Aug 8, 2011 - LEAWOOD, Kan.--(BUSINESS WIRE)-- The Board of Directors of Tortoise North American Energy Corp. (NYSE: TYN) today declared the company's third quarter 2011 distribution of $0.38 per share, an increase of 1.3 percent compared to the $0.375 distribution in the previous quarter. The distribution is payable on Sept. 1, 2011, to stockholders of record on Aug. 24, 2011.
"Our distribution increase reflects our confidence, as long-term investors, in the fundamentally stable and growing distributions from MLPs in our portfolio," said Tortoise Capital Advisors' Managing Director, Terry Matlack. "Additionally, despite recent market conditions, TYN's relatively low leverage positions it to withstand periods of MLP price volatility."
For tax purposes, the company estimates 75 to 100 percent of TYN's 2011 distributions will be characterized as qualified dividend income with the remaining percentage characterized as return of capital. The final characterization will not be made until determination of its earnings and profits after year end. For book purposes, the source of this distribution is estimated to be 100 percent return of capital.
About Tortoise North American Energy Corp.
Tortoise North American Energy Corp. is a publicly-traded closed-end fund focused primarily on investing in securities of MLPs, including energy infrastructure, oil and gas exploitation and production, and energy shipping companies. 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, LLC
Tortoise Capital Advisors is an investment manager specializing in listed energy infrastructure investments. Tortoise is considered a pioneer in managing portfolios of MLP securities and other energy companies for individual, institutional and closed-end fund investors. As of July 31, 2011, Tortoise had approximately $6.7 billion of assets under management in six NYSE-listed investment companies, an open-end investment company and private accounts. For more information, visit our website 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 company'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 company and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.
Tortoise Capital Advisors, LLC
Pam Kearney, 866-362-9331
Source: Tortoise North American Energy Corp.