OVERLAND PARK, Kan. - Jan. 26, 2007 - Tortoise North American Energy Corp. (NYSE: TYN), today announced the release of its fiscal 2006 results and affirmed that for tax purposes the 2006 dividends paid to stockholders were comprised of approximately 58 percent ordinary income (55 percent of which is qualified dividend income), six percent long-term capital gain and 36 percent return of capital. Additional information regarding the tax characteristic of the 2006 dividends is available at www.tortoiseadvisors.com. A copy of the information is also available upon request by calling (866) 362-9331.
Nothing contained herein or therein should be construed as tax advice. Consult your tax advisor for more information. Furthermore, you may not rely upon any information herein or therein for the purpose of avoiding any penalties that may be imposed under the Internal Revenue Code.
The company also posted its 2006 annual report at www.tortoiseadvisors.com and commenced mailing of its annual report and proxy materials to stockholders.
For the year ended Nov. 30 2006, Tortoise North American Energy's total assets were $173 million and its net assets were $109 million. The company's aggregate distributable cash flow was $6 million, of which 97 percent was distributed to stockholders in the form of dividends.
2007 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-the number 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
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. As of Dec. 31, 2006, the adviser had approximately $2.2 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. 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, email@example.com