Tortoise North American Energy Corp. Provides Net Asset Value Update; Announces Company has Not Violated Coverage Covenants for its Senior Notes or Preferred Stock — Will Host an Industry Update Call on Tuesday, October 14

Business Wire, Oct 13, 2008

LEAWOOD, Kan. -- Tortoise North American Energy Corp. (NYSE:TYN) today announced that as of the close of business on Friday, Oct. 10, 2008, the company's total assets were approximately $107 million and its net asset value per share was $11.28. Friday's last sale price was $8.40 per share.

The company also announced that it has not violated any asset coverage covenants or basic maintenance covenants for its senior notes or preferred stock. The company has no short-term borrowings outstanding. The company currently has approximately $36 million of cash and expected cash from completed sales of securities.

On Tuesday, Oct. 14, 2008 at 3:30 p.m. CDT, the company plans to host a teleconference to update its investors on the energy infrastructure industry in which it invests.

Set forth below is a summary of the company's unaudited and preliminary balance sheet as of Oct. 10, 2008, and a summary of its top 10 holdings.

Preliminary Balance Sheet (Unaudited)            <



Cash and Cash Equivalents                        <
36,125,028


Investments                                      <
69,058,752


Other Assets                                     <
2,240,522


Total Assets                                     <
107,424,302


                                                 <



Short-Term Borrowings                            <



Senior Notes                                     <
45,000,000


Preferred Stock                                  <
10,000,000


Total Leverage                                   <
55,000,000


                                                 <



Other Liabilities                                <
397,901


Net Assets                                       <
52,026,401


                                                 <



4.6 million common shares currently outstanding  <
[TABLE OMITTED]

Market Update Call

The company will host a conference call at 3:30 p.m. CDT on Oct. 14, 2008 to discuss current energy infrastructure industry market conditions. Please dial-in approximately five to 10 minutes prior to the scheduled start time.

U.S./Canada: (303) 262-2075

International: (800) 240-8621

The call will also be webcast in a listen-only format. A link to the webcast will be accessible at www.tortoiseadvisors.com.

A replay of the call will be available beginning at 6 p.m. CDT on Oct. 14, 2008 and continuing until 11:59 p.m. CDT Nov. 10, 2008, by dialing (303) 590-3000 (U.S./Canada). The replay access code is 11121229#. A replay of the webcast will also be available on the company's Web site at www.tortoiseadvisors.com through Oct. 15, 2009.

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 Sept. 30, 2008, the adviser had approximately $2.2 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.