LEAWOOD, Kan. – Nov. 10, 2008 — The Board of Directors of Tortoise North American Energy Corp. (NYSE: TYN) today declared the company's fourth quarter 2008 distribution of $0.42 per share, compared to $0.37 in the same quarter of the prior year. The distribution will be paid on Nov. 28, 2008 to stockholders of record on Nov. 20, 2008. This represents a 13.5 percent increase over the same quarter of the prior year.
As a result of TYN's recent sale of Canadian RITs, the company no longer holds a majority of foreign assets. Consequently, TYN stockholders will not receive a foreign source income tax credit for the 2008 tax year. A portion of fiscal year 2008 distributions are expected to be treated as return of capital for income tax purposes, although the ultimate determination will not be made until calculation of earnings and profits after year-end.
Investment Strategy Expanded
The Board of Directors of Tortoise North American Energy Corp. (NYSE: TYN) announced a change in the investment strategy and tax treatment of the company effective Dec. 01, 2008. The investment strategy has been expanded to allow TYN to invest at least 80 percent of its total assets in equity securities of MLPs, including oil and gas exploitation, energy infrastructure and energy shipping companies. For the remainder of 2008, TYN will remain a regulated investment company for tax purposes. For its 2009 fiscal year beginning Dec. 01, 2008, TYN will be treated as a corporation for federal and state income tax purposes.
"The outlook for MLPs offers an opportunity to re-position TYN's portfolio at attractive prices," said Tortoise North American Energy Corp.'s President, Rob Thummel.
About Tortoise North American Energy Corp.
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 Oct. 31, 2008, the adviser had approximately $2.0 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 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, firstname.lastname@example.org