NXG Cushing® Midstream Energy Fund (NYSE: SRV) Announces the Preliminary Results of its Rights Offering

DALLAS, Dec. 15, 2023 /PRNewswire/ -- The NXG Cushing^® Midstream Energy Fund (NYSE: SRV) (the "Fund") announced the preliminary results of its transferable rights offering (the "Offer").  The Offer commenced on November 21, 2023, and expired on December 14, 2023 (the "Expiration Date").  The Offer entitled rights holders to subscribe for up to an aggregate of 728,317 of the Fund's common shares of beneficial interest, par value $0.001 per share ("Common Shares").  The subscription price was $33.20 per Common Share and was determined based upon a formula equal to 88% of the Fund's net asset value ("NAV") per Common Share at the close of trading on the New York Stock Exchange on the Expiration Date.  The Offer was oversubscribed.  Common Shares will be issued promptly after completion and receipt of all shareholder payments and the pro-rata allocation of Common Shares in respect of the over­ subscription privilege.

Gross proceeds of the Offer are expected to be approximately $24,000,000.  The Fund intends to invest the net proceeds of the Offer in accordance with its investment objective and policies.

This document is not an offer to sell any securities and is not soliciting an offer to buy any securities in any jurisdiction where the offer or sale is not permitted. This document is not an offering, which can only be made by a prospectus. Investors should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. Such information, including other information about the Fund, can be found on file with the Securities and Exchange Commission and should be read carefully before investing.

About NXG Investment Management

Cushing Asset Management, LP ("Cushing") is doing business as NXG Investment Management, providing Next Generation investment strategies to investors seeking long-term growth in companies focused on a clean and sustainable future as well as traditional and transformational infrastructure companies. Cushing is an SEC-registered investment adviser headquartered in Dallas, Texas. Cushing serves as investment adviser to affiliated funds and managed accounts.

About NXG Cushing^® Midstream Energy Fund

The Fund is a non-diversified, closed-end management investment company with an investment objective to obtain a high after-tax total return from a combination of capital appreciation and current income. The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in a portfolio of midstream energy investments. The Fund considers midstream energy investments to be investments that offer economic exposure to securities of midstream energy companies, which are companies that provide midstream energy services, including the gathering, transporting, processing, fractionation, storing, refining and distribution of natural resources, such as natural gas, natural gas liquids, crude oil refined petroleum products, biofuels, carbon sequestration, solar, and wind. The Fund considers a company to be a midstream energy company if at least 50% of its assets, income, sales or profits are committed to, derived from or otherwise related to midstream energy services. The Fund's Common Shares are traded on the NYSE under the symbol "SRV."

The Fund utilizes leverage as part of its investment strategy. There can be no assurance that the Fund will achieve its investment objectives.

For information about the Fund, please contact your financial advisor.

Contact:
Blake Nelson
NXG Investment Management
214-692-6334
www.nxgim.com

NOT FDIC INSURED                      NO BANK GUARANTEE               MAY LOSE VALUE

SOURCE NXG Investment Management