10/13/2008 TYG

Tortoise Energy Capital Corp. Provides Net Asset Value Update; Announces Compliance With its Coverage Covenants for Senior Notes -- Will Host an Industry Update Call on Tuesday, October 14

LEAWOOD, Kan. - Oct. 13, 2008 - Tortoise Energy Capital Corp. (NYSE: TYY) today announced that as of the close of business on Friday, Oct. 10, 2008, the company's total assets were approximately $472 million and its net asset value per share was $10.59. Friday's last sale price was $7.00 per share.

The company also announced that it has not violated any asset coverage covenants or basic maintenance covenants for its senior notes. According to the terms of its senior notes, the asset coverage covenants are calculated at the end of each month and the basic maintenance coverage covenants are calculated as of the end of each week. The company is not seeking any waiver or amendment at this time to the terms of its senior notes, which aggregate $190 million of the company's $285 million total leverage.

However, as of Friday, Oct. 10, 2008, the company was not in compliance with its basic maintenance coverage ratios on its outstanding preferred shares. Those coverage ratios must be met at the end of each week. Under the terms of the preferred shares, the company has more than 50 days from any valuation date in which it did not comply with its basic maintenance coverage ratios, absent a cure or waiver, before it may be required to redeem an amount necessary to bring the ratios into compliance. The company has contacted the holders of a majority of each of its two series of outstanding preferred shares and made them aware of the non-compliance. The company currently has approximately $34,400,000 of cash and expected cash from completed sales of securities. The company has no short-term borrowings outstanding.

Throughout this period of market unrest, management has maintained a dialogue with its lenders, all of whom are unsecured, to prudently manage its leverage and cash positions. Under the terms of its agreements with senior note holders and preferred stockholders, the company has nearly two months to remedy or receive a waiver on any coverage covenant breach, allowing for an orderly return to compliance. Terry Matlack, Chief Financial Officer of the company indicated, "We are taking steps to comply with our asset coverage ratios for the purposes of both the 1940 Act and the terms of our senior notes and preferred shares. We are working diligently to preserve our ability to pay dividends to our common stockholders."

On Tuesday, Oct. 14, 2008 at 3:30 p.m. CDT, the company plans to host a teleconference to update its investors on the U.S. mid-stream energy infrastructure industry in which it invests. "In a period of tightening liquidity, we like investing in the providers of essential services" said Dave Schulte, President of the company. "Major customers of long haul natural gas pipelines include utilities and other companies that provide basic services. The ability of the MLPs in our portfolio to continue to pay increasing quarterly cash distributions is a direct result of the resiliency of their business operations and the investor friendly disciplines imbedded in their partnership agreements. Six of our MLP holdings have announced distributions as of Friday, and all have indicated distribution increases of between 1.5% to 3% over the prior quarter."

Set forth below is a summary of the company's unaudited and preliminary balance sheet as of October 10, 2008, and a summary of its top 10 holdings.

Market Update Call
The company will host a conference call at 3:30 p.m. CDT on Oct. 14, 2008 to discuss current U.S. mid-stream energy infrastructure industry market conditions. Please dial-in approximately five to 10 minutes prior to the scheduled start time.

U.S./Canada:    (303) 262-2075

International: (800) 240-8621

The call will also be webcast in a listen-only format. A link to the webcast will be accessible at www.tortoiseadvisors.com.

A replay of the call will be available beginning at 6 p.m. CDT on Oct. 14, 2008 and continuing until 11:59 p.m. CDT Nov. 10, 2008, by dialing (303) 590-3000 (U.S./Canada). The replay access code is 11121229#. A replay of the webcast will also be available on the company's Web site at www.tortoiseadvisors.com through Oct. 14, 2009.

About Tortoise Energy Capital Corp.
Tortoise Energy Capital Corp. provides financing for master limited partnerships (MLPs) in the energy infrastructure sector, focusing on crude oil and refined petroleum products MLPs and natural gas and natural gas liquids pipelines MLPs. Tortoise Energy Capital Corp. seeks to provide its stockholders 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 Sept. 30, 2008, the adviser had approximately $2.2 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.

Forward-Looking Statement
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 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 company and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.

Contact information:
Tortoise Capital Advisors, LLC
Pam Kearney
Investor Relations
(866) 362-9331