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Press release from Marketwire

North American Energy Partners Closes $225 Million Senior Unsecured Debenture Offering

Wednesday, April 07, 2010

North American Energy Partners Closes $225 Million Senior Unsecured Debenture Offering11:24 EDT Wednesday, April 07, 2010CALGARY, ALBERTA--(Marketwire - April 7, 2010) - North American Energy Partners Inc. ("NAEP" or the "Company") (TSX:NOA) (NYSE:NOA) today announced the closing of its previously announced private placement of 9.125% series 1 senior unsecured debentures due 2017 with an aggregate principal amount of C$225 million (the "Debentures"). The Debentures will bear interest at 9.125% per annum, payable semi-annually in arrears on April 7 and October 7 and will be guaranteed by its subsidiaries. The Company intends to use the issuance proceeds of $219.4 million, net of underwriting fees, combined with borrowings under its credit facility and cash on hand, to redeem all US$200 million principal amount outstanding of its 83/4% senior notes due December 2011 and liquidate all of the related secured currency and interest rate swaps. NAEP has issued a notice of redemption for the 83/4% senior notes to the trustee, Wells Fargo Bank, N.A., who has notified noteholders of the redemption details. The 83/4% senior notes will be redeemed on April 28, 2010 at par plus accrued and unpaid interest to the redemption date. Prior to the redemption date, the Company may purchase notes in the open market or by private contract. The Debentures have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities law and may not be offered or sold in the United States or to U.S. persons except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to an exemption therefrom.This announcement does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.About the CompanyNorth American Energy Partners Inc. (www.naepi.ca) is one of the largest providers of heavy construction, mining, piling and pipeline services in western Canada. For more than 50 years, NAEP has provided services to large oil, natural gas and resource companies, with a principal focus on the Canadian oil sands. The Company maintains one of the largest independently owned equipment fleets in the region.Forward-Looking StatementsThe information provided in this release contains forward-looking statements. Forward-looking statements include statements preceded by, followed by or that include the words "may", "could", "would", "should", "believe", "expect", "anticipate", "plan", "estimate", "target", "project", "intend", "continue" or similar expressions. Actual results could differ materially from those contemplated by such forward-looking statements as a result of any number of factors and uncertainties, many of which are beyond our control. Important factors that could cause actual results to differ materially from those in forward-looking statements include success of business development efforts, changes in oil and gas prices, availability of a skilled labour force, our internal controls, general economic conditions, terms of our debt instruments, exchange rate fluctuations, weather conditions, performance of our customers, access to equipment, changes in laws and ability to execute transactions. Undue reliance should not be placed upon forward-looking statements and we undertake no obligation, other than those required by applicable law, to update or revise those statements.For more complete information about us you should read our disclosure documents that we have filed with the United States Securities and Exchange Commission (the "SEC") and the Canadian Securities Administrators (the "CSA"). You may obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov or by visiting SEDAR on the CSA website at www.sedar.com.FOR FURTHER INFORMATION PLEASE CONTACT: North American Energy Partners Inc. Kevin Rowand Director, Investor Relations & Strategic Planning (780) 969-5528 (780) 969-5599 (FAX) krowand@nacg.ca www.naepi.ca