LEAWOOD, Kan. – Sept. 02, 2008 – The Board of Directors of Tortoise North American Energy Corp. (NYSE: TYN) (the "company") appointed Rob Thummel, as President of the company, effective immediately.
Mr. Thummel joined Tortoise Capital Advisors in 2004 as an Investment Analyst. Previously Mr. Thummel was Director of Finance at KLT Inc., a subsidiary of Great Plains Energy Corp., from 1998 to 2004 and a Senior Auditor at Ernst & Young from 1995 to 1998. Mr. Thummel earned a Master of Business from the University of Kansas and a Bachelor of Science in Accounting from Kansas State University. He is also a CPA.
"Since the inception of Tortoise North American Energy in October 2005, Rob has served as an integral team member in developing TYN and managing the fund's portfolio," said David Schulte, Chief Executive Officer for the company. "This appointment underscores our confidence in Rob's ability to assume this leadership role."
"This is a great opportunity," said Rob Thummel. "Led by the emergence of the Canadian oil sands and the expansion of the North American energy infrastructure grid, we believe TYN is poised to deliver a growing cash distribution to its shareholders."
David J. Schulte, formerly the Chief Executive Officer and President, remains the company's Chief Executive Officer. All other company officers and the members of the investment committee will maintain their current positions.
About Tortoise North American Energy Corp.
Tortoise North American Energy Corp. invests in a portfolio consisting primarily of publicly-traded Canadian upstream royalty trusts and midstream and downstream income trusts (collectively, RITs) and publicly-traded United States master limited partnerships (MLPs) with diversified exposure to the growing and physically integrated North American energy markets. 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. As of July 31, 2008, the adviser had approximately $2.6 billion of 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 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 funds 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 funds' 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 funds and Tortoise Capital Advisors do not assume a duty to update these forward-looking statement.
Contact information: Tortoise Capital Advisors, LLC, Pam Kearney, Investor Relations, (866) 362-9331, firstname.lastname@example.org