Petroleum & Resources Corporation Declares Dividend and Announces First Quarter Performance

Apr 11, 2001, 01:00 ET from Petroleum & Resources Corporation

    BALTIMORE, April 11 /PRNewswire/ -- The Board of Directors of Petroleum &
 Resources Corporation (NYSE:   PEO; PCX) today declared an interim dividend of
 $0.13 per share, payable June 1, 2001, to stockholders of record May 18, 2001,
 and announced the fund's performance for the First Quarter.
     For the three months ended March 31st, the total return on Petroleum &
 Resources' net asset value, after adjusting for income dividends as well as
 capital gain distributions paid, was -5.4 percent.  Comparable figures for the
 Dow Jones Energy Index and the Standard & Poor's Index of 500 Stocks were
 -5.7 percent and -11.9 percent, respectively.
     For the twelve months ended March 31st, according to Lipper, the total
 return on Petroleum & Resources' net asset value, after adjusting for income
 dividends as well as capital gain distributions paid, was 11.2 percent.
 Comparable figures for the Dow Jones Energy Index and the Standard & Poor's
 Index of 500 Stocks were 7.8 percent and -21.7 percent, respectively.
     Petroleum & Resources' net asset value at March 31, 2001, is compared with
 the year earlier in the following table:
 
                                          Net Asset Value
 
                                  3/31/01                3/31/00**
      Net assets                $639,943,913           $610,212,832
      Shares outstanding        20,780,209             20,874,570
      Net assets per share      $30.80*                $29.23
 
      *  After capital gain distribution of $0.08 per share paid in 2001.
      ** These amounts have been adjusted to reflect a 3-for-2 stock split
         paid on October 19, 2000
 
     SECURITIES TRANSACTIONS
     During the three months ended March 31, 2001, Petroleum & Resources added
 three new names to its portfolio list with the purchases of Arch Coal Inc.,
 Keyspan Corp., and TECO Energy, Inc.  The Corporation increased its existing
 holdings in Duke Energy Corp., El Paso Corp. (received in exchange for
 200,000 shares of Coastal Corp held), Grant Prideco Inc., and Orion Power
 Holdings, Inc.
     Two issues were eliminated from the investment list with the sales of
 Dover Corp. and Tosco Corp.  The Corporation reduced its holdings in Calpine
 Corp. and Enron Corp.
     The First Quarter Report is expected to be released on or about April 20,
 2001.
     Petroleum & Resources Corporation is a Baltimore-based closed-end
 investment company.  It is traded on the New York Stock Exchange and Pacific
 Exchange, and its symbol is PEO.
 
 

SOURCE Petroleum & Resources Corporation
    BALTIMORE, April 11 /PRNewswire/ -- The Board of Directors of Petroleum &
 Resources Corporation (NYSE:   PEO; PCX) today declared an interim dividend of
 $0.13 per share, payable June 1, 2001, to stockholders of record May 18, 2001,
 and announced the fund's performance for the First Quarter.
     For the three months ended March 31st, the total return on Petroleum &
 Resources' net asset value, after adjusting for income dividends as well as
 capital gain distributions paid, was -5.4 percent.  Comparable figures for the
 Dow Jones Energy Index and the Standard & Poor's Index of 500 Stocks were
 -5.7 percent and -11.9 percent, respectively.
     For the twelve months ended March 31st, according to Lipper, the total
 return on Petroleum & Resources' net asset value, after adjusting for income
 dividends as well as capital gain distributions paid, was 11.2 percent.
 Comparable figures for the Dow Jones Energy Index and the Standard & Poor's
 Index of 500 Stocks were 7.8 percent and -21.7 percent, respectively.
     Petroleum & Resources' net asset value at March 31, 2001, is compared with
 the year earlier in the following table:
 
                                          Net Asset Value
 
                                  3/31/01                3/31/00**
      Net assets                $639,943,913           $610,212,832
      Shares outstanding        20,780,209             20,874,570
      Net assets per share      $30.80*                $29.23
 
      *  After capital gain distribution of $0.08 per share paid in 2001.
      ** These amounts have been adjusted to reflect a 3-for-2 stock split
         paid on October 19, 2000
 
     SECURITIES TRANSACTIONS
     During the three months ended March 31, 2001, Petroleum & Resources added
 three new names to its portfolio list with the purchases of Arch Coal Inc.,
 Keyspan Corp., and TECO Energy, Inc.  The Corporation increased its existing
 holdings in Duke Energy Corp., El Paso Corp. (received in exchange for
 200,000 shares of Coastal Corp held), Grant Prideco Inc., and Orion Power
 Holdings, Inc.
     Two issues were eliminated from the investment list with the sales of
 Dover Corp. and Tosco Corp.  The Corporation reduced its holdings in Calpine
 Corp. and Enron Corp.
     The First Quarter Report is expected to be released on or about April 20,
 2001.
     Petroleum & Resources Corporation is a Baltimore-based closed-end
 investment company.  It is traded on the New York Stock Exchange and Pacific
 Exchange, and its symbol is PEO.
 
 SOURCE   Petroleum & Resources Corporation