Petroleum & Resources Provides May 31, 2008 Update

BALTIMORE, June 19 /PRNewswire-FirstCall/ -- Petroleum & Resources
Corporation (NYSE: PEO) provides an update on summary financial information,
returns on net asset value, Top 10 portfolio holdings, and sector weightings
as of May 31, 2008:
SUMMARY FINANCIAL INFORMATION
Year-to-date, the Corporation's unrealized appreciation on assets is
$703,049,842, net investment income is $4,437,516, total realized gain is
$25,949,205, and total return, after adjusting for income dividends as well as
capital gains distributions paid, was 13.2% on net asset value and 10.9% on
market value. Comparable figures for the Standard & Poor's 500 Index and the
Dow Jones Oil & Gas Index were -3.8% and 7.3%, respectively. The Corporation
had 22,655,399 shares outstanding.
TOP TEN HOLDINGS

Market Value % of Net Assets

Exxon Mobil Corp. $110,506,200 10.1
Chevron Corp. 70,892,250 6.5
Schlumberger Ltd. 70,791,000 6.5
ConocoPhillips 51,846,552 4.7
Weatherford International Ltd. 45,042,286 4.1
Devon Energy Corp. 38,260,200 3.5
Noble Corp. 37,884,000 3.5
Occidental Petroleum Corp. 36,772,000 3.4
Transocean Inc. 35,738,161 3.3
Total S.A. ADR 34,031,400 3.1
Total $531,764,049 48.6%

SECTOR WEIGHTINGS

The portfolio weightings for the major sectors that the Fund invests in
were:

Integrated Oils 32.7%
Services 25.9%
Exploration & Production 18.1%
Utilities 13.9%
Basic Materials & Other 7.7%
Short-Term Investments 1.9%

For further information please contact:

Joseph M. Truta, Executive Vice President
Lawrence L. Hooper, Jr., Vice President, General Counsel and Secretary
410-752-5900 or 800-638-2479

E-mail: contact@peteres.com
Website: www.peteres.com

For your convenience, all press releases are posted to our website. If
you would like to receive future press releases by fax or e-mail, please let
us know.
SOURCE Petroleum & Resources Corporation

Joseph M. Truta, Executive Vice President, 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