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<SEC-DOCUMENT>0000950129-06-009101.txt : 20070112
<SEC-HEADER>0000950129-06-009101.hdr.sgml : 20070112
<ACCEPTANCE-DATETIME>20061023140132
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950129-06-009101
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20061023

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NACG Holdings Inc.
		CENTRAL INDEX KEY:			0001368519
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL, GAS FIELD SERVICES, NBC [1389]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ZONE 3, ACHESON INDUSTRIAL AREA
		STREET 2:		2-53016 HIGHWAY 60
		CITY:			ACHESON
		STATE:			A0
		ZIP:			T7X 5A7
		BUSINESS PHONE:		780-960-7171

	MAIL ADDRESS:	
		STREET 1:		ZONE 3, ACHESON INDUSTRIAL AREA
		STREET 2:		2-53016 HIGHWAY 60
		CITY:			ACHESON
		STATE:			A0
		ZIP:			T7X 5A7

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NORTH AMERICAN ENERGY PARTNERS INC.
		DATE OF NAME CHANGE:	20061129

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NACG Holdings Inc.
		DATE OF NAME CHANGE:	20060707
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">October&nbsp;23, 2006
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">United States Securities and Exchange Commission<BR>
100 F Street, N.W.<BR>
Washington, D.C. 20549

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Attention: Donna Levy
</DIV>

<DIV align="center">
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<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Re:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NACG Holdings Inc.<BR>
Form&nbsp;F-1<BR>
File No.&nbsp;333-135943</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ladies and Gentlemen:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On behalf of the above-referenced Registrant, set forth below is the Registrant&#146;s understanding of
the position of the staff (the &#147;Staff&#148;) of the Division of Corporation Finance of the Securities
and Exchange Commission with respect to the presentation of the Registrant&#146;s capitalization
information in the above-referenced Registration Statement on Form F-1 (the &#147;Registration
Statement&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In Section&nbsp;III.B.f. of &#147;International Reporting and Disclosure Issues in the Division of
Corporation Finance,&#148; November&nbsp;1, 2004, the Staff notes that while Item&nbsp;3.B of Form 20-F requires a
capitalization table prepared as of a date within 60&nbsp;days of the effectiveness of a registration
statement, Item&nbsp;8 of Form 20-F permits the most recent balance sheet (from which a capitalization
table is ordinarily derived) to be as much as 9&nbsp;months old. The Staff also acknowledges that the
age requirement for the capitalization table for foreign private issuers is considerably more
stringent than the 135-day window customarily used by U.S. issuers in their registration
statements. The Staff then concludes that:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">&#147;Consistent with historical practice, the staff will not object if a foreign private issuer
presents its capitalization table as of the same date as the most recent balance sheet
required in the registration statement. If there have been significant subsequent changes
in capitalization such as debt or equity issuances, recapitalizations, or special
dividends, these changes should be reflected in &#147;as adjusted&#148; columns or footnotes to the
table.&#148;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">United States Securities and Exchange Commission<BR>
October&nbsp;23, 2006<BR>
Page 2<BR>
&nbsp;

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In conformity with the Staff&#146;s position, the Registrant hereby confirms that it intends to present
its capitalization table as of the same date as the most recent balance sheet required in the
Registration Statement and will reflect any significant subsequent changes in its capitalization in
footnotes to the capitalization table.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If any member of the Staff has any questions regarding the foregoing, or desires further
information or clarification in connection therewith, please contact the undersigned at
713-221-1456 or Gary W. Orloff at 713-221-1306.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Very truly yours,<BR>
<BR>
Bracewell &#038; Giuliani LLP<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Troy L. Harder
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Troy L. Harder&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">TLH/lc
</DIV>

<DIV align="center">
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</TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">cc:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mr. Vincent J. Gallant<BR>
NACG Holdings Inc.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mr. Kris F. Heinzelman<BR>
Cravath, Swaine &#038; Moore LLP</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>


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