January 4, 2010 (FinancialWire) — Tortoise Capital Resources Corp. (NYSE: TTO) said that its portfolio company, Mowood, LLC, has entered into a definitive agreement to sell its wholly owned subsidiary Timberline Energy, LLC to Landfill Energy Systems, LLC . Timberline is an owner and developer of projects that convert landfill gas to energy.

According to terms of the transaction, which is scheduled to close within 60 days, Mowood will transfer Timberline’s operating and development projects to LES. Interest in one development project is expected to be transferred to Timberline management.

After paying off its indebtedness, paying management incentives and reserving for continued liabilities, Mowood is expected to distribute substantially all of the remaining proceeds to TTO.

At close TTO is expected to receive proceeds of between $9.0 and $9.3 million depending on closing adjustments. Over the next two years TTO could receive additional proceeds of up to $3.7 million based on the contingent and escrow terms contained in the agreement.

Tortoise said it plans to use the proceeds of the transaction to payoff its $4.6 million of bank debt leaving the remainder available to invest according to stated investment policies.

Kansas-based Tortoise is an investment manager specializing in listed energy infrastructure, such as pipeline and power companies.

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