LEAWOOD, Kan. - Jan. 02, 2009 - Tortoise North American Energy Corp. (NYSE: TYN) today announced that as of Dec. 31, 2008, the company's unaudited total assets were approximately $71 million and its unaudited net asset value was $56.0 million or $12.15 per share. As previously discussed in its Nov. 10, 2008 press release, and based on its current holdings, the company does not anticipate qualifying as a Regulated Investment Company for tax purposes and anticipates being treated as a regular taxable corporation for Federal and State income tax purposes for the period beginning Dec. 1, 2008. Accordingly, the unaudited balance sheet reflects a deferred tax asset of $4.9 million or $1.07 per share. The deferred tax asset recognizes the net benefit the company believes should be reflected under Generally Accepted Accounting Principals.
As of Dec. 31, 2008, the company was in compliance with its asset coverage ratios under the 1940 Act and basic maintenance covenants. The company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 474 percent. (For more information on calculation of coverage ratios, please refer to our most recent applicable prospectus.)
Set forth below is a summary of the company's unaudited balance sheet at Dec. 31, 2008, and a summary of its top 10 holdings.
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
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. 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 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