Tortoise
Capital Resources Corp. Announces 3rd Quarter Distribution
LEAWOOD,
Kan.– August 13, 2009 – The Board of Directors of Tortoise Capital
Resources Corp. (NYSE: TTO) today declared the company's
third quarter 2009
distribution of $0.13 per share, which is unchanged from
its prior quarter. The
distribution will be paid on September 1, 2009 to stockholders
of record on
August 24, 2009.
"We
have
continued to reduce our outstanding credit facility balance
by selling publicly
traded securities and now have an outstanding balance of
$5.0 million," said
Terry Matlack, Chief Financial Officer of TTO. "We expect
to enter into a longer
term credit facility when our current facility matures
on August 20,
2009."
Expected
Treatment of Distribution
A
portion
of this distribution is expected to be treated as return
of capital for income
tax purposes, although the ultimate determination will
not be made until
determination of the company's earnings and profits after
its year-end. Based on
current financial information, this distribution is estimated
to consist of
15-20 percent ordinary income and the remainder as return
of capital for book
purposes.
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.
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 July 31,
2009, the adviser had approximately $2.4 billion of assets
under management. For
more information, visit our Web site at 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" within the meaning of Section 27A of the Securities
Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. 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