Petroleum & Resources Fund Declares Dividend and Reports Performance for the First Half of 2013

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Jul 10, 2013, 03:08 ET

BALTIMORE, July 10, 2013 /PRNewswire/ -- The Board of Directors of Petroleum & Resources (NYSE:PEO) today declared a dividend of $0.10 per share, payable September 3, 2013, to shareholders of record on August 15, 2013. This dividend represents the third payment toward the Fund's annual 6% minimum distribution rate commitment for the year. Details regarding the annual 6% minimum distribution rate commitment can be found at www.peteres.com.

Performance

For the six months ended June 30th, the total return on the Fund's net asset value, with dividends and capital gains reinvested, was 7.1%. The comparable figure for the Lipper Global Natural Resources Funds Index (Lipper Peer Group) was ˗1.0%. The total return on the Fund's market price was 8.2%. The net capital gain realized by the Fund on its investments for the six months was $0.50 per share.

For the twelve months ended June 30th, the total return on the Fund's net asset value, with dividends and capital gains reinvested, was 14.0%. The comparable figure for the Lipper Peer Group was 7.7%. The total return on the Fund's market price was 14.4%.

Net Asset Value

The Fund's net asset value at June 30, 2013, compared with the year earlier, was:

	6/30/13	6/30/12
Net assets	$776,225,123	$710,406,280
Shares outstanding	26,242,772	25,654,466
Net assets per share	$29.58	$27.69

During the period, the Fund resumed its share repurchases and repurchased 103,663 shares of the Fund's common stock at an average price of $26.18 and a weighted average discount to net asset value of 13.7%.

The Semi-Annual Report to Shareholders is expected to be released on or about July 19, 2013.

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.

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

SOURCE Petroleum & Resources Corporation