Petroleum & Resources Fund Names James Haynie As Executive Vice President And Announces Resignation Of David Weaver

BALTIMORE, July 31, 2013 /PRNewswire/ -- The Board of Directors of Petroleum & Resources Corporation named James P. Haynie as Executive Vice President and a member of the portfolio management team for the Fund. The Fund also announced the resignation of David D. Weaver.

Mr. Haynie comes to the Fund from the global investment management firm BNP Paribas Investment Partners, where he most recently served as Chief Investment Officer, U.S. Equities, and as a Senior Portfolio Manager.  He and Mark Stoeckle, Petroleum & Resources' Chief Executive Officer, have worked closely together for many years, including the last 8 years at BNP Paribas Investment Partners before Mr. Stoeckle joined the Fund.

Mr. Haynie has over 27 years of experience in financial services and asset management.  Prior to joining BNP Paribas Investment Partners, he co-founded a long/short market-neutral equity fund.  He also has served in portfolio management roles for Colonial Management Associates and Trinity Investment Management, both in the Boston area.  Earlier in his career, Mr. Haynie worked at Chemical Bank in New York City.

"We are extremely pleased to welcome Jim Haynie as an Executive Vice President and member of our portfolio management team.  I have worked with Jim since 1996 and know him to be an outstanding analyst and portfolio manager. We share the same investment philosophy, which includes a focus on risk management. I know he will be an excellent addition to our portfolio management team and will help build on our storied 83-year track record of returns to our shareholders," said Mr. Stoeckle.

A graduate of Colorado College, Mr. Haynie earned an MBA in Finance from the Tuck School of Business at Dartmouth College. He is a Chartered Financial Analyst.

Mr. Haynie is expected to assume his duties in mid-August. 

David D. Weaver, former Executive Vice President, resigned from the Fund last week. He served as Executive Vice President beginning in 2010 and was a member of the portfolio management team.  "David contributed greatly to the success of the Fund during his tenure and is highly regarded by all of us. We wish him well in his future endeavors," said Mr. Stoeckle.

Petroleum & Resources 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  

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SOURCE Petroleum & Resources Corporation