Petroleum & Resources Corporation Declares Dividend and Announces First Quarter Performance

Petroleum & Resources Corporation Declares Dividend and Announces First
Quarter Performance

BALTIMORE, April 10 /PRNewswire-FirstCall/ -- The Board of Directors of
Petroleum & Resources Corporation (NYSE: PEO) today declared an interim
dividend of $0.13 per share, payable June 1, 2008, to stockholders of record
May 15, 2008, and announced the Fund's benchmark-beating performance for the
first quarter.
First Quarter Performance Tops Benchmarks
For the three months ended March 31st, the total return on Petroleum &
Resources' net asset value, after adjusting for income dividends as well as
capital gain distributions paid, was -3.9%. Comparable figures for the Dow
Jones Oil and Gas Index and the Standard & Poor's 500 Index were -6.5% and
-9.4%, respectively. The total return on Petroleum & Resources' market value,
after adjustment, was -5.4%.
For the twelve months ended March 31st, the total return on Petroleum &
Resources' net asset value, after adjusting for income dividends as well as
capital gain distributions paid, was 19.7%. Comparable figures for the Dow
Jones Oil and Gas Index and the Standard & Poor's 500 Index were 21% and
-5.1%, respectively. The total return on Petroleum & Resources' market value,
after adjustment, was 17.3%.
Petroleum & Resources' net asset value at March 31, 2008, is compared with
the year earlier in the following table:

Net Asset Value

3/31/08 3/31/07
Net assets $934,617,545 $841,657,022
Shares outstanding 22,698,284 21,941,616
Net assets per share $41.18* $38.36

*After capital gain distribution of $0.09 per share paid in March 2008.

The net capital gain realized on investments at the end of the first
quarter was $0.21 per share.

The Corporation repurchased 84,200 shares of its Common Stock during the
quarter.

Securities Transactions

During the first quarter, one new name was added to the Corporation's
portfolio with the purchase of shares of Massey Energy Co. The Corporation
added to its existing holdings in Hercules Offshore, International Coal,
Northeast Utilities, and Transocean, and reduced its holdings in General
Electric and Rohm & Haas.
The First Quarter Report is expected to be released on or about April 18,
2008.
Petroleum & Resources Corporation is a Baltimore-based closed-end
investment company. It is traded on the New York Stock Exchange under the
symbol PEO.
For further information, please contact

Douglas G. Ober, Chairman
Lawrence L. Hooper, Jr., Vice President, General Counsel and Secretary
410-752-5900 or 800-638-2479

E. Mail: contact@peteres.com
Website: http://www.peteres.com

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SOURCE Petroleum & Resources Corporation

Douglas G. Ober, Chairman, or Lawrence L. Hooper, Jr., Vice President, General
Counsel and Secretary, both of Petroleum & Resources Corporation,
+1-410-752-5900, or +1-800-638-2479, contact@peteres.com