 Tortoise Capital Resources Corporation
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Tortoise Capital Resources Corp. Invests $7.5 Million in Abraxas Energy
Partners, L.P.
FOR IMMEDIATE RELEASE
OVERLAND PARK, Kan. - May 29, 2007 - Tortoise Capital Resources Corp. (NYSE:
TTO) today announced that it has invested $7.5 million in a newly formed
partnership, Abraxas Energy Partners, L.P. The investment represents a limited
partner interest in the newly formed entity.
Abraxas Petroleum Corp. (NYSE: ABP) formed Abraxas Energy Partners, L.P. and has
contributed long-lived, low-decline natural gas and oil reserves located in the
Delaware and Gulf Coast Basins of Texas. Abraxas Petroleum Corp. is an
independent publicly-traded energy company engaged in the exploration and
production of natural gas and oil in the Permian Basin of West Texas, onshore
Texas Gulf Coast and the southern Powder River Basin in eastern Wyoming.
"This investment further demonstrates the trend of mature upstream assets moving
toward the MLP structure," said Tortoise Capital Resources Corp.'s President, Ed
Russell. "In our view, upstream MLPs will continue to have an advantage
attracting assets due to their lower cost of capital. The ability to attract
assets should continue to drive distribution growth for upstream MLPs."
Tortoise Capital Resources Corp. has invested (excluding short-term investments)
approximately $95.2 million, including equity investments in ten portfolio
companies of approximately $86.4 million and two 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.
Contact information:
Tortoise Capital Advisors, LLC
Pam Kearney, Investor Relations, (866) 362-9331, pkearney@tortoiseadvisors.com
10801 Mastin Boulevard, Suite 222|Overland Park, KS 66210|p:913.981.1020|f:913.981.1021|www.tortoiseadvisors.com