12/01/2010 TYG

Tortoise North American Energy Corp. Provides Preliminary Unaudited 2010 Fiscal Year-End Balance Sheet Information and Asset Coverage Ratios

LEAWOOD, Kan.--Dec. 1, 2010--(BUSINESS WIRE)-- Tortoise North American Energy Corp. (NYSE: TYN) today announced that as of November 30, 2010, the company's unaudited total assets were approximately $193.8 million and its unaudited net asset value was $154.3 million or $24.51 per share.

As of November 30, 2010, the company was in compliance with its asset coverage ratios under the Investment Company Act of 1940 (the 1940 Act) and basic maintenance covenants. The company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 707 percent. For more information on calculation of coverage ratios, please refer to our most recent applicable prospectus.

Set forth below is a summary of the company's preliminary unaudited balance sheet at November 30, 2010, and a summary of its top 10 holdings.

Preliminary Balance Sheet (Unaudited)

          (in Millions)     Per Share
        Investments $ 193.4     $30.72
        Cash and Cash Equivalents 0.1     0.02
        Other Assets 0.3     0.04
        Total Assets 193.8     30.78
                 
        Short-Term Borrowings 10.4     1.65
        Senior Notes 15.0     2.38
        Total Leverage 25.4     4.03
                 
        Distributions to Common Stockholders 0.2     0.04
        Other Liabilities 0.7     0.11
        Deferred Tax Liability 13.2     2.09
        Net Assets $ 154.3     $24.51

6.30 million common shares currently outstanding.

Top 10 Holdings (as of November 30, 2010)

   

Name

Market
Value
(in millions)

   

% of
Investment
Securities(1)

   

Enbridge Energy Management, L.L.C. /

  Enbridge Energy Partners, L.P.

$ 16.3

    8.4%
    Kinder Morgan Management, LLC 15.0     7.7%
    Enterprise Products Partners L.P. 12.5     6.4%
    Energy Transfer Partners, L.P. 10.4     5.4%
    Linn Energy, LLC 9.8     5.1%
    EV Energy Partners, L.P. 8.1     4.2%
    Magellan Midstream Partners, L.P. 8.0     4.1%
    NuStar Energy L.P. 7.4     3.8%
    Inergy, L.P. 7.2     3.7%
    MarkWest Energy Partners, L.P. 7.1     3.7%
    Total $ 101.8     52.5%

(1) Percent of Investments and Cash Equivalents.

Year-End Conference Call

The company will host a conference call on Dec. 16, 2010 at 4:30 p.m. EST, to discuss current U.S. energy infrastructure industry market conditions and TYN's 2010 year-end performance results. Participants can access the conference call by dialing (877) 941-2332. The call will also be webcast in a listen-only format. A link to the webcast will be accessible at www.tortoiseadvisors.com.

A replay of the call will be available at 6 p.m. EST on Dec. 16, 2010 and continuing until 11:59 p.m. CST Dec. 30, 2010, by dialing (303) 590-3030. The replay access code is 4381476#. A replay of the webcast will also be available on the company's Web site at www.tortoiseadvisors.com through Dec. 16, 2011.

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 is an investment manager specializing in listed energy infrastructure investments, such as pipeline and power companies. As of Oct. 31, 2010, the adviser had approximately $5.8 billion of assets under management in six NYSE-listed investment companies and private accounts. 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.

Forward-Looking Statement

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
Investor Relations
pkearney@tortoiseadvisors.com

Source: Tortoise North American Energy Corp.

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