TORTOISE CAPITAL RESOURCES CORPORATION
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Tortoise Capital Resources Corp. Invests $12.25 Million in VantaCore Partners,
L.P.
FOR IMMEDIATE RELEASE
OVERLAND PARK, Kan. - May 22, 2007 - Tortoise Capital Resources Corp. (NYSE:
TTO) today announced that it has invested a total of $12.25 million in a newly
formed partnership, VantaCore Partners, L.P. The investment is a combination of
$8.5 million in common units and incentive distribution rights, and a $3.75
million participation investment in a secured credit facility.
VantaCore was formed to acquire companies in the aggregate industry. Aggregate
companies operate quarries and typically mine limestone, gravel, granite and
sand which is used in road construction and other public works projects. The
income derived from the operations of these companies qualifies for the
partnership tax treatment afforded to publicly-traded Master Limited
Partnerships (similar to coal mines). VantaCore is led by a veteran management
team experienced in operating public natural resources companies. This
investment will partially fund VantaCore's purchase of two acquisitions.
"Aggregate companies meet TTO's targeted portfolio criteria based on stable cash
flows, long-lived assets and high barriers to entry," said Tortoise Capital
Resources Corp.'s President, Ed Russell. "In our view, VantaCore is
well-positioned to identify and acquire high-potential aggregate companies that
can realize attractive returns as they progress from private companies to public
MLPs. As a result, we believe this is an innovative investment that will
diversify TTO's portfolio and yield meaningful returns for our investors."
Other Investment Activities
Tortoise Capital Resources Corp. also announced two recent additional
investments in existing portfolio companies totaling $3.25 million. On May 1,
the company exercised an option to purchase a 3 percent interest in High Sierra
Energy GP, LLC, the general partner of High Sierra Energy, L.P., at an exercise
price of $2.25 million. On May 4, an additional $1 million was invested in
Mowood, LLC to fund the expansion of its newest subsidiary, Timberline Energy,
LLC.
Tortoise Capital Resources Corp.'s investment portfolio (excluding short-term
investments) now totals approximately $90 million, including equity investments
in nine portfolio companies of approximately $81.2 million and debt investments
in two portfolio companies of approximately $8.8 million.
About Tortoise Capital Resources Corp.
Tortoise Capital Resources Corp. invests primarily in privately-held and
micro-cap public companies operating in the midstream and downstream segments,
and to a lesser extent the upstream segment of the U.S. energy infrastructure
sector. Tortoise Capital Resources Corp. seeks to provide stockholders a high
level of total return, with an emphasis on dividends and dividend growth.
About Tortoise Capital Advisors, LLC
Tortoise Capital Advisors, LLC, the adviser to Tortoise Capital Resources Corp.,
is a pioneer in the 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 April 30,
2007, the adviser had approximately $2.9 billion of energy infrastructure
investment assets under management.
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.
10801 Mastin Boulevard, Suite 222 | Overland Park, KS 66210 | p: 913.981.1020
| f: 913.981.1021 | www.tortoiseadvisors.com