OVERLAND PARK, Kan. Nov. 02, 2006 Tortoise North American Energy Corp. (NYSE: TYN) today announced an update to its net asset value (NAV).
After the close of business on Oct. 31, 2006, the Canadian government announced a proposal to tax existing income trusts beginning in 2011. As a result, over the last two days the Canadian S&P/TSX Capped Energy Trust Index has declined 17.4 percent and the company's NAV has declined approximately $3.50 per share or 13 percent from its NAV of $26.54 on October 31, 2006.
Each Friday after the market close, the company will post the prior Thursday's NAV on its Web site at www.tortoiseadvisors.com. The company will monitor the volatility of its Canadian holdings in determining the duration of a weekly NAV reporting format.
As of August 31, 2006, Tortoise North American Energy Corp. held approximately 51 percent of its portfolio in existing Canadian income trusts, which are invested in midstream securities. The remaining portfolio is diversified in U.S. Master Limited Partnerships and other U.S. energy infrastructure investments. In the short-term the company expects to provide stable dividends and foreign source income tax credits.
The management team will continue to monitor the developments of the Canadian government's proposal and will address investor questions on its previously scheduled conference call on Nov. 14, 2006, at 4:15 p.m. ET.
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 5:15 p.m. CT Nov. 14, 2006 and continuing until Nov. 29, 2006 12 a.m. ET, 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 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, 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.
Tortoise Capital Advisors, LLC, Pam Kearney, Investor Relations, (913) 322-5839, firstname.lastname@example.org