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

North American Energy Partners Inc.

December 21, 2006 13:22 ET

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

ACHESON, ALBERTA--(CCNMatthews - Dec. 21, 2006) - North American Energy Partners Inc. (TSX:NOA) (NYSE:NOA) has received sufficient consent to amend the indenture pursuant to which our 8.75% Senior Notes were issued.

The amendment deletes the requirement previously contained in the indenture to provide a footnote in our quarterly financial statements, reconciling Canadian generally accepted accounting principles (GAAP) with United States GAAP. This amendment will not alter our obligation to reconcile our financial statements with United States GAAP in our annual reports.

Global Bondholder Services Corporation, the information and tabulation agent for the consent solicitation, reported that the total principal amount of the notes outstanding is US$200,000,000 and that it has received properly executed consents to the amendment from holders of US$190,629,000 in aggregate principal amount.

This news release contains forward-looking statements. Actual results could differ materially from those contemplated by such forward-looking statements due to any number of factors and uncertainties, many of which may be beyond the Company's control. These factors are enumerated in our registration statements filed with the securities regulatory authorities in each province and territory of Canada and the United States 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 installation 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 eqquipment 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