National Energy Group (fka NEGI)

[macdrsirules]

I didn't read it close enough. Here is the news that you probably already saw.

National Energy Group, Inc. Announces the Date of and the Record Date for the Special Meeting of Shareholders
Thursday December 13, 6:08 pm ET


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 - News) 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").
ADVERTISEMENT


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.

[EMTPETE]

where did you get that date?

[macdrsirules]

Dec. 27th

[EMTPETE]

If they are going to close the doors ...GET ER DONE... other wise I have several good plays for an energy co. with that kind of capital...We here in the Hog Capital of the world are going to be the first community in the state of Illinois to produce more energy from renewable than we use...GO GREEN

Energy Coordinator...City of Choice

[macdrsirules]

Well there are a little over 11 million shares outstanding and the company has about 48 million in cash/short term investments so I would say somewhere around 4.34/share.

[macdrsirules]

Well there are a little over 11 million shares outstanding and the company has about 48 million in cash/short term investments so I would say somewhere around 4.34/share.

[EMTPETE]

How much over....

[macdrsirules]

Should be over 4.00/share.

[EMTPETE]

I just keep this board in case something pops on the radar...never has been many posters here....but I did real well with this one...and do not follow mutch any more the shares I have ...all free ones....so just wondering if anyone knew...

[atout]

I have an idea based on the last 10Q but if they liquidate, there could be other "expenses" that would make it less than what it is valued at. I am only keeping this one on my list for now for educational purposes.

[EMTPETE]

Any clue as to pps

[atout]

EX-99.1 2 v093545_ex99-1.htm


Exhibit 99.1
NEWS RELEASE


Contact: Bob G. Alexander

FOR IMMEDIATE RELEASE


(OTC BULLETIN BOARD: NEGI)


NATIONAL ENERGY GROUP, INC. ANNOUNCES BOARD OF DIRECTORS’ DECISION TO LIQUIDATE AND DISSOLVE THE COMPANY


DALLAS, TX — November 12, 2007 — National Energy Group, Inc. (“NEGI” or the “Company”) (OTC Bulletin Board: NEGI) today announced that the Company’s Board of Directors 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. The Company’s Board of Directors approved the dissolution of NEGI and the Plan of Complete Dissolution and Liquidation (the “Plan”), subject to required shareholder approval. The Company intends to hold a special meeting of the Company’s shareholders (the “Meeting”) to seek approval of the Plan and the dissolution of the Company. The Company will announce the timing of the Meeting and set a record date for the shares entitled to vote at the Meeting after the Securities and Exchange Commission has completed its review of the related proxy materials that the Company intends to file in the near future.


Following shareholder approval of the Company’s dissolution pursuant to the Plan, the Board of Directors expects to carry out an orderly disposition of the Company’s assets and liabilities and then declare a cash distribution to the Company’s shareholders.


Background and Reason for the Dissolution


On November 21, 2006, NEGI completed the sale of its non-controlling 50% membership interest in NEG Holding LLC to NEG Oil & Gas, LLC, paid its debt obligations in full, terminated its management agreements with NEG Operating LLC, National Onshore LP and National Offshore LP and terminated the employment of the majority of its employees. Subsequent to November 21, 2006, NEGI has no business operations and its principal assets consist of cash and short-term investment balances.


The Company’s Board of Directors has considered at length the appropriate application of the Company’s remaining cash and short-term investment balances, including but not limited to the possible acquisition of producing oil and gas properties and related businesses and assets or the equity in another entity which owns such properties, businesses and assets. The Company’s Board of Directors concluded that the distribution of the Company’s assets in a liquidation was in the best interests of the Company’s shareholders when compared to other alternatives.

[EMTPETE]

READY

[macdrsirules]

Three white soldiers EOM

[macdrsirules]

National Energy Group, Inc. Reports Fiscal 2007 Second Quarter Results
DALLAS, Aug. 8 /PRNewswire-FirstCall/ -- National Energy Group, Inc. (OTC Bulletin Board: NEGI) today announced results for the three and six month periods ended June 30, 2007.

Results of Operations

The Company reported total revenues of $0.6 million for the three month period ended June 30, 2007 compared to $17.7 million for the three month period ended June 30, 2006. Revenues for the six month period ended June 30, 2007 were $1.4 million compared to $36.4 million in the same period in 2006. Net loss was $29,000 for the three month period ended June 30, 2007 compared to net income of $7.1 million for the comparable period in 2006. Net loss for the six month period ended June 30, 2007 was $0.3 million as compared to net income of $13.0 million for the comparable period in 2006.

On November 21 2006, the Company completed the sale of its non-controlling 50% membership interest in NEG Holding LLC to NEG Oil & Gas LLC, paid its debt obligations in full, terminated its management agreements with NEG Operating LLC, National Onshore LP, and National Offshore LP and terminated the employment of the majority of its employees. Subsequent to November 21, 2006, the Company has no business operations and its principal assets consist of cash and short-term investment balances, which aggregated $48.2 million at June 30, 2007.

The Company's results of operations for the three and six month periods ended June 30, 2007 are more fully described in the unaudited financial statements and the accompanying notes and other information included in the Company's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 8, 2007. Investors are urged to review the Form 10-Q and the Company's Annual Report Form 10-K for the year ending December 31, 2006 filed with the SEC on March 6, 2007, including the risk factors applicable to the Company.

The Company

Subsequent to November 21, 2006, the Company has no business operations and its principal assets consist of cash and short-term investment balances, which approximated $48.2 million at June 30, 2007. As a result, the Company is a shell company as defined in Rule 12b-2 of the Securities Exchange Act of 1934, as amended. The Company's Board of Directors intends to consider the appropriate application of the Company's remaining cash and short-term investment balances, including but not limited to the possible acquisition of producing oil and gas properties and related businesses and assets or the equity in another entity which owns such properties, businesses and assets, the distribution of some or all of our assets to shareholders, or our liquidation and dissolution. There can be no assurance the Company's Board of Directors will authorize any such transaction.

Forward Looking Statements

This press release includes 'forward-looking statements' within the meaning of various provisions of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. The words 'anticipate,' 'expect,' 'estimate,' 'predict,' 'believe,' and similar expressions and variations thereof are intended to identify forward-looking statements. All statements, other than statements of historical facts, included in this press release that address activities, events, or developments that we expect or anticipate will or may occur in the future relating to the operations of National Energy Group, Inc., our business strategies, goals, plans, references to future success, references to intentions as to future matters and other such matters are forward-looking statements and include statements regarding the interest, belief or current expectations of our management, directors, or officers regarding such matters. These statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments as well as other factors we believe are appropriate under the circumstances. However, whether actual results and developments will conform with our expectations and predictions is subject to a number of risks and uncertainties, including the risk factors (see Item 1A--Risk Factors) discussed in our Annual Report on Form 10-K for the year ended December 31, 2006, the opportunities (or lack thereof) that may be presented to and pursued by us, competitive actions by other companies, changes in laws or regulations, and other factors, many of which are beyond our control. Consequently, all of the forward-looking statements made in this document are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated will be realized or, even if substantially realized, that they will have the expected consequences to or effects on our Company or our business or operations. Such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements.

SOURCE National Energy Group, Inc.



Source: PR Newswire (August 8, 2007 - 4:17 PM EST)

News by QuoteMedia
www.quotemedia.com

[macdrsirules]

NEGI-market cap pretty much is equal to the amount of cash the company has on hand.

[Schroeder]

I picked up spme NEGI on friday, I know this is only a shell

but I played NEGI before and made some good money,
with all the cash in the till I think its safe to say
the price is supported by that amount, some shell plays
you can make some decent money ( I hope here also)....

management has got to have something up the sleeve to do
with all that cash, I'll be watching, all for now,

over and out

good luck to all

[atout]

National Energy Group, Inc. Reports Fiscal 2007 First Quarter Results
Wednesday May 9, 7:03 pm ET


DALLAS, May 9 /PRNewswire-FirstCall/ - National Energy Group, Inc. (OTC Bulletin Board: NEGI - News) today announced results for the first quarter ended March 31, 2007.


Results of Operations

The Company reported total revenues of $0.8 million for the three month period ended March 31, 2007 compared to $18.7 million for the three months ended March 31, 2006. Net loss was $0.3 million for the three months ended March 31, 2007 compared to net income of $5.9 million for the comparable period in 2006.

On November 21 2006, we completed the sale of our non-controlling 50% membership interest in NEG Holding LLC to NEG Oil & Gas LLC, paid our debt obligations in full, terminated our management agreements with NEG Operating LLC, National Onshore LP, and National Offshore LP and terminated the employment of the majority of out employees. Subsequent to November 21, 2006, we have no business operations and our principal asset consists of our cash and short-term investment balances, which aggregated $47.9 million at March 31, 2007.

The Company's results of operations for the three month period ended March 31, 2007 are more fully described in the unaudited financial statements and the accompanying notes and other information included in the Company's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 9, 2007. Investors are urged to review the Form 10-Q and the Company's Annual Report Form 10-K for the year ending December 31, 2006 filed with the SEC on March 6, 2007, including the risk factors applicable to the Company.

The Company

Subsequent to November 21, 2006, we have no business operations and our principal asset consists of our cash and short-term investment balances, which approximated $47.9 million at March 31, 2007. As a result, we are a shell company as defined in Rule 12b-2 of the Securities Exchange Act of 1934, as amended. Our Board of Directors intends to consider the appropriate application of our remaining cash and short-term investment balances, including but not limited to the possible acquisition of producing oil and gas properties and related businesses and assets or the equity in another entity which owns such properties, businesses and assets, the distribution of some or all of our assets to our shareholders, or our liquidation and dissolution. There can be no assurance our Board of Directors will authorize any such transaction.

Forward Looking Statements

This press release includes "forward-looking statements" within the meaning of various provisions of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. The words "anticipate," "expect," "estimate," "predict," "believe," and similar expressions and variations thereof are intended to identify forward-looking statements. All statements, other than statements of historical facts, included in this press release that address activities, events, or developments that we expect or anticipate will or may occur in the future relating to the operations of National Energy Group, Inc., our business strategies, goals, plans, references to future success, references to intentions as to future matters and other such matters are forward-looking statements and include statements regarding the interest, belief or current expectations of our management, directors, or officers regarding such matters. These statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments as well as other factors we believe are appropriate under the circumstances. However, whether actual results and developments will conform with our expectations and predictions is subject to a number of risks and uncertainties, including the risk factors (see Item 1A-Risk Factors) discussed in our Annual Report on Form 10-K for the year ended December 31, 2006, the opportunities (or lack thereof) that may be presented to and pursued by us, competitive actions by other companies, changes in laws or regulations, and other factors, many of which are beyond our control. Consequently, all of the forward-looking statements made in this document are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated will be realized or, even if substantially realized, that they will have the expected consequences to or effects on our Company or our business or operations. Such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements.




--------------------------------------------------------------------------------
Source: National Energy Group, Inc.

[macdrsirules]

As you can see in the IBOX. NEGI is oversold and should bounce very soon. JMHO

[EMTPETE]

Just sitting tight waiting on news....

[EMTPETE]

Just sitting tight waiting on news....

[EMTPETE]

Just sitting tight waiting on news....

[EMTPETE]

Just sitting tight waiting on news....

[macdrsirules]

NEGI has done us all very well. Acquisition has got to be in the pipeline somewhere.

[macdrsirules]

The little train that could.

I think this completely legit company could be absolutely huge in the future. I bet that PPS will be double by the end of the year. Just a hunch.

Companies that reward shareholders with very large dividends and still have a handsome amount of cash for acquisitions even though they are technically a shell with Carl Icahn on their side should not be underestimated.

[EMTPETE]

Standing fast wating on news...

[macdrsirules]

I have no news to tell here but the PPS does not seem to care!

Up well over 50% since divy.

[fuzzybunny]

Special One time cash divies that are coming up are GMR and HTX.

[EMTPETE]

YES...wating on news now...

[oklavalue]

anybody notice the large blocks crossing at $4.75 over the last ten days or so?

[macdrsirules]

I should be talking to Bob in the next couple of days. If anyone has any questions they would like for me to ask just post them on the board or PM me.

With Bob's consent I will post any/all info I get from him.

[Rock_E_Bottom]

I'm pretty happy here. This was going to be an in and out for the divi but holding has been a nice thing indeed.

[Argyll]

Some calculations on a Sunday afternoon: If NEGI's $50 million is earning just 6%, that's $3 million per year. That would add another .26 cent to the value making NEGI worth $4.72.

[macdrsirules]

RSI showing overbought at this point, but the candlestick today looks good. Still holding here, consolidation or maybe a small pullback is due unless acquistion news comes.

I wonder if ICAHN or affiliates is buying on the market.

I will try to get some info and let everyone know if anything is in the works.

GLTA

[macdrsirules]

Nice Close again. 4.80!!

This is really good already!

There has got to be some good news just around the corner.

The tape is telling us there is. IMO

[Argyll]

Ok. Now it looks like something may be happening.

[Argyll]

I think it's just coming back to its actual value. On a pure cash asset basis, without any speculation or mutliples, it's worth $4.46 a share.

[macdrsirules]

Nice close again. 3.95

I have not heard anything but I would bet there is some acquisition news coming soon.

[macdrsirules]

Nice close 3.68

[Argyll]

Form 8-K for NATIONAL ENERGY GROUP INC
16-Feb-2007

Change in Directors or Principal Officers

Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.

Appointment of Hillel Moerman as Chief Financial Officer

On February 15, 2007, the board of directors of National Energy Group, Inc. (the "Company") elected and appointed Hillel Moerman as the Company's new Vice President and Chief Financial Officer, effective as of January 31, 2007, in order to replace Randall D. Cooley, who resigned from the Company effective as of November 21, 2006 in order to pursue other business interests separate from the Company.

Mr. Moerman is an employee and/or officer of various entities owned or controlled by Carl Icahn, including American Real Estate Partners, L.P. ("AREP"). AREP, a majority of the depositary units of which are held by Mr. Icahn, is a diversified holding company engaged in a variety of businesses, including gaming, real estate and home fashion, as well as investments in equity and debt securities. AREP O&G Holding LLC, which is a wholly-owned indirect subsidiary of AREP, is the owner of 50.01% of the Company's common stock.

Mr. Moerman will not receive any compensation from the Company for his services on behalf of the Company.

[zod]

Slowly moving back up...nice

[zod]

I also think this will shoot back up. So much so, used my divi to buy more.

[Argyll]

Received dividend today. It was taken out of stock price. The price went down but I would expect it to recover as, on a cash basis alone, the company is worth $4.46.

[universaltrader]

Thank you

[macdrsirules]

I got some today and will hold for a while. Acquisition news is probably coming in the near future.

[Argyll]

Universaltrader


Try reading post numbers 9, 18, 24, 26, 34, 39, 46.

[Argyll]

Universaltrader

All the info is in this thread, complete with links.

In addition, I called my broker.

[universaltrader]

May I ask where you get your information

[Argyll]

According to most information, you can buy tomorrow and get the dividend. If you sell tomorrow, you won't.

The ex-div date is the 16th, which means you must hold through the 15th for the dividend.

[universaltrader]

Man where is everybody? whos selling tomorrow?