Petroleum & Resources Corporation Declares Dividend and Reports Performance for the First Half of 2011

BALTIMORE, July 14, 2011 /PRNewswire/ -- The Board of Directors of Petroleum & Resources Corporation  (NYSE: PEO) today declared a dividend of $0.10 per share, payable September 1, 2011, to stockholders of record on August 12, 2011, and announced its performance for the first half of 2011.

Performance

For the six months ended June 30th, the total return on Petroleum & Resources' net asset value, with dividends and capital gains reinvested, was 10.4%.  Comparable figures for the Dow Jones U.S. Oil and Gas Index (DJOGI), the Dow Jones U.S. Basic Materials Index (DJBMI), the Lipper Global Natural Resources Funds Index (Lipper Peer Group), and the Standard & Poor's 500 Index (S&P 500) were 11.6%, 3.2%, 2.5%, and 6.0%, respectively. The total return on Petroleum & Resources' market value was 9.9%.

For the twelve months ended June 30th, the total return on Petroleum & Resources' net asset value, with dividends and capital gains reinvested, was 54.3%. Comparable figures for the DJOGI, the DJBMI, the Lipper Peer Group, and the S&P 500 were 53.0%, 50.7%, 39.1%, and 30.7%, respectively. The total return on Petroleum & Resources' market value was 54.9%.

For the twelve months ended June 30th, the annual distribution rate of dividends and capital gains that the Corporation has paid out to stockholders, calculated as a percentage of the average daily market price of the Corporation's stock during the period, was 4.8%.

The net asset value of Petroleum & Resources at June 30, 2011, compared with the year earlier, was:

The net capital gain realized through June 30, 2011, was $1.73 per share.

Securities Transactions

During the three months ended June 30, 2011, Petroleum & Resources added four new names to its investment portfolio through the purchases of Air Products and Chemicals, Inc., Alpha Natural Resources (via its purchase of Massey Energy), Marathon Oil Corp., and Peabody Energy Corp. The Corporation also increased its holdings in Baker Hughes, Cliffs Natural Resources, Exxon Mobil, Forest Oil, Freeport-McMoRan Copper & Gold, Kinder Morgan, National Oilwell Varco, Potash Corp., Royal Dutch Shell, and Schlumberger.

In addition, two holdings were eliminated from the Corporation's investment portfolio with the disposition of its holdings in International Coal Group (via tender offer) and Massey Energy (via its acquisition by Alpha Natural Resources).  The Corporation reduced its holdings in EQT, MDU Resources, Nabors Industries, New Jersey Resources, Praxair, Questar, and Transocean.

The Semi-Annual Report to Stockholders is expected to be released on or about July 22, 2011.  

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

For further information please contact:
Lawrence L. Hooper, Jr., Vice President, General Counsel and Secretary
(410) 752-5900 or (800) 638-2479
E-mail: [email protected]
Website: www.peteres.com

SOURCE Petroleum & Resources Corporation

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