OVERLAND PARK, Kan. - Feb. 11, 2008 -- The Board of Directors of Tortoise North American Energy Corp. (NYSE: TYN) today declared the company's first quarter 2008 dividend of $0.3725 per share, compared to $0.37 in the previous quarter and $0.35 in the same quarter of the prior year. The dividend will be distributed on March 3, 2008 to stockholders of record on Feb. 21, 2008. This represents a 0.7 percent increase over the prior quarter's distribution and a 6.4 percent increase over the same quarter of the prior year. In addition, the company announced an expected foreign source income tax credit for the income tax withheld during this quarter of approximately $0.06 per share.
For tax purposes, the character of the dividend and the amount of the tax credit will be determined at year-end and will be reported to stockholders at the beginning of 2009 on their Form 1099. Based on current financial information, this dividend is estimated to be characterized as approximately 25 percent long-term capital gain, 70 percent ordinary income (a significant portion of which we expect to be designated as qualified dividend income at year-end), with the remainder consisting of return of capital. This is subject to change based upon completion of the company's fiscal year. The final tax status of the dividend may differ substantially from this preliminary information.
About Tortoise North American Energy Corp.
Tortoise North American Energy Corp. invests in a portfolio consisting primarily of publicly-traded Canadian upstream royalty trusts and midstream and downstream income trusts (collectively, RITs) and publicly-traded United States master limited partnerships (MLPs) with diversified exposure to the growing and physically integrated North American energy markets. Tortoise North American Energy Corp.'s goal is to provide its stockholders with a high level of total return with an emphasis on current dividends.
About Tortoise Capital Advisors
Tortoise Capital Advisors, LLC is a pioneer in capital markets for master limited partnership (MLP) investment companies and a leader in closed-end funds and separately managed accounts focused on MLPs in the energy sector. As of Jan. 31, 2008, the adviser had approximately $2.9 billion of assets under management. For more information, visit our Web site 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 the 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. Investors should consider the investment objective, risks, charges and expenses of the fund carefully before investing. For this and other important information, investors should refer to the closed-end fund prospectus and read it carefully before investing.
Contact information: Tortoise Capital Advisors, LLC Pam Kearney, Investor Relations, (866) 362-9331, email@example.com