Exhibit 99.1
Tortoise Capital Resources Corporation
|
Tortoise Capital Resources Corp. Invests $10 Million in International Resource
Partners LP
FOR IMMEDIATE RELEASE
OVERLAND PARK, Kan. - June 13, 2007 - Tortoise Capital Resources Corp. (NYSE:
TTO) today announced that it has invested $10 million in International Resource
Partners LP, a new partnership formed by Lightfoot Capital Partners, LP. The
investment represents the purchase of common units in the partnership.
International Resource Partners LP acquired International Resources, LLC, the
coal subsidiary of International Industries, Inc. The company's initial
acquisition of surface and underground coal mine operations in southern West
Virginia is comprised of metallurgical and steam coal reserves, a coal washing
and preparation plant, rail load-out facilities and a sales and marketing
subsidiary.
"Lightfoot Capital has chosen an excellent platform to grow its coal assets,"
said Tortoise Capital Resources' President, Ed Russell. "And we believe the
existing management team will help to facilitate that growth while providing
investors with attractive returns."
Tortoise Capital Resources Corp. has invested (excluding short-term investments)
approximately $112.7 million, including equity investments in twelve portfolio
companies of approximately $103.9 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 the energy sector. As of May 31, 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