CorEnergy Infrastructure Trust (CORR) 8-K Tortoise Capital Resources Corp. Releases Fiscal 2010 Second Quarter Financial Results

Tortoise Capital Resources Corp. Releases Fiscal 2010 Second Quarter Financial Results

LEAWOOD, Kan. - July 08, 2010 - Tortoise Capital Resources Corp. (NYSE: TTO or the company) today announced that it has filed its Form 10-Q for its second quarter ended May 31, 2010.

Recent Highlights

• Net assets of $79.1 million or $8.69 per share as of May 31, 2010
• Second quarter 2010 distribution of $0.10 per share paid June 1, 2010

Performance Review

On June 1, 2010, the company paid a distribution of $0.10 per common share, a decrease of $0.03 per share compared to its prior quarter distribution of $0.13 per share. The company determines the amount of distributions paid to stockholders based on DCF, which is distributions received from investments less total expenses. In May, TTO received additional capital gain proceeds of $585,000 from Mowood, LLC as a result of a contingent payment from the February sale of its Timberline Energy subsidiary. TTO elected to include the capital gain proceeds from Mowood in its distribution this quarter and next, enabling a distribution of $0.10 per share this quarter.

Net Asset Value

At May 31, 2010, the company's net asset value was $8.69 per share compared to $9.60 per share at Feb. 28, 2010, a decrease of approximately 9 percent. The decrease in net asset value is largely attributable to a decrease in the fair value of our largest holding, High Sierra Energy, LP (High Sierra), as a result of the developments discussed below, as well as a significant decline in the market value of PostRock Energy Corporation (NASDAQ: PSTR), for which we received a substantial number of shares in exchange for our Quest Midstream units upon closing of the merger in March, partially offset by an increase in the value of International Resource Partners LP (IRP) due to strong performance relative to budget.

Portfolio Review

As of May 31, 2010, the fair value of the company's investment portfolio (excluding short-term investments) totaled $73.9 million, including equity investments of $68.6 million and debt investments of $5.3 million. The company's portfolio is approximately 49 percent midstream and downstream investments, 13 percent upstream, and 38 percent in aggregates and coal. The weighted average yield-to-cost on the investment portfolio (excluding short-term investments) as of May 31, 2010 was 5.1 percent.

As previously reported, High Sierra was unable to declare a cash distribution this quarter as a result of a credit agreement covenant default with its bank. High Sierra's results from operations were sufficient to support a distribution at or above the minimum quarterly distribution (MQD) level of $0.45 per share. High Sierra distributed $0.63 per common unit last quarter. The distribution suspension decreased TTO's distributable cash flow by approximately $0.07 per share. If High Sierra resumes cash distributions at the MQD level, TTO could maintain its $0.10-$0.11 per share quarterly distribution, absent any additional adjustments. TTO's fair value of High Sierra, inclusive of its interest in the general partner, declined by approximately $5.8 million this quarter.

PostRock Energy Corp (NASDAQ: PSTR), the new corporation formed for the purpose of wholly owning Quest Resource Corporation, Quest Energy Partners, L.P. and Quest Midstream Partners, L.P., announced on March 5, 2010 that shareholders had approved the merger. TTO received 490,769 freely tradable common units of PostRock in exchange for its 1,216,881 common units of Quest Midstream. PostRock began trading on the NASDAQ on March 8, 2010, at $19.00 per unit and closed that day at $16.36 per unit. Subsequently, the stock price declined significantly. TTO held 460,300 common units of PostRock as of May 31, 2010 at a fair value of $4.83 per unit, the NASDAQ closing price on that date.

TTO's fair value of IRP increased about $1.8 million this quarter. The strong met coal market and IRP improved production and cost controls have yielded year-to-date performance significantly above budget. IRP also announced a quarterly distribution increase from $0.40 per unit to $0.45 per unit effective this quarter.

Earnings Call

The company will host a conference call at 4 p.m. CDT on Thursday, July 8, 2010 to discuss its financial results for the fiscal quarter ended May 31, 2010. Please dial-in approximately five to 10 minutes prior to the scheduled start time.

U.S./Canada: (866) 225-8754

International: (480) 629-9692

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 6:00 p.m. CDT on July 8, 2010 and continuing until 11:59 p.m. CDT July 22, 2010, by dialing (800) 406-7325 (U.S./Canada). The replay access code is 4313836#. A replay of the webcast will also be available on the company's Web site at www.tortoiseadvisors.com through July 8, 2011.

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 and coal/aggregate segments, of the U.S. energy infrastructure sector.

About Tortoise Capital Advisors

Tortoise is an investment manager specializing in listed energy infrastructure, such as pipeline and power companies. As of June 30, 2010, the adviser had approximately $3.6 billion of assets under management in five NYSE-listed investment companies and private accounts. 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 i n 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. 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.

Tortoise Capital Resources Corporation
STATEMENTS OF ASSETS & LIABILITIES
	May 31, 2010			November 30, 2009
	(Unaudited)
Assets
Investments at fair value, control (cost $20,508,813 and $28,180,070, respectively)	$	26,556,411		$	33,458,046
Investments at fair value, affiliated (cost $31,804,095 and $52,676,299, respectively)		31,836,372			41,658,847
Investments at fair value, non-affiliated (cost $23,757,178 and $9,568,566, respectively)		17,726,201			8,865,047
Total investments (cost $76,070,086 and $90,424,935, respectively)		76,118,984			83,981,940
Receivable for Adviser expense reimbursement		51,617			49,843
Dividends receivable		89			87
Deferred tax asset		4,258,358			5,429,391
Prepaid expenses and other assets		98,919			16,792
Total assets		80,527,967			89,478,053
Liabilities
Base management fees payable to Adviser		309,703			299,060
Distribution payable to common stockholders		909,910			-
Accrued expenses and other liabilities		219,927			282,408
Short-term borrowings		-			4,600,000
Total liabilities		1,439,540			5,181,468
Net assets applicable to common stockholders	$	79,088,427		$	84,296,585
Net Assets Applicable to Common Stockholders Consist of:
Warrants, no par value; 945,594 issued and outstanding
at May 31, 2010 and November 30, 2009
(5,000,000 authorized)	$	1,370,700		$	1,370,700
Capital stock, $0.001 par value; 9,099,037 shares issued and outstanding at
May 31, 2010 and 9,078,090 issued and outstanding at November 30, 2009
(100,000,000 shares authorized)		9,099			9,078
Additional paid-in capital		99,983,975			101,929,307
Accumulated net investment loss, net of income taxes		(3,248,338	)		(3,304,416	)
Accumulated realized loss, net of income taxes		(21,417,322	)		(14,041,614	)
Net unrealized appreciation (depreciation) of investments, net of income taxes		2,390,313			(1,666,470	)
Net assets applicable to common stockholders	$	79,088,427		$	84,296,585
Net Asset Value per common share outstanding (net assets applicable
to common stock, divided by common shares outstanding)	$	8.69		$	9.29

Tortoise Capital Resources Corporation
Distributable Cash Flow		For the three months ended May 31, 2010			For the three months ended May 31, 2009			For the six months ended May 31, 2010			For the six months ended May 31, 2009
Total from Investments
	Distributions from investments	$	847,399		$	1,852,148		$	2,336,155		$	4,543,782
	Distributions paid in stock		20,972			-			20,972			-
	Interest income from investments		189,622			202,400			381,053			403,998
	Dividends from money market mutual funds		233			420			450			1,145
	Other income		8,688			15,000			19,080			30,000
Total from Investments			1,066,914			2,069,968			2,757,710			4,978,925
Operating Expenses Before Leverage Costs
	Advisory fees (net of expense reimbursement by Adviser)		258,087			281,821			516,355			609,129
	Other operating expenses		216,177			236,014			390,745			453,596
Total Operating Expenses, before Leverage Costs			474,264			517,835			907,100			1,062,725
	Distributable cash flow before leverage costs		592,650			1,552,133			1,850,610			3,916,200
	Leverage costs		-			256,842			45,619			427,958
	Distributable Cash Flow	$	592,650		$	1,295,291		$	1,804,991		$	3,488,242
	Capital gain proceeds		292,500			-			292,500			-
	Cash Available for Distribution	$	885,150		$	1,295,291		$	2,097,491		$	3,488,242
Distributions paid on common stock		$	909,904		$	1,170,247		$	2,090,055		$	3,231,540
Payout percentage for period (1)			103	%		90	%		100	%		93	%
DCF/GAAP Reconciliation
	Distributable Cash Flow	$	592,650		$	1,295,291		$	1,804,991		$	3,488,242
	Adjustments to reconcile to Net Investment Income (Loss), before Income Taxes:
	Distributions paid in stock (2)		(20,972	)		28,377			(20,972	)		56,514
	Return of capital on distributions received from equity investments		(656,759	)		(2,864,138	)		(1,655,399	)		(4,717,386	)
	Non-recurring professional fees		(38,881	)		-			(38,881	)		-
	Net Investment Income (Loss), before Income Taxes	$	(123,962	)	$	(1,540,470	)	$	89,739		$	(1,172,630	)
(1)	Distributions paid as a percentage of Cash Available for Distribution.
(2)	Distributions paid in stock for the three and six months ended May 31, 2010 were paid as part of normal operations and are included in DCF. Distributions paid in stock for the three and six months ended May 31, 2009 were paid in stock as a result of credit constraints and therefore were not included in DCF.

Tortoise Capital Resources Corporation
STATEMENTS OF OPERATIONS
(Unaudited)
	For the three months ended May 31, 2010			For the three months ended May 31, 2009			For the six months ended May 31, 2010			For the six months ended May 31, 2009
Investment Income
Distributions from investments
Control investments	$	478,380		$	579,215		$	1,034,259		$	1,158,430
Affiliated investments		224,999			836,038			1,081,891			1,665,376
Non-affiliated investments		144,020			465,272			220,005			1,776,490
Total distributions from investments		847,399			1,880,525			2,336,155			4,600,296
Less return of capital on distributions		(656,759	)		(2,864,138	)		(1,655,399	)		(4,717,386	)
Net distributions from investments		190,640			(983,613	)		680,756			(117,090	)
Interest income from control investments		189,622			202,400			381,053			403,998
Dividends from money market mutual funds		233			420			450			1,145
Fee income		8,688			15,000			19,080			30,000
Total Investment Income		389,183			(765,793	)		1,081,339			318,053
Operating Expenses
Base management fees		309,704			338,186			619,626			730,955
Professional fees		153,693			145,017			238,855			274,109
Directors' fees		33,271			22,080			59,432			43,737
Reports to stockholders		16,174			15,408			31,877			30,481
Administrator fees		14,456			15,782			28,916			34,111
Fund accounting fees		7,039			8,735			14,011			16,740
Registration fees		6,496			7,891			12,851			15,610
Stock transfer agent fees		3,462			3,403			6,592			6,584
Franchise tax expense		4,958			-			7,530			-
Custodian fees and expenses		2,755			4,673			4,330			7,760
Other expenses		12,754			13,025			25,232			24,464
Total Operating Expenses		564,762			574,200			1,049,252			1,184,551
Interest expense		-			256,842			45,619			427,958
Total Expenses		564,762			831,042			1,094,871			1,612,509
Less expense reimbursement by Adviser		(51,617	)		(56,365	)		(103,271	)		(121,826	)
Net Expenses		513,145			774,677			991,600			1,490,683
Net Investment Income, before Income Taxes		(123,962	)		(1,540,470	)		89,739			(1,172,630	)
Deferred tax benefit (expense)		(967	)		8,283			(33,661	)		(92,900	)
Net Investment Income (Loss)		(124,929	)		(1,532,187	)		56,078			(1,265,530	)
Realized and Unrealized Gain (Loss) on Investments
Net realized gain on control investments		585,000			-			2,163,001			-
Net realized loss on affiliated investments		(9,607,112	)		-			(9,624,557	)		(173,145	)
Net realized loss on non-affiliated investments		(1,239,501	)		(7,335,157	)		(1,211,889	)		(7,661,830	)
Net realized loss, before income taxes		(10,261,613	)		(7,335,157	)		(8,673,445	)		(7,834,975	)
Deferred tax benefit (expense)		1,540,708			(758,204	)		1,297,737			(620,717	)
Net realized loss on investments		(8,720,905	)		(8,093,361	)		(7,375,708	)		(8,455,692	)
Net unrealized appreciation (depreciation) of control investments		(765,835	)		3,029,773			769,622			3,157,483
Net unrealized appreciation (depreciation) of affiliated investments		9,841,655			3,374,165			11,049,729			(4,903,883	)
Net unrealized appreciation (depreciation) of non-affiliated investments		(5,525,233	)		9,978,917			(5,327,459	)		5,195,197
Net unrealized appreciation, before income taxes		3,550,587			16,382,855			6,491,892			3,448,797
Deferred tax benefit (expense)		(1,985,123	)		(3,284,590	)		(2,435,109	)		273,227
Net unrealized appreciation of investments		1,565,464			13,098,265			4,056,783			3,722,024
Net Realized and Unrealized Gain (Loss) on Investments		(7,155,441	)		5,004,904			(3,318,925	)		(4,733,668	)
Net Increase (Decrease) in Net Assets Applicable to Common Stockholders
Resulting from Operations	$	(7,280,370	)	$	3,472,717		$	(3,262,847	)	$	(5,999,198	)
Net Increase (Decrease) in Net Assets Applicable to Common Stockholders
Resulting from Operations Per Common Share:
Basic and Diluted	$	(0.80	)	$	0.39		$	(0.36	)	$	(0.67	)
Weighted Average Shares of Common Stock Outstanding:
Basic and Diluted		9,099,037			9,000,174			9,088,679			8,981,369

Contact information:

Tortoise Capital Advisors, LLC

Pam Kearney

Investor Relations

(866) 362-9331

pkearney@tortoiseadvisors.com