OVERLAND PARK, Kan. August 4, 2006 Tortoise North American Energy Corp. (NYSE: TYN), today declared the company's third quarterly dividend of $0.335 per share plus an expected tax credit of $.05 per share. The dividend will be distributed on September 1, 2006 to stockholders of record on August 22, 2006. The company expects to provide its stockholders with a foreign source income tax credit for the income tax withheld during this quarter in Canada.
Based on current company financial information, this dividend is estimated to consist of 40 to 45 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 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. To date, the adviser has approximately $1.8 billion of energy infrastructure investment 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.
Tortoise Capital Advisors, LLC
Pam Kearney, Investor Relations, (913) 322-5839, firstname.lastname@example.org