Effective March 28, 2008, National Energy Group Inc. primary exchange listing will change to OTCUS from OTCBB.

National Energy Group, Inc has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its common stock under the Securities Exchange Act of 1934, as amended. The par value of the company's common stock was $0 .01 per share.

National Energy Group Inc. announced that on February 1, 2008 a purported stockholder derivative and class action lawsuit styled Andrew T. Berger v. Icahn Enterprises LP, et al. was filed in the Delaware Court of Chancery against NEGI, as a nominal defendant, and Icahn Enterprises L.P., Robert G. Alexander, Jon F. Weber, Robert J. Mitchell, Jack G. Wasserman and Robert H. Kite, as additional defendants. NEGI has not yet been formally served with the Lawsuit. The Lawsuit alleges, among other things, that certain of the company's current and former officers and directors breached their fiduciary duties to the Company and its shareholders in connection with the Company's previously announced November 21, 2006 sale to NEG Oil & Gas LLC of the Company's former unconsolidated non-controlling 50% limited liability company interest in NEG Holding LLC as a result of the exercise by NEG Oil & Gas of its contractual redemption option under the operating agreement governing NEG Holding.