<SEC-DOCUMENT>0000950170-25-008432.txt : 20250123
<SEC-HEADER>0000950170-25-008432.hdr.sgml : 20250123
<ACCEPTANCE-DATETIME>20250123175458
ACCESSION NUMBER:		0000950170-25-008432
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250123
DATE AS OF CHANGE:		20250123

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NATURAL GAS SERVICES GROUP INC
		CENTRAL INDEX KEY:			0001084991
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL, GAS FIELD SERVICES, NBC [1389]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				752811855
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-78868
		FILM NUMBER:		25551145

	BUSINESS ADDRESS:	
		STREET 1:		404 VETERANS AIRPARK LANE
		STREET 2:		SUITE 300
		CITY:			MIDLAND
		STATE:			TX
		ZIP:			79705
		BUSINESS PHONE:		(432) 262-2700

	MAIL ADDRESS:	
		STREET 1:		404 VETERANS AIRPARK LANE
		STREET 2:		SUITE 300
		CITY:			MIDLAND
		STATE:			TX
		ZIP:			79705

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Mill Road Capital III, L.P.
		CENTRAL INDEX KEY:			0001767199
		ORGANIZATION NAME:           	
		IRS NUMBER:				981461868
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		334 PEMBERWICK ROAD
		STREET 2:		SECOND FLOOR
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06831
		BUSINESS PHONE:		203-987-3500

	MAIL ADDRESS:	
		STREET 1:		C/O MILL ROAD CAPITAL MANAGEMENT LLC
		STREET 2:		328 PEMBERWICK ROAD
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06831
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13D" xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <headerData>
    <submissionType>SCHEDULE 13D/A</submissionType>
    <previousAccessionNumber>0001193125-21-001107</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001767199</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>7</amendmentNo>
      <securitiesClassTitle>Common Stock, par value $0.01 per share</securitiesClassTitle>
      <dateOfEvent>01/21/2025</dateOfEvent>
      <previouslyFiledFlag>false</previouslyFiledFlag>
      <issuerInfo>
        <issuerCIK>0001084991</issuerCIK>
        <issuerCUSIP>63886Q109</issuerCUSIP>
        <issuerName>Natural Gas Services Group, Inc.</issuerName>
        <address>
          <street1 xmlns="http://www.sec.gov/edgar/common">404 Veterans Airpark Lane</street1>
          <street2 xmlns="http://www.sec.gov/edgar/common">Suite 300</street2>
          <city xmlns="http://www.sec.gov/edgar/common">Midland</city>
          <stateOrCountry xmlns="http://www.sec.gov/edgar/common">TX</stateOrCountry>
          <zipCode xmlns="http://www.sec.gov/edgar/common">79705</zipCode>
        </address>
      </issuerInfo>
      <authorizedPersons>
        <notificationInfo>
          <personName>Mill Road Capital III, L.P.</personName>
          <personPhoneNum>203-987-3500</personPhoneNum>
          <personAddress>
            <street1 xmlns="http://www.sec.gov/edgar/common">Attn: Thomas E. Lynch</street1>
            <street2 xmlns="http://www.sec.gov/edgar/common">328 Pemberwick Road</street2>
            <city xmlns="http://www.sec.gov/edgar/common">Greenwich</city>
            <stateOrCountry xmlns="http://www.sec.gov/edgar/common">CT</stateOrCountry>
            <zipCode xmlns="http://www.sec.gov/edgar/common">06831</zipCode>
          </personAddress>
        </notificationInfo>
        <notificationInfo>
          <personName>Peter M. Rosenblum, Esq.</personName>
          <personPhoneNum>617-832-1151</personPhoneNum>
          <personAddress>
            <street1 xmlns="http://www.sec.gov/edgar/common">Foley Hoag LLP</street1>
            <street2 xmlns="http://www.sec.gov/edgar/common">155 Seaport Blvd.</street2>
            <city xmlns="http://www.sec.gov/edgar/common">Boston</city>
            <stateOrCountry xmlns="http://www.sec.gov/edgar/common">MA</stateOrCountry>
            <zipCode xmlns="http://www.sec.gov/edgar/common">02210</zipCode>
          </personAddress>
        </notificationInfo>
      </authorizedPersons>
    </coverPageHeader>
    <reportingPersons>
      <reportingPersonInfo>
        <reportingPersonCIK>0001767199</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Mill Road Capital III, L.P.</reportingPersonName>
        <fundType>WC</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>E9</citizenshipOrOrganization>
        <soleVotingPower>530879</soleVotingPower>
        <sharedVotingPower>0</sharedVotingPower>
        <soleDispositivePower>530879</soleDispositivePower>
        <sharedDispositivePower>0</sharedDispositivePower>
        <aggregateAmountOwned>530879</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>4.3</percentOfClass>
        <typeOfReportingPerson>PN</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001767178</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Mill Road Capital III GP LLC</reportingPersonName>
        <fundType>AF</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>E9</citizenshipOrOrganization>
        <soleVotingPower>530879</soleVotingPower>
        <sharedVotingPower>0</sharedVotingPower>
        <soleDispositivePower>530879</soleDispositivePower>
        <sharedDispositivePower>0</sharedDispositivePower>
        <aggregateAmountOwned>530879</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>4.3</percentOfClass>
        <typeOfReportingPerson>OO</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001244666</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Thomas E. Lynch</reportingPersonName>
        <fundType>AF</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>X1</citizenshipOrOrganization>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>530879</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>530879</sharedDispositivePower>
        <aggregateAmountOwned>530879</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>4.3</percentOfClass>
        <typeOfReportingPerson>HC</typeOfReportingPerson>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
      </reportingPersonInfo>
    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>Common Stock, par value $0.01 per share</securityTitle>
        <issuerName>Natural Gas Services Group, Inc.</issuerName>
        <issuerPrincipalAddress>
          <street1 xmlns="http://www.sec.gov/edgar/common">404 Veterans Airpark Lane</street1>
          <street2 xmlns="http://www.sec.gov/edgar/common">Suite 300</street2>
          <city xmlns="http://www.sec.gov/edgar/common">Midland</city>
          <stateOrCountry xmlns="http://www.sec.gov/edgar/common">TX</stateOrCountry>
          <zipCode xmlns="http://www.sec.gov/edgar/common">79705</zipCode>
        </issuerPrincipalAddress>
        <commentText>This Amendment No. 7 to the joint statement on Schedule 13D with respect to the common stock, par value $0.01 per share (the "Common Stock"), of Natural Gas Services Group, Inc., a Colorado corporation (the "Issuer"), filed by Mill Road Capital III, L.P., a Cayman Islands exempted limited partnership (the "Fund"), Mill Road Capital III GP LLC, a Cayman Islands limited liability company and the sole general partner of the Fund (the "GP"), and Thomas E. Lynch (together with the Fund and the GP, the "Reporting Persons") on January 4, 2021, as amended by Amendment No. 1 filed by the Reporting Persons on December 23, 2022, as amended by Amendment No. 2 filed by the Reporting Persons on March 10, 2023, as amended by Amendment No. 3 filed by the Reporting Persons on May 2, 2023, as amended by Amendment No. 4 filed by the Reporting Persons on November 25, 2024, as amended by Amendment No. 5 filed by the Reporting Persons on December 13, 2024, and as amended by Amendment No. 6 filed by the Reporting Persons on January 16, 2025 (such joint statement, as so amended and as amended herein, the "Schedule 13D"), amends the Schedule 13D as follows:</commentText>
      </item1>
      <item3>
        <fundsSource>Item 3 of the Schedule 13D shall hereby be amended and restated in its entirety as follows:

The Reporting Persons acquired beneficial ownership of an aggregate of 530,879 shares of Common Stock for $5,650,619.65 using working capital from the Fund and the proceeds of margin loans under margin loan facilities maintained in the ordinary course of business by the Fund with a broker on customary terms and conditions. The purchase price of shares acquired pursuant to the assignment of standard American-style, exchange-traded put options ("Put Options") is not reduced by the premium received by the Reporting Persons upon sale of the Put Options.</fundsSource>
      </item3>
      <item5>
        <percentageOfClassSecurities>Paragraphs (a) and (b) of Item 5 of the Schedule 13D shall hereby be amended and restated in full as follows:

(a, b)	The percentages of beneficial ownership reported in this Item 5, and on each Reporting Person's cover page to this Schedule 13D, are based on a total of 12,474,020 shares of the Common Stock issued and outstanding as of November 8, 2024, as reported in the most recent quarterly report of the Issuer on Form 10-Q for the fiscal quarter ended September 30, 2024. All of the share numbers reported below, and on each Reporting Person's cover page to this Schedule 13D, are as of January 23, 2025, unless otherwise indicated.  The cover page to this Schedule 13D for each Reporting Person is incorporated by reference in its entirety into this Item 5(a, b).

The Fund directly holds, and thus has sole voting and dispositive power over, 530,879 shares of Common Stock. The GP, as sole general partner of the Fund, also has sole authority to vote (or direct the vote of), and to dispose (or direct the disposal) of, these shares of Common Stock on behalf of the Fund, and Mr. Lynch has shared authority to vote (or direct the vote of), and to dispose (or direct the disposal) of, these shares on behalf of the GP. Accordingly, each of the Reporting Persons beneficially owns 530,879 shares of Common Stock, or approximately 4.3% of the outstanding shares of Common Stock, and the Reporting Persons beneficially own, in the aggregate, 530,879 shares of Common Stock, or approximately 4.3% of the outstanding shares of Common Stock. Neither of Messrs. Petito nor Yanagi has beneficial ownership of any shares of Common Stock.</percentageOfClassSecurities>
        <transactionDesc>Paragraph (c) of Item 5 of the Schedule 13D shall hereby be amended and restated in full as follows:

(c)	Except as otherwise described in this Schedule 13D, no Reporting Person, other than the Fund as set forth in the table below, effected any transaction in shares of Common Stock during the period (the "Reporting Period") from January 16, 2025 (the date on which Amendment No. 6 to the Schedule 13D was filed) to January 23, 2025:

Date of Sale          Shares Sold        Sale Price per Share ($)
01/17/2025*                    9,500                  $25.0000
01/17/2025*                  51,100                  $27.5000
01/17/2025                    43,909                  $27.9676
01/21/2025                  106,511                  $29.0997
01/22/2025                      7,800                  $29.1858
01/23/2025                      4,865                  $28.9516
*Effected pursuant to the assignment of Call Options (as defined in Item 6).

Except as otherwise described in this Schedule 13D, the above listed transactions were conducted in the ordinary course of business on the open market for cash, and the sale prices do not reflect brokerage commissions paid.

In addition, during the Reporting Period, the Fund sold the Call Options described in Item 6, which is incorporated by reference into this Item 5(c).</transactionDesc>
        <date5PercentOwnership>On January 21, 2025, each Reporting Person ceased to be the beneficial owner of more than five percent of the outstanding shares of Common Stock.</date5PercentOwnership>
      </item5>
      <item6>
        <contractDescription>The first paragraph and following table of Item 6 of the Schedule 13D shall hereby be amended and restated in full as follows:

	The table below lists the standard American-style, exchange-traded call options ("Call Options") sold by the Fund during the Reporting Period, all of which are outstanding as of January 23, 2025. Each of the below listed transactions was conducted in the ordinary course of business on the open market for cash, and the sale prices do not reflect brokerage commissions paid.

Date of Sale     Value per Underlying Share at which Call Options were Sold ($)  Shares Underlying Call Options (100s) Call Options' Strike Price per Share ($)  Call Options' Expiration Date
01/17/2025       $1.1838                                                                                                    235                                                                    $27.50                                                          02/21/2025
01/17/2025       $1.0970                                                                                                    192                                                                    $30.00                                                          04/17/2025
01/21/2025       $0.8500                                                                                                        5                                                                    $30.00                                                          02/21/2025
01/21/2025       $2.4475                                                                                                    120                                                                    $27.50                                                          03/21/2025
01/21/2025       $1.2143                                                                                                    211                                                                    $30.00                                                          03/21/2025
01/21/2025       $2.6700                                                                                                    220                                                                    $27.50                                                          04/17/2025
01/21/2025       $1.6016                                                                                                    183                                                                    $30.00                                                          04/17/2025
01/22/2025       $1.2822                                                                                                      85                                                                    $30.00                                                          03/21/2025
01/22/2025       $3.0000                                                                                                        8                                                                    $27.50                                                          04/17/2025
01/23/2025       $1.2533                                                                                                      15                                                                    $30.00                                                          03/21/2025 </contractDescription>
      </item6>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>Mill Road Capital III, L.P.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Deven Petito</signature>
          <title>Deven Petito, Management Committee Director of Mill Road Capital III GP LLC, its General Partner</title>
          <date>01/23/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Mill Road Capital III GP LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Deven Petito</signature>
          <title>Deven Petito, Management Committee Director</title>
          <date>01/23/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Thomas E. Lynch</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Deven Petito</signature>
          <title>Deven Petito, attorney-in-fact</title>
          <date>01/23/2025</date>
        </signatureDetails>
      </signaturePerson>
    </signatureInfo>
  </formData>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
