David D. Weaver Elected Executive Vice President of Petroleum & Resources Corporation

BALTIMORE, March 24 /PRNewswire-FirstCall/ -- The Board of Directors of Petroleum & Resources Corporation (NYSE: PEO) announced that David D. Weaver, CFA, has been elected Executive Vice President, effective March 23, 2010.

In his position as Executive Vice President of Petroleum & Resources, Mr. Weaver joins the portfolio management team for the Fund. Mr. Weaver is also President of The Adams Express Company, Petroleum & Resources' non-controlling affiliate, and is a member of the portfolio management team of Adams Express. He joined Adams Express in May 2004 as a research analyst covering the industrials and consumer-discretionary sectors of the Fund, and has served in the capacities of Vice President-Research, Executive Vice President, and, as of March 23, 2010, President of the Company. Prior to joining Adams Express, he was an analyst with Legg Mason Wood Walker, Inc. in Baltimore.

Mr. Weaver received his undergraduate degree from Western Maryland College (now McDaniel College) and a M.S. degree in Business/Finance from The Johns Hopkins University. He is a Chartered Financial Analyst and a member of the Baltimore Security Analysts Society.

Petroleum & Resources Corporation is a Baltimore-based closed-end investment company. It is traded on the New York Stock Exchange under the symbol PEO.

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SOURCE Petroleum & Resources Corporation

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