North American Energy Partners Completes Initial Public Offering


ACHESON, AB (November 28, 2006) – North American Energy Partners Inc. (TSX / NYSE: NOA) (the “Company”) announced today that it completed its previously announced initial public offering (the “Offering”) of 12,500,000 of its voting common shares (“Common Shares”) at US$16.00 or C$18.38 per share. As part of the Offering, the Company sold 8,750,000 Common Shares and existing shareholders sold 3,750,000 Common Shares. The Company and the selling shareholders have granted the underwriters a 30-day option (the “over-allotment option”) to purchase up to an additional 1,875,000 Common Shares at the initial public offering price to cover any possible over-allotments.

In connection with the completion of the Offering, the Company completed the previously announced purchase of its outstanding 9% Senior Secured Notes due 2010. The Company also completed the amalgamation of NACG Holdings Inc. with its two subsidiaries, NACG Preferred Corp. and North American Energy Partners Inc., under the name North American Energy Partners Inc., as well as a pre-closing capital reorganization.

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The information provided in this news release is not an admission that any entity named in this release is a joint actor with any other entity named in this news release. The information relating to the Company’s principal shareholders was provided by each shareholder. This news release shall not constitute an offer to sell or a solicitation of an offer to buy any Common Shares in any province, territory or state in which such offer or solicitation would be unlawful.

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

For further information, please contact:
Vincent Gallant
Vice President, Corporate & Secretary
North American Energy Partners Inc.
Phone: (780) 960-2255
Fax: (780) 960-7167
Email: vgallant@nacg.ca