OVERLAND PARK, Kan. - November 12, 2007 -- The Board of Directors of Tortoise North American Energy Corp. (NYSE: TYN) today declared the company's fourth quarter 2007 dividend of $.37 per share, compared to $0.365 in the previous quarter. The dividend will be distributed on Nov. 30, 2007 to stockholders of record on Nov. 23, 2007. This represents a 1.4 percent increase over the prior quarter's distribution. In addition, the company announced an expected foreign source income tax credit for the income tax withheld during this quarter of approximately $0.06 per share.
For tax purposes, the character of the dividend and the amount of the tax credit will be determined at year-end and will be reported to stockholders at the beginning of 2008 on their Form 1099. Based on current financial information, this dividend is estimated to consist of 35-40 percent net income for book purposes, with the remainder consisting of return of capital. This is subject to change based upon completion of the company's fiscal year.
Conference Call to Discuss Market Conditions and Company Performance
Tortoise Capital Advisors' Managing Directors Kevin Birzer, Zachary Hamel, Kenneth Malvey, Terry Matlack and David Schulte will host a conference call for the investment community to discuss recent MLP market conditions and the company's financial and operating performance on Dec. 19, 2007, at 5 p.m. EDT.
To access the call, please dial either (303) 262-2140 (U.S./Canada) or (800) 219-6110 (International) approximately five to 10 minutes prior to the scheduled starting time. The call will be webcast in a listen-only format at www.tortoiseadvisors.com where supplemental information related to the call will also be available.
A replay of the call will also be available beginning at 6 p.m. EDT on Dec. 19, 2007 and continuing until Jan. 2, 2008, by dialing (303) 590-3000 (U.S./Canada) or (800) 405-2236 (International). The replay passcode is 11102105#. A replay of the webcast will also be available on Tortoise Capital Advisor's Web site at www.tortoiseadvisors.com through Dec. 19, 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 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, 2007, the adviser had approximately $3.0 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 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.
Contact information: Tortoise Capital Advisors, LLC Pam Kearney, Investor Relations, (866) 362-9331, firstname.lastname@example.org