OVERLAND PARK, Kan. May 12, 2006 - Tortoise North American Energy Corp. (NYSE: TYN), today declared the company's second quarterly dividend of $0.33 per share. The dividend will be distributed on June 1, 2006 to stockholders of record on May 23, 2006. The company also announced that it has accumulated a foreign source income tax credit for the income tax withheld during this quarter in Canada, of approximately $.04 per share.
"When our cash dividend is added to the availability of a tax credit, the pre-tax equivalent yield is 5.9 percent on our October 2005 IPO price of $25.00, and 6.8 percent on the May 11th market closing price of $21.85," said Tortoise Capital Advisors Managing Director, David Schulte. "The political stability of the North American energy complex has been increasingly important with recent geopolitical events. Our investments include the critical infrastructure in Canada and the U.S. connecting valuable on-continent reserve basins to end markets."
Based on current company financial information, this dividend is estimated to consist of 60 to 65 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. 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 2007 on their Form 1099.
About Tortoise North American Energy Corp.
Tortoise North American Energy 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
Tortoise Capital Advisors, LLC, the adviser to Tortoise North American Energy Corp., is a pioneer in the capital markets for investment companies focused on the energy infrastructure sector. Tortoise Capital Advisors also serves as the adviser to Tortoise Energy Infrastructure Corp. (NYSE: TYG) and Tortoise Energy Capital Corp. (NYSE: TYY). To date, the adviser has approximately $1.7 billion of energy infrastructure investment assets under management. 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.
Pam Kearney, Investor Relations at