DALLAS, Feb. 14 /PRNewswire-FirstCall/ -- NEG, Inc. (to be renamed
National Energy Group, Inc.) ("NEG"), a wholly-owned subsidiary of American
Real Estate Partners, L.P. (NYSE: ACP) ("AREP"), announced today that it has
filed a registration statement on Form S-1 with the U.S. Securities and
Exchange Commission for a proposed initial public offering of its common
stock. The number of shares to be offered and the price range for the
offering have not yet been determined. All shares of common stock to be sold
in this offering will be offered by NEG.
The offering is contingent on the closing of NEG's previously announced
merger which has been approved by requisite stockholder consent, pursuant to
which National Energy Group, Inc. (OTC Bulletin Board: NEGI) will be merged
with and into NEG.
The offering is being made through an underwriting syndicate led by Bear,
Stearns & Co. Inc. and Citigroup Global Markets Inc., acting as joint book-
running managers. When available, copies of the preliminary prospectus
relating to the offering may be obtained from Bear, Stearns & Co. Inc. at 383
Madison Avenue, New York, New York 10179 or from Citigroup Global Markets Inc.
at Brooklyn Army Terminal, 140 58th Street, 8th floor, Brooklyn, New York
11220. Any direct requests to Bear Stearns should be to (212) 272-2000, and
any direct requests to Citigroup should be to the attention of the Prospectus
Department at (718) 765-6732 or by fax at (718) 765-6734.
A registration statement relating to these securities has been filed with
the Securities and Exchange Commission but has not yet become effective.
These securities may not be sold, nor may offers to buy be accepted prior to
the time the registration statement becomes effective.
About NEG, Inc. (to be renamed National Energy Group, Inc.)
Upon consummation of the merger and the initial public offering, NEG will
acquire a managing membership interest in NEG Oil & Gas LLC, which will be its
sole material asset. NEG Oil & Gas LLC currently is a wholly-owned subsidiary
of AREP. NEG Oil & Gas LLC is an independent oil and gas exploration,
development and production company based in Dallas, Texas. NEG Oil & Gas
LLC's core areas of operations are the Val Verde and Permian Basins of West
Texas, the Cotton Valley Trend in East Texas, the Gulf Coast and the Gulf of
Mexico. NEG Oil & Gas LLC also owns oil and gas properties in the Anadarko
and Arkoma Basins of Oklahoma and Arkansas.
SOURCE NEG, Inc.
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Related links:
http://www.negx.com
CONTACT:
Randall D. Cooley, Vice President, Chief
Financial Officer and Treasurer of NEG, Inc., +1-214-692-9211
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