X0203 3 2011-01-21 0 0001016900 Applied Natural Gas Fuels, Inc. AGAS.OB 0001511321 Gupta Shreyas C/O SANDELL ASSET MANAGEMENT 40 WEST 57TH STREET, 26TH FLOOR NEW YORK NY 10019 1 0 0 0 Common Stock 5483580 I By Castlerigg PNG Investments, LLC As part of the Issuer's reorganization plan following its emergence from Chapter 11 bankruptcy, the Issuer (formerly PNG Ventures, Inc.) issued 5,483,580 shares of its newly issued common stock, par value $0.001 per share, to Castlerigg PNG Investments, LLC ("Castlerigg"). The reorganization plan is fully described in the Issuer's Current Report on Form 8-K filed with the SEC on March 30, 2010. The reporting person is an employee of Sandell Asset Management Corp., which is an affiliate of Castlerigg, and is Castlerigg's designee to the Issuer's board of directors. The reporting person disclaims beneficial ownership of the shares held by Castlerigg, except to the extent of his pecuniary interest therein. /s/ Shreyas Gupta 2011-01-31