BALTIMORE, Dec. 9, 2010 /PRNewswire-FirstCall/ -- The Board of Directors of Petroleum & Resources Corporation (NYSE: PEO) voted today to extend its share repurchase program and has authorized the repurchase of up to 5% of the outstanding shares of the Corporation's common stock (up to 1,217,002 shares) through December 31, 2011. Purchases may be made in the open market when the shares are trading at a discount of at least 6.5% and market conditions and portfolio management considerations otherwise warrant. The Corporation's discount as of last night's market close was 11.5%.
The repurchase program was initiated in 1999 and has been reauthorized by the Board each year since. The Corporation has not repurchased any shares this year under the repurchase program.
Petroleum & Resources Corporation is a Baltimore-based closed-end investment company. It is traded on the New York Stock Exchange under the ticker symbol: PEO.
Safe Harbor Statement: To the extent that any statements made in this press release contain information that is not historical, these statements are essentially forward looking in nature and are subject to risks and uncertainties, including whether the Corporation decides to repurchase some, all, or no shares under the repurchase program, the performance of the portfolio of stocks held by the Fund, the conditions in the U.S. and international financial, petroleum, energy, and other markets, the price at which shares of the Fund will trade in the public markets, and other factors discussed in the Corporation's 2009 Annual Report and other Securities and Exchange Commission filings by the Corporation.
SOURCE Petroleum & Resources Corporation