10/01/2012 NDP

Tortoise Energy Independence Fund Announces Full Investment and Top Ten Holdings

Oct 1, 2012 - LEAWOOD, Kan.--(BUSINESS WIRE)-- Tortoise Energy Independence Fund, Inc. (NYSE: NDP) today announced that it has fully invested its initial public offering and leverage proceeds.

Last month, the fund declared its first quarterly distribution of $0.4375 per share. The distribution will be paid on Nov. 30, 2012 to stockholders of record on Nov. 23, 2012. This distribution achieves the fund's target of a 7.0 percent annualized yield on its $25 public offering price.

Investment of Proceeds

The fund has met its investment targets ahead of schedule, with portfolio holdings primarily in North American oil and gas production companies that generally have a significant presence in North American oil and gas reservoirs.

"We are pleased to announce that we have reached full investment of NDP," said Tortoise Capital Advisors' Managing Director, Terry Matlack. "We are in the early innings of a new era in North American energy with an extended horizon of oil and gas production growth potential. NDP invests in companies that are at the forefront of producing these oil and gas resources and contributing to North American energy independence."

Set forth below is a summary of the company's unaudited balance sheet at Sept. 30, 2012 and a summary of its top 10 holdings.

Unaudited Balance Sheet

  (in Millions)   Per Share
Investments $399.2 $ 27.52
Cash and Cash Equivalents 0.4 0.02
Other Assets 0.4 0.03
Total Assets 400.0 27.57
Short-Term Borrowings 44.3 3.05
Payable for Investments Purchased 0.8 0.05
Other Liabilities 1.8 0.12
Net Assets $353.1 $ 24.35

14.50 million common shares currently outstanding.

Top 10 Holdings (as of Sept. 30, 2012)



(in Millions)


% of

Occidental Petroleum Corp. $ 19.2 4.8%
Pioneer Natural Resources Co. 16.2 4.0%
Anadarko Petroleum Corp. 15.9 4.0%
Apache Corp. 15.3 3.8%
Crescent Point Energy Corp. 12.7 3.2%
Range Resources Corp. 12.6 3.1%
Enbridge Energy Management, LLC 12.1 3.0%
Devon Energy Corp. 12.1 3.0%
EOG Resources, Inc. 11.9 3.0%
Continental Resources, Inc. 11.8 3.0%
Total $139.8 34.9%

(1) Percent of Investments and Cash Equivalents

Leverage Update

NDP has entered into a secured bank facility allowing it to borrow up to $65 million. The fund's leverage of $44.3 million or approximately 11.1% of total assets, is in line with its initial target.

About Tortoise Energy Independence Fund, Inc.

Tortoise Energy Independence Fund, Inc. (NYSE: NDP) is a non-diversified, closed-end management investment company that seeks to obtain a high level of total return with an emphasis on current distributions. NDP invests primarily on North American energy companies that engage in the exploration and production of crude oil, condensate, natural gas and natural gas liquids.

About Tortoise Capital Advisors, L.L.C.

Tortoise Capital Advisors, L.L.C. is an investment manager specializing in listed energy investments. As of Aug. 31, 2012, the adviser had approximately $8.6 billion of assets under management in NYSE-listed closed-end investment companies, an open-end fund and other accounts. For more information, visit 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 Fund and Tortoise Capital Advisors believe 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 Fund'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 Fund and Tortoise Capital Advisors do not assume a duty to update any forward-looking statement.

Tortoise Capital Advisors, L.L.C.
Pam Kearney, 866-362-9331
Investor Relations

Source: Tortoise Energy Independence Fund, Inc.