New Mountain to put forth nominees for election to National Fuel Gas board

By Lisa Kerner

Charlotte, N.C., Oct. 19 - National Fuel Gas Co. investors led by New Mountain Vantage GP, LLC will nominate David M. DiDomenico, F. Fox Benton, III and Frederic V. Salerno for election to the company's board of directors at National Fuel's 2008 annual meeting, according to a schedule 13D filing with the Securities and Exchange Commission.

The reporting persons own 8,082,906 shares, or 9.7%, of the Williamsville, N.Y., diversified energy company.

It was previously reported that New Mountain had suggested that National Fuel:

• Develop and communicate a plan to maximize the value of National Fuel's Appalachian exploration and production assets;

• Retain a top-tier investment bank to advise the board on the master limited partnership structure, and disclose the identity of the board's advisers and the expected timing of the board's conclusions;

• Retain a top-tier investment bank to sell the company's miscellaneous non-core operations, using the proceeds for a special shareholder dividend or to repurchase shares; and

• Eliminate the 10% poison pill and recommend shareholder approval of the elimination of its staggered board at the 2008 annual meeting.

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