OVERLAND PARK, Kan., June 15 /PRNewswire-FirstCall/ -- Tortoise Capital Resources Corp. today announced that it has invested $10.0 million in High Sierra Energy, LP. The investment represents the purchase of common units in the partnership. Previously, Tortoise Capital Resources invested $14.8 million in High Sierra Energy, LP units and $2.25 million in its general partner.
"We have been pleased with High Sierra Energy's performance since our original investment, and are excited to make an additional investment to support the company's expansion," said Tortoise Capital Resources' President, Ed Russell. "We believe that the company's organic growth combined with selective acquisitions will further enhance stockholder returns."
Founded in 2004, Denver-based High Sierra Energy, LP is a holding company with diversified midstream energy assets focused on the processing, transportation and marketing of hydrocarbons. High Sierra's purchased assets include a natural gas liquids logistics and transportation business in Colorado, natural gas gathering and processing operations in Louisiana, a natural gas storage facility in Mississippi, an ethanol terminal in Nevada, crude and natural gas liquids trucking businesses in Kansas and Colorado, a well water processing facility in Wyoming and two asphalt processing, packaging and distribution terminals in Florida.
Tortoise Capital Resources Corp. has invested (excluding short-term investments) approximately $122.7 million, including equity investments in 12 portfolio companies of approximately $113.9 million and debt investments in two portfolio companies of approximately $8.8 million.
About Tortoise Capital Resources Corp.
Tortoise Capital Resources Corp. invests primarily in privately-held and micro-cap public companies operating in the midstream and downstream segments, and to a lesser extent the upstream segment of the U.S. energy infrastructure sector. Tortoise Capital Resources Corp. 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 the energy sector. As of May 31, 2007, the adviser had approximately $2.9 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.
Contact information:
Tortoise Capital Advisors, LLC
Pam Kearney, Investor Relations, (866) 362-9331,
