LEAWOOD, Kan.--Feb. 8, 2011--(BUSINESS WIRE)-- The Board of Directors of Tortoise North American Energy Corp. (NYSE: TYN) today declared the company's first quarter 2011 distribution of $0.3725 per share, compared to $0.37 in the previous quarter. The distribution will be paid on March 1, 2011, to stockholders of record on Feb. 18, 2011.
This represents a 0.7 percent increase over the prior quarter's distribution. A portion of this distribution is expected to be treated as return of capital for income tax purposes, although the ultimate determination will not be made until determination of our earnings and profits after our year-end. For book purposes, the source of this distribution is estimated to be 100 percent return of capital.
About Tortoise North American Energy Corp.
Tortoise North American Energy Corp. is a publicly-traded closed-end fund focused on investing in equity securities of MLPs, including oil and gas exploitation, energy infrastructure and energy shipping companies. Tortoise North American Energy Corp.'s goal is to provide its stockholders with a high level of total return with an emphasis on current distributions.
About Tortoise Capital Advisors, LLC
Tortoise is an investment manager specializing in listed energy infrastructure investments, such as pipeline and power companies. As of Jan. 31, 2011, the adviser had approximately $6.3 billion of assets under management in six NYSE-listed investment companies and private accounts. For more information, visit our website at www.tortoiseadvisors.com.
Safe Harbor Statement
This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.
This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the company and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the company's reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the company and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.
Tortoise Capital Advisors, LLC
Pam Kearney, 866-362-9331
Source: Tortoise North American Energy Corp.