LEAWOOD, Kan. – Sept. 5, 2012 – The Board of Directors of Tortoise Energy Independence Fund, Inc. (NYSE: NDP) has declared its initial distribution of $0.4375 per share. The distribution will be paid on Nov. 30, 2012 to stockholders of record on Nov. 23, 2012. This distribution achieves the fund’s target of a 7.0 percent annualized yield on its $25 public offering price.
The fund provides access to what Tortoise believes is an extended period of North American oil and gas production growth, which is expected to support North American energy independence. The fund focuses primarily on North American energy companies that engage in the exploration and production of crude oil, condensate, natural gas and natural gas liquids and that generally have a strong presence in North American oil and gas reservoirs.
For 2012 tax purposes, the character of the distribution will be determined at year end and will be reported to stockholders at the beginning of 2013 on their Form 1099. For book purposes, the source of this distribution is estimated to consist of dividend income and return of capital.
About Tortoise Capital Advisors, L.L.C.
Tortoise Capital Advisors is an investment manager specializing in listed energy investments. As of July 31, 2012, the adviser had approximately $8.6 billion of assets under management in NYSE-listed closed-end investment companies, an open-end fund and other accounts.
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.
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 Fund and Tortoise 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 Fund'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 Fund and Tortoise do not assume a duty to update any forward-looking statement.
Tortoise Capital Advisors, L.L.C.
Pam Kearney, Investor Relations, (866) 362-9331, firstname.lastname@example.org