Petroleum & Resources Provides Year-To-Date Update at Annual Meeting in Baltimore

BALTIMORE, March 23 /PRNewswire-FirstCall/ -- Petroleum & Resources Corporation (NYSE: PEO) held its 81st Annual Meeting of Stockholders in Baltimore today and provided this update on year-to-date activity through March 19, 2010:

PERFORMANCE AND REALIZED CAPITAL GAINS

The year-to-date total return for the Corporation, including the reinvestment of income dividends as well as capital gains distributions paid, was 0.9% on net asset value and 0.1% on market value. Comparable figures for the Dow Jones U.S. Oil & Gas Index, the Dow Jones U.S. Basic Materials Index, and the Standard & Poor's 500 Index were 0.0%, 4.6%, and 4.5%, respectively. Net realized capital gains for the Corporation were $0.13 per share.

SECURITIES TRANSACTIONS

Since January 1, 2010, the Corporation has added three new names to its portfolio with the purchases of shares of Newfield Exploration Company, 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, and has reduced its holdings in Complete Production Services, ConocoPhillips, Energen, Massey Energy, Noble Corp., Northwest Natural Gas, WGL Holdings, and XTO Energy. The Corporation holds 1.4% of net assets in net cash and short-term investments.

Petroleum & Resources Corporation is a Baltimore-based closed-end investment company. It is 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

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SOURCE Petroleum & Resources Corporation

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