The Cushing® Royalty & Income Fund Announces Closing of Public Offering of Common Shares

DALLAS, June 23, 2014 /PRNewswire/ -- The Cushing^® Royalty & Income Fund (the "Fund") (NYSE: SRF) today announced it has closed a public offering of 2,400,000 common shares at a price of $20.25 per share. Net proceeds from the offering of approximately $46.4 million will be used to make additional portfolio investments that are consistent with the Fund's investment objective.

Stifel, RBC Capital Markets, Oppenheimer & Co. and Baird acted as joint book-running managers, and BB&T Capital Markets, Janney Montgomery Scott, Ladenburg Thalmann and Wunderlich Securities acted as co-managers for the offering.

The Fund is a non-diversified, closed-end management investment company with an investment objective of seeking 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, exploration and production master limited partnerships and Canadian royalty trusts and exploration and production companies and other energy assets. The Fund's common shares are traded on the New York Stock Exchange under the symbol "SRF."

The Fund is managed by Cushing^® Asset Management, LP ("Cushing"). No assurance can be given that the Fund's investment objective will be achieved.

About Cushing^® 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 May 31, 2014, Cushing had approximately $4.0 billion of assets under management in closed-end funds, mutual funds, privately offered funds and separately managed accounts.

IMPORTANT INFORMATION

This press release does not constitute an offer to sell or a solicitation to buy the securities described herein, 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. A registration statement relating to these securities was filed with, and has been declared effective by, the SEC. The securities being offered have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the prospectus supplement, prospectus or shelf registration statement.

This press release contains certain statements that may include "forward-looking statements." Forward-looking statements can be identified by the words "may," "will," "intend," "expect," "estimate," "continue," "plan," "anticipate," and similar terms and the negative of such terms. By their nature, all forward-looking statements involve risks and uncertainties, and actual results could differ materially from those contemplated by the forward-looking statements. Many factors that could materially affect the Fund's actual results are the performance of the portfolio of securities held by the Fund, the conditions in the U.S. and international financial, petroleum and other markets, the price at which the Fund's common shares trade in the public markets and other factors discussed in the Fund's prospectus supplement and accompanying base prospectus and to be discussed in the Fund's periodic filings with the SEC.

Although the Fund and Cushing believe that the expectations expressed in such forward-looking statements are reasonable, actual results could differ materially from those expressed or implied in such forward-looking statements. The Fund's future financial condition and results of operations, as well as any forward-looking statements, are subject to change and are subject to inherent risks and uncertainties. You are cautioned not to place undue reliance on these forward-looking statements, which are made as of the date of this press release. Except for the Fund's ongoing obligations under the federal securities laws, the Fund does not intend, and the Fund undertakes no obligation, to update any forward-looking statement.

SOURCE Cushing Asset Management, LP