North American Construction Group Ltd. — Director's Dealing 2015

Sep 23, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: North American Energy Partners Inc. (NOA)
CIK: 0001368519
Period of Report: 2015-09-18

Reporting Person: CANNELL CAPITAL LLC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-09-18	Common Stock	P	300	$1.98	Acquired	3655575	Indirect

Footnotes

F1: As of September 18, 2015, Tonga Partners, LP, Cuttyhunk II Fund and sundry separately managed accounts (collectively the "Cannell Investment Vehicles") owned in the aggregate 3,655,575 shares of the common stock of North American Energy Partners, Inc.

F2: Cannell Capital LLC acts as the investment sub-adviser to the Cuttyhunk II Fund, the investment advisor to the sundry separately managed accounts, and serves as the general partner of and investment adviser to Tonga Partners, LP. J. Carlo Cannell is the sole managing member of Cannell Capital LLC. As such, Mr. Cannell possesses sole power to vote and direct the disposition of all securities of North American Energy Partners, Inc. held by the Cannell Investment Vehicles. Thus, for the purposes of Reg. Section 240.13d-3, as of September 18, 2015, Mr. Cannell beneficially owns 3,655,575 shares. Mr. Cannell's interest in the securities reported herein is limited to the extent of his pecuniary interest in each of the Cannell Investment Vehicles, if any.