North American Construction Group Ltd. — Director's Dealing 2017

Dec 12, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: North American Energy Partners Inc. (NOA)
CIK: 0001368519
Period of Report: 2017-12-06

Reporting Person: CANNELL CAPITAL LLC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-12-06	Common Stock	P	2176	$4.26	Acquired	2900556	Indirect
2017-12-07	Common Stock	P	3440	$4.2585	Acquired	2903996	Indirect
2017-12-11	Common Stock	P	20685	$4.2546	Acquired	2924681	Indirect

Footnotes

F1: As of December 11, 2017, Tonga Partners, LP, Cuttyhunk II Fund, Tristan Partners, LP, Tristan Offshore Fund, Ltd. and sundry separately managed accounts (collectively the "Cannell Investment Vehicles") owned in the aggregate 2,924,681 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, Tristan Partners, LP and Tristan Offshore Fund, Ltd.. 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 December 11, 2017, Mr. Cannell beneficially owns 2,924,681 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.