CorEnergy Releases Fiscal 2012 Financial Results

2013 Outlook

During 2013, CorEnergy will continue to focus on acquiring real property assets that are REIT-qualifying. There are opportunities that are in preliminary stages of review, and consummation of any of these opportunities depends on a number of factors beyond our control. With potential transactions ranging in value between $50 million and $200 million, CorEnergy expects to grow over time in order to mitigate risk through diversification. There can be no assurance that any of these acquisition opportunities will result in consummated transactions.

In order to complete possible future transactions, CorEnergy has available to it the following funding mechanisms: issuance of common stock or other equity securities such as convertible or preferred stock, debt issuance, and equity partnerships, like that with Prudential Capital Group. CorEnergy's external manager is committed to structuring acquisitions that are accretive to CorEnergy's distributions to stockholders.

If CorEnergy is able to satisfy the REIT requirements throughout 2013, the Company expects to make an election to be treated as a REIT for tax purposes for 2013. CorEnergy will generally seek to acquire assets that allow for significant tax depreciation in order to shield all or a significant portion of it’s taxable income such that the Company’s ability to pay distributions to stockholders will not be materially impacted by taxes in advance of electing to be taxed as a REIT. Regardless of tax status, an investment in CorEnergy will generally not result in Unrelated Business Taxable Income.

2012 Fiscal Year End Earnings Conference Call

The company will host a conference call on Wednesday, Feb. 13, 2013 at 4:00 p.m. CST to discuss its financial results. Please dial into the call at 877-407-8035 approximately five to ten minutes prior to the scheduled start time.

The call will also be webcast in a listen-only format. A link to the webcast will be accessible at corenergy.corridortrust.com.

A replay of the call will be available until 11:59 p.m. CST March 13, 2013, by dialing 877-660-6853. The Conference ID # is 408822. A replay of the webcast will also be available on the company’s website at corenergy.corridortrust.com through Feb. 13, 2014.

About CorEnergy Infrastructure Trust, Inc.

CorEnergy Infrastructure Trust, Inc. (NYSE: CORR), primarily owns midstream and downstream U.S. energy infrastructure assets subject to long-term triple net participating leases with energy companies. These assets include pipelines, storage tanks, transmission lines and gathering systems. The Company’s principal objective is to provide stockholders with an attractive risk-adjusted total return, with an emphasis on distributions and long-term distribution growth from participating lease terms. Formerly Tortoise Capital Resources Corp., CorEnergy previously traded under the ticker TTO. CorEnergy is managed by Corridor InfraTrust Management, LLC. Corridor is an affiliate of Tortoise Capital Advisors, L.L.C., a registered investment adviser with over $10.4 billion of assets under management in the U.S. energy infrastructure sector as of Jan. 31, 2012. For more information, please visit www.corridortrust.com.

Forward-Looking Statements

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 CorEnergy believes 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 CorEnergy’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, CorEnergy does not assume a duty to update any forward-looking statement. In particular, any distribution paid in the future to our stockholders will depend on the actual performance of CorEnergy, its costs of leverage and other operating expenses and will be subject to the approval of CorEnergy’s Board of Directors and compliance with leverage covenants.

CorEnergy Infrastructure Trust, Inc.
CONSOLIDATED BALANCE SHEETS
					November 30, 2012							November 30, 2011
Assets
	Trading securities, at fair value				$	55,219,411						$	27,037,642
	Other equity securities, at fair value					19,866,621							41,856,730
	Leased property, net of accumulated depreciation of $1,131,680, and $294,309, respectively					12,995,169							13,832,540
	Cash and cash equivalents					14,333,456							2,793,326
	Property and equipment, net of accumulated depreciation of $1,751,202 and $1,483,616, respectively					3,589,022							3,842,675
	Escrow receivable					698,729							1,677,052
	Accounts receivable					1,570,257							1,402,955
	Intangible lease asset, net of accumulated amortization of $413,580 and $121,641, respectively					681,191							973,130
	Lease receivable					-							474,152
	Prepaid expenses					537,184							140,017
	Receivable for Adviser expense reimbursement					-							121,962
	Deferred tax asset					-							27,536
	Other assets					1,940,793							107,679
	Total Assets				$	111,431,833						$	94,287,396
Liabilities and Stockholders' Equity
Liabilities
	Management fees payable to Adviser				$	249,326						$	365,885
	Accounts payable and other accrued liabilities					2,636,305							1,107,765
	Line of credit					120,000							-
	Long-term debt					-							2,279,883
	Lease obligation					27,522							107,550
	Deferred tax liability					7,172,133							-
	Unearned Income					2,370,762							-
	Total Liabilities				$	12,576,048						$	3,861,083
Stockholders' Equity
	Warrants, no par value; 945,594 issued and outstanding at November 30, 2012 and November 30, 2011 (5,000,000 authorized)				$	1,370,700						$	1,370,700
	Capital stock, non-convertible, $0.001 par value; 9,190,667 shares issued and outstanding at November 30, 2012 and 9,176,889 shares issued and outstanding at November 30, 2011 (100,000,000 shares authorized)					9,191							9,177
	Additional paid-in capital					91,763,475							95,682,738
	Accumulated retained earnings (deficit)					5,712,419							(6,636,302	)
	Total Stockholders' Equity				$	98,855,785						$	90,426,313
	Total Liabilities and Stockholders' Equity				$	111,431,833						$	94,287,396

CorEnergy Infrastructure Trust, Inc.
CONSOLIDATED STATEMENTS OF INCOME
						For the Year Ended November 30, 2012						For the Year Ended November 30, 2011						For the Year Ended November 30, 2010
Revenue
	Sales revenue					$	8,021,022					$	2,161,723					$	-
	Lease income						2,552,975						1,063,740						-
		Total Revenue					10,573,997						3,225,463						-
Expenses
	Cost of sales (excluding depreciation expense)						6,078,102						1,689,374						-
	Management fees, net of expense reimbursements						1,046,796						968,163						925,820
	Asset acquisition expenses						377,834						638,185						-
	Professional fees						1,141,045						548,759						590,486
	Depreciation expense						1,118,269						364,254						-
	Operating expenses						739,519						196,775						-
	Directors' fees						85,050						70,192						92,053
	Other expenses						231,086						183,674						244,398
	Total Expenses						10,817,701						4,659,376						1,852,757
Loss from Operations, before Income Taxes							(243,704	)					(1,433,913	)					(1,852,757	)
Other Income and Expense
	Net distributions and dividend income						(279,395	)					651,673						1,853,247
	Net realized and unrealized (loss) gain on trading securities						4,009,933						2,299,975						(894,531	)
	Net realized and unrealized gain on other equity securities						16,171,944						2,283,773						20,340,602
	Other Income						-						40,000						38,580
	Interest Expense						(81,123	)					(36,508	)					(45,619	)
	Total Other Income and Expense						19,821,359						5,238,913						21,292,279
Income before income taxes							19,577,655						3,805,000						19,439,522
Taxes
Current tax expense							(29,265	)					(253,650	)					-
Deferred tax expense							(7,199,669	)					(629,207	)					(4,772,648	)
	Income tax expense, net						(7,228,934	)					(882,857	)					(4,772,648	)
Net Income						$	12,348,721					$	2,922,143					$	14,666,874
Earnings Per Common Share:
	Basic and Diluted					$	1.34					$	0.32					$	1.61
Weighted Average Shares of Common Stock Outstanding:
	Basic and Diluted						9,182,425						9,159,809						9,107,070
Dividends declared per share						$	0.44					$	0.41					$	0.43

CorEnergy Infrastructure Trust, Inc.
CONSOLIDATED STATEMENTS OF EQUITY
				Capital Stock
				Shares			Amount				Warrants				Additional Paid-in Capital					Retained Earnings (Accumulated Deficit)					Total
Balance at November 30, 2009				9,078,090			$	9,078			$	1,370,700			$	101,929,307				$	(19,012,500	)			$	84,296,585
Net Income																					14,666,874					14,666,874
Distributions to stockholders sourced as return of capital																(3,915,124	)									(3,915,124	)
Reinvestment of distributions to stockholders				68,416				69								430,769										430,838
Balance at November 30, 2010				9,146,506				9,147				1,370,700				98,444,952					(4,345,626	)				95,479,173
Net Income																					2,922,143					2,922,143
Distributions to stockholders sourced as return of capital																(3,755,607	)									(3,755,607	)
Reinvestment of distributions to stockholders				30,383				30								252,212										252,242
Consolidation of wholly-owned subsidiary																741,181					(5,212,819	)				(4,471,638	)
Balance at November 30, 2011				9,176,889				9,177				1,370,700				95,682,738					(6,636,302	)				90,426,313
Net Income																					12,348,721					12,348,721
Distributions to stockholders sourced as return of capital																(4,040,273	)									(4,040,273	)
Reinvestment of distributions to stockholders				13,778				14								121,010										121,024
Balance at November 30, 2012				9,190,667			$	9,191			$	1,370,700			$	91,763,475				$	5,712,419				$	98,855,785

CorEnergy Infrastructure Trust, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
				For the Year Ended November 30, 2012						For the Year Ended November 30, 2011						For the Year Ended November 30, 2010
Operating Activities
Net Income				$	12,348,721					$	2,922,143					$	14,666,874
Adjustments:
Distributions received from investment securities					4,985,370						2,845,434						3,064,204
Deferred income tax, net					7,199,669						629,207						4,772,648
Depreciation expense					1,118,269						364,254						-
Amortization of intangible lease asset					291,939						121,641						-
Amortization of assumed debt premium					(91,883	)					(94,611	)					-
Realized and unrealized (gain) loss on trading securities					(4,009,933	)					(2,299,975	)					894,531
Realized and unrealized gain on other equity securities					(16,171,944	)					(2,283,773	)					(20,340,602	)
Changes in assets and liabilities:
Decrease (increase) in interest, dividend and distribution receivable					-						42,778						(42,774	)
Decrease in lease receivable					474,152						237,077						-
Increase in accounts receivable					(167,302	)					(92,473	)					-
(Increase) decrease in prepaid expenses and other assets					(233,272	)					70,109						(13,429	)
Increase (decrease) in management fees payable to Adviser, net of expense reimbursement					5,403						25,632						(30,926	)
Increase (decrease) in accounts payable and other accrued liabilities					1,528,541						275,003						(47,625	)
Increase in unearned income					2,370,762						-						-
Net cash provided by operating activities				$	9,648,492					$	2,762,446					$	2,922,901
Investing Activities
Purchases of long-term investments of trading and other equity securities				$	-					$	(38,060,281	)				$	(10,633,882	)
Proceeds from sale of long-term investment of trading and other equity securities					9,354,306						53,950,583						15,762,612
Proceeds from receipt of escrow receivable					628,863						-						-
Acquisition expenditures and deferred lease costs					(942,707	)					-						-
Cash paid in business combination					-						(12,250,000	)					-
Proceeds from sale of property and equipment					3,076						-						-
Purchases of property and equipment					(30,321	)					(1,045	)					-
Net cash provided by (used in) investing activities				$	9,013,217					$	3,639,257					$	5,128,730
Financing Activities
Payments on long-term debt				$	(2,188,000	)				$	(1,221,000	)				$	-
Payments on lease obligation					(80,028	)					(44,816	)					-
Deferred financing costs					(1,054,302	)					-						-
Advances from revolving line of credit					5,285,000						-						-
Repayments on revolving line of credit					(5,165,000	)					(400,000	)					(4,600,000	)
Distributions paid to common stockholders					(3,919,249	)					(3,503,365	)					(3,484,284	)
Net cash used in financing activities				$	(7,121,579	)				$	(5,169,181	)				$	(8,084,284	)
Net Change in Cash and Cash Equivalents				$	11,540,130					$	1,232,522					$	(32,653	)
Consolidation of wholly-owned subsidiary					-						94,611						-
Cash and Cash Equivalents at beginning of year					2,793,326						1,466,193						1,498,846
Cash and Cash Equivalents at end of period				$	14,333,456					$	2,793,326					$	1,466,193
Supplemental Disclosure of Cash Flow Information
Interest paid				$	203,611					$	176,595					$	66,703
Income taxes paid				$	96,000					$	253,650					$	-
Non-Cash Investing Activities
Security proceeds from sale of long-term investment of other equity securities				$	26,565,400					$	-					$	-
Non-Cash Financing Activities
Reinvestment of distributions by common stockholders in additional common shares				$	121,024					$	252,242					$	430,838

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