Tortoise
Capital Resources Corp. Responds to Recent Developments Related
to Eagle Rock
Energy Partners, L.P.
FOR
IMMEDIATE RELEASE
LEAWOOD,
Kan.– May 1, 2009 – Tortoise Capital Recourses Corp. (NYSE:TTO), is
responding to the recent announcement by Eagle Rock Energy Partners
L.P.
(NADSAQ:EROC) of a voluntary temporary reduction in its distribution
to enhance
its liquidity position. EROC announced it will pay a distribution of
$0.025 per unit for the first quarter of 2009 compared to the
previous quarter’s
distribution of $0.41.
Last
quarter, this distribution decrease by EROC would have decreased
TTO’s
distributable cash flow by approximately $0.05 per share, holding
all other
income and expense items constant.
TTO
presently owns 977,470 units of EROC, including 188,646 units
held in escrow as
part of TTO’s ownership in Millennium Midstream Partners, L.P. which was
sold to
EROC in October 2008. As holders of EROC common units, and because
EROC’s outstanding subordinated units have not yet converted into
common units,
TTO has cumulative arrearage rights equal to the sum of the amount
by which each
actual quarterly distribution is below the minimum quarterly
distribution of
$0.3625.
About
Tortoise Capital Resources Corp.
Tortoise
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 distributions and distribution growth.
About
Tortoise Capital Advisors
Tortoise
Capital Advisors, LLC is a pioneer in 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 sector.
As of March
31, 2009, the adviser had approximately $1.7 billion of assets
under management.
For more information, visit www.tortoiseadvisors.com.
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.
Forward-Looking
Statement
This
press release contains certain statements that may include “forward-looking
statements.” All statements, other than statements of historical
fact, included herein are "forward-looking statements." Although
the company and
Tortoise Capital Advisors believe that the expectations reflected
in these
forward-looking statements are reasonable, they do involve assumptions,
risks
and uncertainties, and these expectations may prove to be incorrect.
Actual
results could differ materially from those anticipated in these
forward-looking
statements as a result of a variety of factors, including those
discussed in the
funds’ reports that are filed with the Securities and Exchange Commission.
You
should not place undue reliance on these forward-looking statements,
which speak
only as of the date of this press release. Other than as required
by law, the
company and Tortoise Capital Advisors do not assume a duty to
update this
forward-looking statement. Any distribution paid in the future to our
stockholders will depend on the actual performance of the company’s investments,
its costs of leverage and other operating expenses and will be
subject to the
approval of the company’s Board and compliance with asset coverage requirements
of the Investment Company Act of 1940 and the leverage covenants.
Contact
information:
Tortoise
Capital Advisors, LLC Pam Kearney, Investor Relations, (866)
362-9331,
pkearney@tortoiseadvisors.com