The Cushing® Royalty & Income Fund Announces Exercise of Over-Allotment Option

DALLAS, March 27, 2012 /PRNewswire/ -- The Cushing® Royalty & Income Fund (the "Fund") (NYSE: SRF) announced today that the underwriters of its previously announced public offering of common shares have exercised in full their over-allotment option to purchase an additional 1,245,000 common shares at the public offering price of $25.00 per share.  Proceeds from the exercise of the option will be approximately $29.7 million, after deducting underwriting discounts and commissions and other offering expenses.  The closing of the over-allotment option is expected to occur on or about March 30, 2012. 

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The Fund is a non-diversified, closed-end management investment company.  The Fund's investment objective is to seek a high total return with an emphasis on current income.  The Fund seeks to provide shareholders with a tax-efficient vehicle to invest in a portfolio of energy-related U.S. royalty trusts, E&P MLPs and Canadian royalty trusts and exploration and production companies and other energy assets.  The Fund is traded on the NYSE under the ticker symbol "SRF" and is managed by Cushing® MLP Asset Management, LP, a wholly-owned registered investment adviser subsidiary of Swank Capital, LLC.

The underwriting syndicate was led by Stifel Nicolaus Weisel, RBC Capital Markets and Oppenheimer & Co.  A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission ("SEC").  A copy of the final prospectus relating to the offering may be obtained from the following addresses:

Stifel Nicolaus                                RBC Capital Markets, LLC             Oppenheimer & Co. Inc.
Attn: Syndicate Department            Attn: Equity Syndicate                   Attn: Syndicate Prospectus Dept.
One South Street, 15th Floor           Three World Financial Center         85 Broad St., 26th Floor
Baltimore, MD 21202                      200 Vesey Street, 8th Floor            New York, New York 10004 
Phone: 443-413-1988                      New York, New York 10281            Phone: 212-667-8563
[email protected]                Phone: 877-822-4089                     [email protected]    

Investors may also obtain these documents free of charge from the SECs website at www.sec.gov.

ABOUT CUSHING® MLP ASSET MANAGEMENT, LP.

Cushing® MLP Asset Management, LP ("Cushing"), a subsidiary of Swank Capital, is an SEC-registered investment adviser headquartered in Dallas, Texas. Cushing serves as investment adviser to affiliated funds and managed accounts which invest primarily in securities of MLPs and other natural resource companies.  As of February 29, 2012, Cushing had approximately $1.8 billion of assets under management in closed-end funds, an open-end fund, privately offered funds and separately managed accounts.    

SOURCE Cushing® MLP Asset Management, LP and Swank Capital, LLC