North American Construction Group Ltd. — Director's Dealing 2016

Feb 20, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: North American Energy Partners Inc. (NOA)
CIK: 0001368519
Period of Report: 2016-02-17

Reporting Person: CANNELL CAPITAL LLC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-02-17	Common Stock	S	7870	$1.6277	Disposed	3659005	Indirect
2016-02-18	Common Stock	S	17628	$1.6198	Disposed	3641377	Indirect
2016-02-19	Common Stock	S	14800	$1.62	Disposed	3626577	Indirect

Footnotes

F1: As of February 19, 2016, Tonga Partners, LP, Cuttyhunk II Fund and sundry separately managed accounts (collectively the "Cannell Investment Vehicles") owned in the aggregate 3,626,577 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 February 19, 2016, Mr. Cannell beneficially owns 3,626,577 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.