National Energy Group to dissolve

By Lisa Kerner

Charlotte, N.C., Nov. 13 - The board of directors of National Energy Group, Inc. decided it is in the best interests of its shareholders to liquidate the company's assets and dissolve National Energy.

The board made the decision and approved the liquidation after considering "all strategic options available," according to a company news release.

Shareholders will vote on the dissolution of National Energy at a special meeting at a date and time to be announced.

Once the company is dissolved, the board will declare a cash distribution to its shareholders.

National Energy said as of Nov. 21, it had sold 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 majority of its employees.

The Dallas-based company has no business operations, the release stated.

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