CorEnergy Infrastructure Trust (CORR) 8-K Second Quarter Financial Results

Tortoise Capital Resources Releases Fiscal 2007

Second Quarter Financial Results

FOR IMMEDIATE RELEASE

OVERLAND PARK, Kan.– July 13, 2007 – Tortoise Capital Resources Corp. (NYSE: TTO) today announced its financial results for the second quarter ended May 31, 2007, in its Form 10-Q filed today.

Highlights for the Quarter

·   Completed four investments totaling $23.0 million

·   Net Unrealized Appreciation of $4.2 million (Net of Deferred Tax)

·   Net Assets of $124.1 million or $14.05  per share

·   No portfolio turnover

Portfolio and Investment Activity

As of May 31, 2007, Tortoise Capital Resources’ investment portfolio (excluding short-term investments) totaled $102.8 million, including equity investments of $94.0 million and debt investments of $8.8 million.

Recent Developments

In June 2007, the company completed the full investment of its initial public offering proceeds with four additional investments totaling $29.5 million. The portfolio represents a strategic mix of 17 percent upstream investments, 59 percent midstream investments, 7 percent downstream and 17 percent in aggregates and coal.  Percentages are based on fair market values as of May 31, 2007, except for investments made after May 31, 2007, which are valued at cost.

In June 2007, the company made four new investments:

·   $10.0 million follow-on investment in High Sierra Energy, L.P. common units to support the company’s organic growth projects and selective acquisitions.

·   $10.0 million in common units of International Resource Partners, L.P. supporting the company's initial acquisition of surface and underground coal mine operations in southern West Virginia.  Initial assets include metallurgical and steam coal reserves, a coal washing and preparation plant, rail load-out facilities and a sales and marketing subsidiary.

·   $7.5 million in a direct placement in EV Energy Partners, L.P.’s (Nasdaq: EVEP) common units. EVEP has stated that the proceeds will be used to repay their borrowings under a revolving credit facility used to finance a previously completed acquisition of Monroe field properties in Louisiana. In addition, EVEP stated that the proceeds will fund a portion of its $100 million acquisition of oil and natural gas properties in Central and East Texas.

·   $2.0 million follow-on investment in subordinated debt of Mowood, LLC to finance the purchase of equipment for landfill gas-to-energy projects in Oklahoma and Florida.

“We continue to see strong deal flow as reflected by our investment pace and pipeline,” said Ed Russell, Tortoise Capital Resources’ President. “We believe our platform will continue to provide us with the opportunity to select long-term accretive investments for our stockholders.”

Dividends

On June 1, 2007, we paid a quarterly dividend to our stockholders of record as of May 24, 2007, of $0.16 per common share.  The company anticipates its next quarterly distribution will be paid on or about Sept. 1, 2007.

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 segments of the U.S. energy infrastructure sector. Tortoise Capital Resources seeks to provide stockholders  a high level of total return, with an emphasis on dividends and dividend growth.

About Tortoise Capital Advisors, LLC

Tortoise Capital Advisors, LLC, the adviser to Tortoise Capital Resources Corp., is a pioneer in the 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 infrastructure sector. As of June 30, 2007, the adviser had approximately $3.0 billion of energy infrastructure investment assets under management.

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.

Tortoise Capital Resources Corporation
STATEMENTS OF ASSETS & LIABILITIES
	May 31, 2007			November 30, 2006
	(Unaudited)
Assets
Investments at value, non-affiliated (cost $53,074,126 and $21,867,831, respectively)	$	60,929,415		$	22,196,689
Investments at value, affiliated (cost $48,753,776 and $14,828,825, respectively)		50,701,156			14,828,825
Investments at value, control (cost $18,800,000 and $5,550,000, respectively)		18,973,954			5,550,000
Total investments (cost $120,627,902 and $42,246,656, respectively)		130,604,525			42,575,514
Dividends receivable		124,586			24,262
Interest receivable from control investments		61,859			43,983
Other receivable from affiliate		-			44,487
Prepaid expenses and other assets		109,863			244,766
Total assets		130,900,833			42,933,012
Liabilities
Management fees payable to Adviser		468,000			112,765
Accrued capital gain incentive fees payable to Adviser (Note 4)		1,496,494			-
Dividend payable on common shares		1,414,035			-
Accrued expenses and other liabilities		143,289			155,303
Current tax liability		67,786			86,386
Deferred tax liability		3,174,261			250,156
Total liabilities		6,763,865			604,610
Net assets applicable to common stockholders	$	124,136,968		$	42,328,402
Net Assets Applicable to Common Stockholders Consist of
Warrants, no par value; 948,005 issued and outstanding
at May 31, 2007 and 772,124 issued and outstanding at
November 30, 2006 (5,000,000 authorized)	$	1,374,147		$	1,104,137
Capital stock, $0.001 par value; 8,837,721 shares issued and
outstanding at May 31, 2007 and 3,088,596 issued and outstanding
at November 30, 2006 (100,000,000 shares authorized)		8,838			3,089
Additional paid-in capital		118,662,119			41,018,413
Accumulated net investment loss, net of deferred tax benefit		(2,101,017	)		-
Accumulated realized gain (loss), net of deferred tax expense		7,595			(906	)
Net unrealized appreciation of investments, net of deferred tax expense		6,185,286			203,669
Net assets applicable to common stockholders	$	124,136,968		$	42,328,402
Net Asset Value per common share outstanding (net assets applicable
to common shares, divided by common shares outstanding)	$	14.05		$	13.70

Tortoise Capital Resources Corporation
STATEMENTS OF OPERATIONS (Unaudited)
	For the three months ended			For the three months ended			For the six months ended			Period from December 8, 2005 (1) through
	May 31, 2007			May 31, 2006			May 31, 2007			May 31, 2006
Investment Income
Distributions received from investments
Non-affiliated investments	$	347,442		$	-		$	695,872		$	-
Affiliated investments		1,078,025			-			1,333,282			-
Total distributions received from investments		1,425,467						2,029,154
Less return of capital on distributions
Non-affiliated investments		(602,896	)		-			(889,148	)		-
Affiliated investments		(881,245	)		-			(1,075,050	)		-
Net distributions from investments		(58,674	)		-			64,956			-
Dividends from money market mutual funds		442,126			347,496			581,659			751,001
Interest income from control investments		162,404			-			290,876			-
Total Investment Income		545,856			347,496			937,491			751,001
Expenses
Base management fees		468,012			169,367			848,079			306,163
Capital gain incentive fees (Note 4)		1,008,867			-			1,496,494			-
Professional fees		157,467			44,201			214,848			83,597
Directors' fees		25,205			23,129			48,373			43,743
Administrator fees		20,063			(6,844	)		30,736			-
Reports to stockholders		11,847			2,067			16,305			15,810
Fund accounting fees		8,428			6,599			14,277			12,409
Stock transfer agent fees		3,680			7,260			7,280			10,009
Custodian fees and expenses		2,545			1,610			5,145			3,438
Registration fees		6,395			-			8,063			-
Other expenses		11,454			3,908			17,992			10,849
Total Expenses before Interest Expense,
Preferred Stock Dividends and Loss on Redemption of Preferred Stock		1,723,963			251,297			2,707,592			486,018
Interest expense		(5,771	)		-			117,710			-
Preferred stock dividends		-			-			228,750			-
Loss on redemption of preferred stock		(33,346	)		-			731,713			-
Total Interest Expense, Preferred Stock Dividends
and Loss on Redemption of Preferred Stock		(39,117	)		-			1,078,173			-
Total Expenses		1,684,846			251,297			3,785,765			486,018
Net Investment Income (Loss), before Income Taxes		(1,138,990	)		96,199			(2,848,274	)		264,983
Current tax expense		-			(34,855	)		-			(95,955	)
Deferred tax benefit		432,817			-			747,257			-
Total tax benefit (expense)		432,817			(34,855	)		747,257			(95,955	)
Net Investment Income (Loss)		(706,173	)		61,344			(2,101,017	)		169,028
Realized and Unrealized Gain on Investments
Net realized gain on investments, before deferred tax expense		13,712			-			13,712			-
Deferred tax expense		(5,211	)		-			(5,211	)		-
Net Realized Gain on Investments		8,501			-			8,501			-
Net unrealized appreciation of non-affiliated investments		5,179,360			-			7,507,863			-
Net unrealized appreciation of affiliated investments		1,505,983			-			1,965,951			-
Net unrealized appreciation of control investments		40,435			-			173,954			-
Net unrealized appreciation, before deferred tax expense		6,725,778			-			9,647,768			-
Deferred tax expense		(2,555,796	)		-			(3,666,151	)		-
Net Unrealized Appreciation of Investments		4,169,982			-			5,981,617			-
Net Realized and Unrealized Gain on Investments		4,178,483			-			5,990,118			-
Net Increase in Net Assets Applicable to Common Stockholders
Resulting from Operations	$	3,472,310		$	61,344		$	3,889,101		$	169,028
Net Increase in Net Assets Applicable to Common Stockholders:
Resulting from Operations Per Common Share
Basic	$	0.39		$	0.02		$	0.58		$	0.05
Diluted	$	0.35		$	0.02		$	0.51		$	0.05
Weighted Average Shares of Common Stock Outstanding:
Basic		8,830,580			3,088,596			6,653,445			3,088,596
Diluted		9,785,726			3,088,596			7,587,209			3,088,596
(1) Commencement of Operations.