X0303 4 2009-04-01 0 0000808013 NORTH AMERICAN TECHNOLOGIES GROUP INC /TX/ NATK 0001318540 Herakles Investments, Inc. 5949 SHERRY LANE SUITE 1900 DALLAS TX 75225 0 0 1 0 Common Stock $.001 par value 2009-04-01 4 J 0 234844 A 1152745 D On July 24, 2007, Herakles Investments, Inc entered into a Securities Purchase Agreement ("July 2007 SPA") by and among North American Technologies, Inc. ("NATK") and other investors pursuant to which NATK issued to Herakles an 8% Convertible Debenture in the original principal amount of $1,761,330 ("July 2007 Debenture"). The July 2007 Debenture allows NATK to make quarterly interest payments to holders by issuing shares of NATK common stock, $.001 par value ("Common Stock"). Pursuant to the July 2007 SPA, first quarter interest in the amount of $35,226.61 was converted at the lower of the volume weighted average price ("VWAP")or the Conversion Rate (as defined in the July 2007 SPA). The VWAP of $.15 resulted in the issuance of 234,844 shares of Common Stock. The amount set forth above reflects a corrected number of total shares held by Herakles Investments, Inc. The previous calculations mistakenly showed 595 fewer shares. /s/ Heather Kreager, Senior Vice President, General Counsel and Secretary 2009-04-02