Petroleum & Resources Corporation's Nine Months Performance Reported

Oct 14, 2010, 15:02 ET from Petroleum & Resources Corporation

BALTIMORE, Oct. 14 /PRNewswire-FirstCall/ -- Petroleum & Resources Corporation (NYSE: PEO) today announced its performance for the nine-month period ended September 30, 2010.  The total return on net asset value, with dividends and capital gains reinvested, was 0.4%.  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 Composite Stock Index ("S&P 500") were (1.2)%, 9.3%, and 3.9%, respectively. The total return on Petroleum & Resources' market value was (1.2)%.

For the twelve months ended September 30, 2010, the total return on Petroleum & Resources' net asset value, with dividends and capital gains reinvested, was 7.3%.  Comparable figures for the Dow Jones U.S. Oil & Gas Index, the Dow Jones U.S. Basic Materials Index, and the S&P 500 were 3.4%, 20.2%, and 10.2%, respectively. The total return on Petroleum & Resources' market value was 5.5%.

The Corporation's net asset value at September 30, 2010, compared with the year earlier, is:

Net Asset Value

9/30/10

9/30/09

Net assets

$644,597,577

$621,349,170

Shares outstanding    

24,339,480

23,746,411

Net assets per share

$26.48

$26.17

The net capital gain realized on investments for the nine months was $0.69 per share.

The Corporation did not repurchase any shares of its Common Stock during the nine month period.

Securities Transactions

During the quarter, Petroleum & Resources added one new name to its investment portfolio with the receipt of shares of QEP Resources, Inc., via spin off from Questar Corp., and increased its holdings in Baker Hughes, Cliffs Natural Resources, Dow Chemical, Forest Oil, Massey Energy, National Oilwell Varco, and Southwestern Energy.

In addition, Petroleum & Resources reduced its holdings in Anadarko Petroleum, Apache Corp., EQT Corp., Noble Corp., Potash Corporation of Saskatchewan, Questar, and Total S.A. ADR.

Petroleum & Resources Corporation is a Baltimore-based closed-end investment company.  It is listed on the New York Stock Exchange under the symbol PEO. The Third Quarter Report will be mailed to stockholders and posted to our website: www.peteres.com on or about October 22, 2010.

For further information please contact:

Lawrence L. Hooper, Jr., Vice President, General Counsel and Secretary

(410) 752-5900 or (800) 638-2479

Email: contact@peteres.com

Website: www.peteres.com

SOURCE Petroleum & Resources Corporation



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