BALTIMORE, Jan. 21, 2015 /PRNewswire/ -- The Board of Directors of Petroleum & Resources Corporation elected James P. Haynie as President of the Fund, succeeding Nancy J. F. Prue, who was named Executive Vice President, Director of Shareholder Communications.
Prior to being elected President, Mr. Haynie served as Executive Vice President since 2013 and a member of the Fund's portfolio management team. In addition, Mr. Haynie was President of The Adams Express Company, the Fund's non-controlling affiliate. He will continue to serve as an Executive Vice President of Adams Express and a member of its portfolio management team.
Mr. Haynie has over 25 years of experience in equity investing and is well-versed in the energy sector. Mark Stoeckle, Chief Executive Officer of both Funds, said, "Jim and I will make up the portfolio management team for the Fund. Having worked with Jim since 1996, I am confident in his ability to continue to add value at Petroleum & Resources. He is an outstanding portfolio manager with a proven track record."
Ms. Prue will assume the position of Executive Vice President, Director of Shareholder Communications for both Petroleum & Resources and Adams Express. In this newly-formed role, she will report directly to Mr. Stoeckle. "Nancy has provided invaluable service to the Fund as a research analyst and member of the portfolio management team. I am very pleased that she has agreed to take over this very important, new position with the Funds. She will be responsible for the content and delivery of information about the Funds to our shareholders and the investment community, something we believe is essential. Her extensive familiarity with the energy markets and the Funds will provide an added dimension to our shareholder communications," said Mr. Stoeckle.
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.
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SOURCE Petroleum & Resources Corporation