X0303 4 2010-07-23 0001089575 NATIONAL COAL CORP NCOC 0001327331 STEELHEAD NAVIGATOR FUND, L.P. 333 108TH AVE. NE SUITE 2010 BELLEVUE WA 98004 0 0 1 0 Common Stock, par value $.0001 per share 2010-07-23 4 S 0 68391 1.12 D 1239112 I See footnote Common Stock par value $.0001 per share 2010-07-23 4 S 0 4400 1.12 D 1234712 I See footnote On June 22, 2010, the issuer effected a 4-for-1 reverse stock split, reducing the reporting person's reported beneficial ownership by 3,922,509 shares. The reporting person is a limited partner of Steelhead Navigator Master, L.P. ("Navigator"). The shares of the common stock reported on this Form 4 are held directly by Navigator. The reporting person disclaims beneficial ownership of these shares except to the extent of its pecuniary interest therein, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of all of the reported shares for purposes of Section 16 or for any other purpose. Steelhead Navigator Fund, L.P.; By: Steelhead Partners, LLC, its General Partner; By: James Michael Johnston, its Member-Manager; /s/ James Michael Johnston 2010-07-27