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<SEC-DOCUMENT>0000950129-06-009496.txt : 20070112
<SEC-HEADER>0000950129-06-009496.hdr.sgml : 20070112
<ACCEPTANCE-DATETIME>20061107215436
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950129-06-009496
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20061107

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
<TEXT>
<HTML>
<HEAD>
<TITLE>corresp</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">November&nbsp;7, 2006
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">United States Securities and Exchange Commission<BR>
100 F Street, N.E., Mail Stop 7010<BR>
Washington, D.C. 20549

</DIV>

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="95%">
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<TR valign="bottom">
    <TD 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>
Amendment No.&nbsp;4 to Form&nbsp;F-1<br>
Filed November&nbsp;3, 2006<br>
File No.&nbsp;333-135943<br>&nbsp;<br>
North
American Energy Partners Inc.<br>
Form&nbsp;20-F, as amended, for fiscal year ending March&nbsp;31, 2005<br>
Filed November&nbsp;25, 2005<br>
Form&nbsp;20-F, as amended, for fiscal year ending March&nbsp;31, 2006<br>
Filed August&nbsp;30, 2006<br>
File No.&nbsp;333-111356</TD>
</TR>
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</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 Registrants, we have filed through EDGAR Amendment No.&nbsp;5
(&#147;Amendment No.&nbsp;5&#148;) to the above-referenced Registration Statement (the &#147;Registration Statement&#148;).
Amendment No.&nbsp;5 reflects all changes made to the Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In this letter, we set forth responses to the comments and requests for additional information
contained in the letter from the Staff (the &#147;Staff&#148;) of the Securities and Exchange Commission (the
&#147;Commission&#148;), dated November&nbsp;7, 2006, with respect to the above-referenced filings. For your
convenience, we have repeated in bold type the comments and requests for additional information
exactly as set forth in the November 7 comment letter. The Registrant&#146;s response to each comment
or request is set forth immediately below the text of the applicable comment or request.
</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>
November&nbsp;7, 2006<BR>
Page 2

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 18pt"><U><B>Amendment No.&nbsp;4 to Form&nbsp;F-1</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>General</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note that you have filed a separate confidential treatment request for certain information
contained in exhibit 10.12 to the F-1. We will respond to your request in a separate
communication.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Response: </I>The Registrant notes the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Principal and Selling Shareholders, page 117</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please identify a natural person who has authority to vote, or dispose of, the securities
beneficially owned by Paribas North America, Inc.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Response: </I>The Registrant has added the requested disclosure on page&nbsp;119 of Amendment No.&nbsp;5.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Underwriting, page 134</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>General</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note your response to our prior comment 10. Please revise your disclosure to state that
one of the conditions to the obligations of the underwriters is that there is no material</B>
<B><I>adverse </I></B><B>change in your business.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Response: </I>The Registrant has revised its disclosure on page&nbsp;136 to state that one of the
conditions to the obligations of the underwriters is that there is no material adverse
change in its business.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Exhibit&nbsp;5.1</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>4. Please refile the opinion of counsel, as the last page is missing from the exhibit.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Response: </I>The Registrant has refiled with Amendment No.&nbsp;5 the opinion of Borden Ladner
Gervais LLP as Exhibit&nbsp;5.1.
</DIV>

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

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<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>
November&nbsp;7, 2006<BR>
Page 3

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 18pt"><U><B>Form&nbsp;20-F/As of North American Energy Partners Inc. for the fiscal years ended March&nbsp;31, 2005
and 2006</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Controls and Procedures, page 61</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note your statement that you have identified a number of significant weaknesses in your
financial reporting processes and internal controls as defined under Canadian auditing
standards. Please state whether under the standards of the Public Company Accounting Oversight
Board (United States) you have significant weaknesses. If so, please identify them if they are
different from the weaknesses already disclosed.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Response: </I>The Registrant confirms that it will file a fourth amendment to the Form 20-F for
the fiscal year ended March&nbsp;31, 2005 (the &#147;2005 Form&nbsp;20-F&#148;) within 10 business days of the
Staff&#146;s letter dated November&nbsp;7, 2006 to state whether it has any significant weaknesses
under the standards of the Public Company Accounting Oversight Board. The Registrant will
also file a third amendment to its Form 20-F for the fiscal year ended March&nbsp;31, 2006 (the
&#147;2006 Form&nbsp;20-F&#148;) to address the same comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>6.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note your statement that you have added to your finance staff, and in particular that you
have in-house GAAP and financial reporting expertise. Please state whether you have in-house
U.S. GAAP reporting expertise.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Response: </I>The Registrant confirms that it will revise the disclosure in the amendments to
the 2005 Form 20-F and the 2006 Form 20-F to indicate that it has
in-house Canadian GAAP reporting expertise and a working knowledge of
U.S. GAAP that it supplements with outside expertise.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>7.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note your response to our prior comment 14. Please provide an evaluation of the changes
made to your internal controls over financial reporting that occurred during the last fiscal
year, as required by Rule&nbsp;15d-</B><B>15(d)</B><B> of the Securities Exchange Act of 1934.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Response: </I>The Registrant confirms that it will revise the disclosure in amendments to the
2005 Form 20-F and the 2006 Form 20-F to provide an evaluation of the changes made to its
internal control over financial reporting that occurred during the last fiscal year, as
required by Rule&nbsp;15d-15(d) of the Securities Exchange Act of 1934.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To assist the Staff in its review of Amendment No.&nbsp;5, courtesy packages containing a copy of
Amendment No.&nbsp;5 and this letter are being delivered to each individual shown as a carbon copy
recipient of the Staff&#146;s comment letter.
</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>
November&nbsp;7, 2006<BR>
Page 4

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 18pt">If any member of the Commission&#146;s Staff has any questions regarding the foregoing, or desires
further information or clarification in connection therewith, or with respect to any other
revisions to Amendment No.&nbsp;5, please contact the undersigned at 713-221-1306 or Troy L. Harder at
713-221-1456.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;<br>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Very truly yours,<br>&nbsp;<br>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;<br></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">Bracewell &#038; Giuliani LLP<br>&nbsp;<br></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">/s/ Gary W. Orloff</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</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">Gary W. Orloff</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">GWO/pd<BR>
Enclosures

</DIV>
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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.<br></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">&nbsp;<br>
Mr.&nbsp;Kris F. Heinzelman<br>
Cravath, Swaine &#038; Moore LLP<br></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">&nbsp;<br>
Mr.&nbsp;Troy L. Harder<br>
Bracewell &#038; Giuliani LLP</TD>
</TR>
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</TABLE>
</DIV>


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