X0303 4 2011-04-26 0 0001016900 Applied Natural Gas Fuels, Inc. AGAS.OB 0001140474 SANDELL ASSET MANAGEMENT CORP 40 WEST 57TH STREET 26TH FLOOR NEW YORK NY 10019 1 0 1 0 0001084328 CASTLERIGG MASTER INVESTMENTS LTD CITCO FUND SERVICES CURACAO NV KAYA FLAMBOYAN 9, PO BOX 812, CURACAO P8 00000 NETHERLANDS ANTILLES 1 0 1 0 Common Stock 2011-04-26 4 J 0 570915 A 6054495 D In connection with a plan of reorganization of Applied Natural Gas Fuels, Inc. (formerly PNG Ventures, Inc.), Castlerigg PNG Investments LLC ("Castlerigg LLC"), a Delaware limited liability company, acquired from the bankruptcy trustee an additional 570,915 shares of common stock of the issuer. Castlerigg LLC directly owns the securities reported on this Form 4. Castlerigg Master Investments Ltd., a British Virgin Islands company ("Castlerigg Master Investments"), is the managing member and sole shareholder of Castlerigg LLC. Sandell Asset Management Corp., a Cayman Islands exempted company ("SAMC"), is the investment manager of Castlerigg Master Investments. Thomas Sandell is the controlling person of SAMC and may be deemed to share beneficial ownership of the shares beneficially owned by Castlerigg LLC and SAMC. Castlerigg International Ltd., a British Virgin Islands company ("Castlerigg International"), is the controlling shareholder of Castlerigg International Holdings Limited, a British Virgin Islands company ("Castlerigg Holdings"). Holdings is the controlling shareholder of Castlerigg Offshore Holdings, Ltd., a Cayman Islands exempted company ("Castlerigg Offshore Holdings"). Castlerigg Offshore Holdings is the controlling shareholder of Castlerigg Master Investments. Each of Castlerigg Holdings, Castlerigg Offshore Holdings, Castlerigg International and Castlerigg Master Investments may be deemed to share beneficial ownership of the shares beneficially owned by Castlerigg LLC. SAMC, Mr. Sandell, Castlerigg Holdings, Castlerigg Offshore Holdings, Castlerigg International, Castlerigg Master Investments and Castlerigg LLC, each disclaims beneficial ownership of the securities reported herein except to the extent of its or his respective pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of these securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose. SAMC might be deemed to be a director of the issuer by deputization, as a result of Shreyas Gupta, an employee of SAMC, being appointed to serve on the board of directors of the issuer. Thomas E. Sandell, Chief Executive Officer of Sandell Asset Management Corp. 2011-04-28 Thomas E. Sandell, Chief Executive Officer of Sandell Asset Management Corp., as investment manager of Castlerigg Master Investments Ltd. 2011-04-28