Filing Details

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934

(Amendment No. 6)

Carbon Natural Gas Company
(Name of Issuer)

Common Stock
(Title of Class of Securities)

14115T109
(CUSIP Number)

December 31, 2016
(Date of Event which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

[_] Rule 13d-1(b)

[x] Rule 13d-1(c)

[_] Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13G

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SCHEDULE 13G

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Item 1.

(a)	Name of Issuer: Carbon Natural Gas Company
(b)	Address of Issuers Principal Executive Offices:
	1700 Broadway, Suite 1170, Denver, CO 80290

Item 2.

(a)	Name of Person Filing:
	Arbiter Partners Capital Management LLC Arbiter Partners QP, LP

(b)	Address of Principal Business Office or, if None, Residence: 530 Fifth Avenue, 20th Fl, New York, NY 10036

(c)	Citizenship:           Delaware

(d)	Title and Class of Securities: Common Stock
(e)	CUSIP No.: 14115T109

Item 3.

If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

	(a)	[_]	Broker or dealer registered under Section 15 of the Act;
	(b)	[_]	Bank as defined in Section 3(a)(6) of the Act;
	(c)	[_]	Insurance company as defined in Section 3(a)(19) of the Act;
	(d)	[_]	Investment company registered under Section 8 of the Investment Company Act of 1940;
	(e)	[_]	An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);
	(f)	[_]	An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F);
	(g)	[_]	A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G);
	(h)	[_]	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
	(i)	[_]	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940;
	(j)	[_]	A non-U.S. institution in accordance with Rule 240.13d-1(b)(1)(ii)(J);
	(k)	[_]	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with Rule 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

____

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Item 4.

Ownership

Arbiter Partners Capital Management LLC¹

(a)	Amount Beneficially Owned: 13,114,667
(b)	Percent of Class: 11.86%
(c)	Number of shares as to which such person has:

	i.	Sole power to vote or to direct the vote: None
	ii.	Shared power to vote or to direct the vote: 13,114,667
	iii.	Sole power to dispose or to direct the disposition of: None
	iv.	Shared power to dispose or to direct the disposition of: 13,114,667

Arbiter Partners QP, LP

(a)	Amount Beneficially Owned: 8,888,889
(b)	Percent of Class: 8.04%
(c)	Number of shares as to which such person has:

	v.	Sole power to vote or to direct the vote: 8,888,889
	vi.	Shared power to vote or to direct the vote: None
	vii.	Sole power to dispose or to direct the disposition of: 8,888,889
	viii.	Shared power to dispose or to direct the disposition of: None

Item 5.

Ownership of Five Percent or Less of a Class.

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [  ].

Item 6.

Ownership of more than Five Percent on Behalf of Another Person.

Arbiter Partners Capital Management LLC acts as investment adviser on behalf of Arbiter Partners QP, LP, and on behalf of certain other managed accounts none of which hold more than 5 percent of the class of securities to which this Schedule relates. Such persons have the right to receive or the power to direct the receipt of dividends from, or the proceeds of sale of, the securities to which this Schedule relates.

Item 7.	Identification and classification of the subsidiary which acquired the security being reported on by the parent holding company or control person.
	N/A
Item 8.	Identification and classification of members of the group.
	See Exhibit 1
Item 9.	Notice of Dissolution of Group.
	N/A

^{___________________________________
1} Arbiter Partners Capital Management LLC acts as investment adviser on behalf of Arbiter Partners QP, LP and certain other managed accounts.

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Item 10.

Certifications.

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a -11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: February 14, 2016

Arbiter Partners Capital Management LLC

By: /s/ Paul J. Isaac

Paul J. Isaac
Manager

Arbiter Partners QP, LP

By: Broken Clock Management LLC
Its general partner

By: /s/ Paul J. Isaac

Paul J. Isaac
Managing Member

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EXHIBIT 1

JOINT FILING AGREEMENT

The undersigned acknowledge and agree that the foregoing statement on Schedule 13G is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13G may be filed on behalf of each of the undersigned without the necessity of filing additional joint filing agreements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained herein and therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows that such information is inaccurate.

Date: February 14, 2017

Arbiter Partners Capital Management LLC

By: /s/ Paul J. Isaac

Paul J. Isaac
Manager

Arbiter Partners QP, LP

By: Broken Clock Management LLC
Its general partner

By: /s/ Paul J. Isaac

Paul J. Isaac
Managing Member

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