Petroleum & Resources Fund Reports Nine-Month Results

News provided by

Petroleum & Resources Corporation

Oct 09, 2013, 02:54 ET

BALTIMORE, Oct. 9, 2013 /PRNewswire/ -- Petroleum & Resources Corporation (NYSE:PEO) today announced its results for the nine months ended September 30, 2013.  The total return on net asset value, with dividends and capital gains reinvested, was 16.1%.  The comparable figure for the Lipper Global Natural Resources Funds Index was 9.5%. The total return on the Fund's market price was 14.4%.

For the twelve months ended September 30, 2013, the total return on Petroleum & Resources' net asset value, with dividends and capital gains reinvested, was 13.6%.  The comparable figure for the Lipper Global Natural Resources Funds Index was 9.4%. The total return on the Fund's market price was 10.0%.

Net Asset Value

The Fund's net asset value at September 30, 2013, compared with the year earlier, was:                                                                                                                                                      


  9/30/13

9/30/12

Net assets                     

$834,456,154

$769,552,452

Shares outstanding                     

26,125,310

25,654,412

Net assets per share               

$31.94

$30.00

The Fund repurchased 222,358 shares of its common stock during the nine-month period at an average price per share of $26.52 and a weighted average discount to net asset value of 13.5%.

The net capital gain realized by the Fund on its investments for the nine months was $1.13.

Petroleum & Resources has committed to pay out distributions to its shareholders at an annual 6% minimum distribution rate, based on the trailing 12-month average market price, under the distribution commitment the Fund announced in September of last year.  Details regarding the annual 6% minimum distribution rate can be found at www.peteres.com.

The Third Quarter Report is expected to be released on or about October 18, 2013.

Petroleum & Resources Corporation is a Baltimore-based closed-end fund that has been operating as an investment company since 1929.  Its stock trades on the New York Stock Exchange under the symbol PEO. 

For further information, contact: 
Lawrence L. Hooper, Jr., Vice President, General Counsel & Secretary
at (410) 752-5900 or (800) 638-2479 
e-mail: [email protected]

SOURCE Petroleum & Resources Corporation

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