Petroleum & Resources Fund Reports Nine-Month Results

BALTIMORE, Oct. 9, 2014 /PRNewswire/ -- Petroleum & Resources Corporation (NYSE:PEO) today announced its results for the nine months ended September 30, 2014.  The Fund's total return on net asset value, with dividends and capital gains reinvested, was 6.1%, significantly outperforming its Lipper peer group. The comparable figure for the Lipper Global Natural Resources Funds Index ("Lipper Peer Group") was 0.8%. The total return on the Fund's market price was 6.3%.

For the twelve months ended September 30, 2014, the total return on the Fund's net asset value, with dividends and capital gains reinvested, was 13.5%, also handily outperforming the Lipper Peer Group, which returned 4.1%. The total return on the Fund's market price was 13.9%.

Net Asset Value

The Fund's net asset value at September 30, 2014, compared with the year earlier, was:

During the period, the Fund repurchased 135,000 shares of its common stock at an average price of $28.65 and a weighted average discount to net asset value of 15.0%, resulting in a $0.03 increase to NAV per share.

The Fund realized a net capital gain of $1.34 per share from the securities transactions that it conducted during the period.

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.  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 17, 2014. 

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 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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