DALLAS, Dec. 13 /PRNewswire-FirstCall/ -- As previously announced, the
Board of Directors of National Energy Group, Inc. ("NEGI" or the "Company")
(OTC Bulletin Board: NEGI) has determined, in its best business judgment
after consideration of all strategic options available to the Company, that
it is in the best interests of the Company's shareholders to liquidate all
of the Company's assets and to dissolve the Company. On November 12, 2007,
the Company's Board of Directors approved the dissolution of the Company
and the Plan of Complete Dissolution and Liquidation, subject to required
shareholder approval at a special meeting of the Company's shareholders
(the "Special Meeting").
The Company today announced that the Company's Board of Directors has
determined that the Special Meeting is to be held in the White Rock Room,
Radisson Hotel Central Dallas, 6060 North Central Expressway, Dallas, Texas
75206 at 10:00 a.m., Central Time, on Thursday, February 7, 2008, to
consider and vote on the following matters: (1) to approve the Plan of
Complete Dissolution and Liquidation of National Energy Group, Inc. and the
dissolution and liquidation of the Company in accordance therewith; and (2)
to transact such other business as may properly come before the Special
Meeting.
The Company's Board of Directors has set the close of business on
December 27, 2007 as the record date as of which shareholders entitled to
notice of and to vote at the Special Meeting or any adjournment thereof
shall be determined. The Company expects to mail a definitive proxy
statement relating to the Special Meeting on or about January 7, 2008 to
the Company's shareholders of record as of the record date.
Forward Looking Statements
This press release may contain projections and other forward-looking
statements within the meaning of Section 21E of the Securities Exchange Act
of 1934, as amended. Any such projections or statements reflect the
Company's current views with respect to future events and financial
performance. No assurances can be given, however, that these events will
occur or that such projections will be achieved and actual results could
differ materially from those projected. A discussion of important factors
that could cause actual results to differ materially from those projected
is included in the Company's periodic reports filed with the Securities and
Exchange Commission from time to time.
SOURCE National Energy Group, Inc.
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Related links:
http://www.negx.com
CONTACT:
Bob G. Alexander of National Energy Group,
Inc., +1-214-692-9211, Fax, +1-214-692-5055
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