Tortoise North American Energy Corp. Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Update as of May 31, 2009

LEAWOOD, Kan.--(Business Wire)--
Tortoise North American Energy Corp. (NYSE: TYN) today announced that as of May
31, 2009, the company`s unaudited total assets were approximately $94.3 million
and its unaudited net asset value was $77.0 million or $16.70 per share. As
previously disclosed, the company does not anticipate qualifying as a Regulated
Investment Company for tax purposes and anticipates being treated as a regular
taxable corporation for federal and state income tax purposes for the period
beginning Dec. 1, 2008. Accordingly, the unaudited balance sheet reflects a
deferred tax asset of $5.8 million or $1.25 per share. The deferred tax asset
recognizes the net benefit the company believes should be reflected under
generally accepted accounting principles.

As of May 31, 2009, the company was in compliance with its asset coverage ratios
under the Investment Company Act of 1940 (the 1940 Act) and basic maintenance
covenants. The company`s asset coverage ratio under the 1940 Act with respect to
senior securities representing indebtedness was 613 percent. (For more
information on calculation of coverage ratios, please refer to our most recent
applicable prospectus.)

Set forth below is a summary of the company`s unaudited balance sheet at May 31,
2009, and a summary of its top 10 holdings.

Unaudited Balance Sheet

(in Millions) $ Per Share
Investments $85.0 $18.42
Cash and Cash Equivalents 2.9 0.62
Receivable for Investments Sold 0.1 0.01
Deferred Tax Asset 5.8 1.25
Other Assets 0.5 0.14
Total Assets 94.3 20.44

Senior Notes 15.0 3.25

Distribution Payable to Common Stockholders 1.7 0.37
Payable for Investments Purchased 0.1 0.01
Other Liabilities 0.5 0.11
Net Assets $77.0 $16.70

4.61 million common shares currently outstanding.

Top 10 Holdings (as of May 31, 2009)

Name Market % of
Value Investment
(in millions) Securities(1)
Enbridge Energy Management, L.L.C. $ 8.7 9.9%
Kinder Morgan Management, LLC 7.0 7.9%
Enterprise Products Partners L.P. 4.9 5.5%
Energy Transfer Partners, L.P. 4.8 5.5%
Linn Energy, LLC 4.6 5.2%
TC PipeLines, LP 4.1 4.7%
OPTI Canada, Inc. - 7.875%, 12/15/2014 3.7 4.2%
Magellan Midstream Partners, L.P. 3.6 4.1%
TEPPCO Partners, L.P. 3.6 4.1%
Energy Transfer Equity, L.P. 3.5 4.0%
Total $48.5 55.1%

(1) Percent of Investments and Cash Equivalents.

...Steady WinsAbout Tortoise North American Energy Corp.

Tortoise North American Energy Corp. is a publicly-traded closed-end fund
focused on investing in equity securities of MLPs, including oil and gas
exploitation, energy infrastructure and energy shipping companies. Tortoise
North American Energy Corp.'s goal is to provide its stockholders with a high
level of total return with an emphasis on current distributions.

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
April 30, 2009, the adviser had approximately $1.9 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 company`s 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.

Tortoise Capital Advisors, LLC
Pam Kearney, 866-362-9331
Investor Relations
pkearney@tortoiseadvisors.com

Copyright Business Wire 2009