Petroleum & Resources Corporation Declares Dividend and Announces First Quarter Performance

BALTIMORE, April 7 /PRNewswire-FirstCall/ -- The Board of Directors of Petroleum & Resources Corporation (NYSE: PEO) today declared an interim dividend of $0.10 per share, payable June 1, 2010, to stockholders of record May 14, 2010, and announced the Fund's performance for the first quarter.

First Quarter Performance

For the three months ended March 31st, the total return on Petroleum & Resources' net asset value, with dividends and capital gains reinvested, was 1.8%. Comparable figures for the Dow Jones U. S. Oil and Gas Index, the Dow Jones U. S. Basic Materials Index, and the Standard & Poor's 500 Index were 0.5%, 6.7%, and 5.4%, respectively. The total return on Petroleum & Resources' market value was 0.8%.

For the twelve months ended March 31st, the total return on Petroleum & Resources' net asset value, with dividends and capital gains reinvested, was 40.8%. Comparable figures for the Dow Jones U. S. Oil and Gas Index, the Dow Jones U. S. Basic Materials Index, and the Standard & Poor's 500 Index were 31.7%, 84.5%, and 49.8%, respectively. The total return on Petroleum & Resources' market value was 38.2%.

Petroleum & Resources' net asset value at March 31, 2010, is compared with the year earlier in the following table:

The net capital gain realized on investments for the three months was $0.11 per share.

The Corporation did not repurchase any shares of its Common Stock during the quarter.

Securities Transactions

During the first quarter, the Corporation added three new names to its portfolio with the purchases of shares of Newfield Exploration Co., Praxair, Inc., and Schlumberger Ltd. The Corporation added to its existing holdings in Cliffs Natural Resources, Freeport-McMoRan Copper & Gold, Pioneer Natural Resources, and Southwestern Energy. Two positions were eliminated from the Corporation's portfolio with the sales of Complete Production Services, Inc. and Northwest Natural Gas Co. Holdings were reduced in ConocoPhillips, Energen, EQT Corp., Massey Energy, Noble Corp., WGL Holdings, and XTO Energy. The Corporation held 1.4% of net assets in net cash and short-term investments.

The First Quarter Report to Stockholders is expected to be released on or about April 16, 2010.

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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