OVERLAND PARK, Kan. - February 12, 2007 - The Board of Directors of Tortoise North American Energy Corp. (NYSE: TYN) today declared the company's first quarter 2007 dividend of $0.35 per share, compared to $0.34 in the previous quarter. The dividend will be distributed on March 1, 2007 to stockholders of record on Feb. 22, 2007. This represents a 2.9 percent increase over the distribution for the prior quarter. In addition, the company announced an expected foreign source income tax credit for the income tax withheld during this quarter of approximately $0.05 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 2008 on their Form 1099. Based on current company financial information, this dividend is estimated to consist of 35 to 40 percent net income for book purposes, with the remainder consisting of return of capital. This is subject to change based upon completion of the company's fiscal year-end.
Annual Stockholders' Meeting
The company will discuss financial results at its annual stockholders' meeting on April 13, 2007 at 9 a.m. CT at the University of Kansas Edwards Campus, Regnier Hall 165, 12600 Quivira Road, Overland Park, Kan.
For those unable to attend the meeting, a listen-only conference call will be provided. Please dial-in approximately five to 10 minutes prior to the scheduled start time.
U.S./Canada: (800) 218-0204
International: (303) 262-2140
The meeting will also be webcast in a listen-only format. The link to the webcast and supplemental information will be accessible at www.tortoiseadvisors.com.
A replay of the meeting will be available beginning at 12 p.m. CT on April 13, 2007 and continuing until 12 p.m. CT April 27, 2007, by dialing (800) 405-2236 (U.S./Canada). The replay access code is 11082820#. A replay of the webcast will also be available on the company's Web site at www.tortoiseadvisors.com through April 13, 2008.
About Tortoise North American Energy Corp.
Tortoise North American Energy Corp. invests in a portfolio consisting primarily of publicly traded Canadian royalty trusts and income trusts (collectively, RITs) and publicly traded United States master limited partnerships (MLPs) with an emphasis on the midstream and downstream North American energy sector. 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, LLC
Tortoise Capital Advisors, LLC, the adviser to Tortoise North American Energy Corp., is a pioneer in the 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 infrastructure sector. As of Jan. 31, 2007, the adviser had approximately $2.3 billion of energy infrastructure investment assets under management.
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.
Tortoise Capital Advisors, LLC
Pam Kearney, Investor Relations, (866) 362-9331, firstname.lastname@example.org