(1), (2),
(3) or (7) of the Securities Act. Accordingly, the notes may not be offered or
sold in the United States absent registration or an applicable exemption from
registration requirements, and may not be sold in Canada without compliance with
applicable securities laws.

North American Energy Partners is one of the largest providers of mining and
site preparation, piling and pipeline installation services in western Canada.

This news release contains forward-looking statements. Although the company
believes that its expectations are based on reasonable assumptions, no assurance
can be given that its goals will be achieved. Any number of factors and
uncertainties, many of which are beyond the company's control, could cause
actual results to differ materially from those contemplated by such forward-
looking statements. Important factors that could cause actual results to differ
materially from those in the forward-looking statements are enumerated in the
company's reports on Form 6-K filed with the United States Securities and
Exchange Commission. Undue reliance should not be placed upon forward-looking
statements, and the company undertakes no obligation to update those statements.

Contact Information

  • North American Energy Partners Inc.
    Bernie Robert
    Assistant Treasurer
    (780) 960-2266
    Email: brobert@nacg.ca