Capital Resources Corp. to Invest $4.7 Million in
Midstream Partners, L.P. Common Units
PARK, Kan.– Oct. 18, 2007 – Tortoise Capital Resources Corp. (NYSE:
TTO) today announced that it has entered into an agreement to purchase 235,000
common units of Quest Midstream Partners, L.P. (Quest) at a price of $20.00
unit. This investment represents a portion of a $75 million equity
transaction that Quest intends to use to purchase a 100 percent interest in
KPC Pipeline System located in Oklahoma, Kansas and Missouri.
purchasing the KPC Pipeline System from Enbridge Energy Partners, L.P. for
million, less adjustments for working capital. This transaction is
expected to fund on or around Oct. 31, 2007.
funding this $4.7 million investment, TTO will have a total of $22.2 million
invested in Quest Midstream Partners, L.P. and will have invested a total of
approximately $153.3 million, including equity investments of $142.5 million
debt investments of $10.8 million.
believe the KPC Pipeline System assets are an excellent fit for Quest and we
happy to participate in this follow-on investment along with a number of new
investors,” said Tortoise Capital Resources’ President, Ed Russell.
Quest Midstream Partners, LP
Midstream Partners, LP formed by Quest Resource Corp., is an Oklahoma City-based
limited partnership. The company owns and operates a gas gathering system in
Cherokee Basin, which is located in southeastern Kansas and northern
Tortoise Capital Resources Corp.
Capital Resources 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 seeks to provide stockholders a high level of total return,
with an emphasis on dividends and dividend growth.
Tortoise Capital Advisors, LLC
Capital Advisors, LLC, the adviser to Tortoise Capital Resources Corp., is
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 Sept. 30, 2007,
adviser had approximately $2.8 billion of energy investment assets under
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
which such offer or solicitation or sale would be unlawful prior to registration
or qualification under the laws of such state or jurisdiction.
Capital Advisors, LLC
Kearney, Investor Relations, (866) 362-9331,