Gregory A. Hazlett Resigns as a Director of Adams Express and Petroleum & Resources

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Adams Express Company; Petroleum & Resources Corporation

Dec 21, 2010, 02:30 ET

BALTIMORE, Md., Dec. 21, 2010 /PRNewswire/ -- The Adams Express Company (NYSE: ADX) and Petroleum & Resources Corporation (NYSE: PEO) announced today that Gregory A. Hazlett has resigned from the Boards of Directors of both Funds to avoid any potential compliance issues related to his position with Pacific Investment Management Company (PIMCO).

Mr. Hazlett was elected to the Boards effective December 1, 2010. Following his first Board meetings, he was advised by PIMCO that service on the Boards presented conflicts of interest with his duties at PIMCO and would not be appropriate. Accordingly, and with regret, he has tendered his resignation to the Funds' Boards.

The Adams Express Company and Petroleum & Resources Corporation are Baltimore-based closed-end investment companies. Their shares trade on the New York Stock Exchange.

For further information, please contact

Douglas G. Ober, Chairman and CEO
Lawrence L. Hooper, Jr., Vice President, General Counsel and Secretary
410-752-5900 or 800-638-2479