10/27/2005 TYG

Tortoise North American Energy Corporation Announces $115 Million Initial Public Offering of Common Shares

OVERLAND PARK, Kan.--(BUSINESS WIRE)--Oct. 27, 2005--Tortoise North American Energy Corporation (NYSE: TYN - News), a closed-end management investment company (the "Company"), announced today that the Securities and Exchange Commission has declared effective the Company's registration statement for an initial public offering of 4,600,000 shares of common stock at $25.00 per share, representing aggregate proceeds of $115 million before fees and expenses of the transaction. The underwriters have been granted an option to purchase up to 690,000 additional common units to cover over-allotments, if any. The Company's common shares will begin trading today on the New York Stock Exchange (subject to notice of issuance). RBC Capital Markets served as co-lead manager and bookrunner, and Stifel, Nicolaus & Company, Incorporated served as co-lead manager.

A potential investor should consider the investment objectives, risks, and charges and expenses of the Company carefully before investing. A prospectus that contains this and other information about the Company may be obtained from the offices of RBC Capital Markets, Dain Rauscher Plaza, 60 S. 6th Street, Minneapolis, MN 55402 and Stifel, Nicolaus & Company, Incorporated, 501 North Broadway, St. Louis, Missouri, 63102. A potential investor should read the prospectus carefully before investing.

About Tortoise North America

Tortoise North American Energy Corporation is a newly organized, non-diversified, closed-end management investment company. The Company seeks to provide its stockholders with a vehicle to invest in a portfolio consisting primarily of publicly traded Canadian royalty trusts and income trusts and publicly traded United States master limited partnerships, with an emphasis on the midstream and downstream North American energy sector.

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.

     Tortoise Capital Advisors, L.L.C.
     Investor Relations, 913-981-1020

Source: Tortoise North American Energy Corporation