11/13/2006 TYG

Tortoise North American Energy Corp. Announces Fourth Quarter Dividend Increase and Tax Credit and an Investment Advisory Agreement Fee Waiver

OVERLAND PARK, Kan. - Nov. 13, 2006 - Tortoise North American Energy Corp. (NYSE: TYN), today declared its fourth quarter dividend of $0.34 per share plus an expected tax credit of $.05 per share for the quarter. The dividend will be distributed on Nov. 30, 2006 to stockholders of record on Nov. 24, 2006. This represents a 1.5 percent increase over the dividend for the third quarter.

Based on current company financial information, this dividend is estimated to consist of 40 to 45 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-end. 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 2007 on their Form 1099.

Investment Advisory Fee Waiver Announced

Tortoise North American also announced an investment fee waiver by Tortoise Capital Advisors L.L.C. equal to an annual rate of 0.20 percent of the company's average monthly assets through Dec. 31, 2007. Effective Nov. 01, 2006, the 0.20 percent fee waiver reflects a more gradual transition to the full 1.00 percent annual rate under the advisory agreement with Tortoise Capital Advisors.

Conference Call to Discuss Market Conditions and Company Performance

After the close of business on Oct. 31, 2006, the Canadian government announced a proposal to tax existing income trusts beginning in 2011. As of August 31, 2006, Tortoise North American Energy Corp. held approximately 51 percent of its portfolio in existing Canadian royalty and income trusts. The remaining portfolio is diversified in U.S. Master Limited Partnerships and other U.S. energy infrastructure investments. The management team has been monitoring the developments of the Canadian government's proposal and will address questions during its investment community conference call on Nov. 14, 2006, at 4:15 p.m. EDT.

To access the call, please dial either (800) 218-0204 (U.S./Canada) or (303) 262-2140 (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 transcript of the call will be posted on the site on or before Nov. 18, 2006.

A replay of the call will also be available beginning at 6:15 p.m. EDT Nov. 14, 2006 and continuing until Nov. 28, 2006, by dialing (800) 405-2236 (U.S./Canada) or (303) 590-3000 (International). The replay passcode is 11072726#. A replay of the webcast will also be available on Tortoise Capital Advisor's Web site through Nov. 14, 2007.

About Tortoise North American Energy Corp.

Tortoise North American Energy Corp. invests in a portfolio consisting primarily of publicly traded Canadian royalty 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, the adviser to Tortoise North American Energy Corp., 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 infrastructure sector. As of August 31, 2006, the adviser had approximately $1.9 billion of energy infrastructure investment 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.

Contact information:
Tortoise Capital Advisors, LLC,
Pam Kearney,
Investor Relations,
(913) 322-5839,