October 10, 2005 (Overland Park, KS) - Tortoise North American Energy Corporation (the "Company") announced today that it has filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering of shares of its common stock. The Company 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.

RBC Capital Markets is serving as co-lead manager and bookrunner, and Stifel, Nicolaus & Company, Incorporated is serving as co-lead manager of the common stock offering.

A description of the investment objectives, risks, charges and expenses of the Company, along with other information about the Company, can be found in the preliminary prospectus relating to these securities and should be carefully considered before investing in the Company's securities. Copies of the prospectus 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, Attention: Syndicate Dept., 501 North Broadway, 8th Floor, St. Louis, Missouri 63102. The prospectus should be read carefully before investing in these securities.

The information in the prospectus is not complete and may be changed. The Company may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. Neither the prospectus nor this press release is an offer to sell these securities, and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.