Petroleum & Resources Corp. Announces Resignation of Robert E. Sullivan

BALTIMORE, May 19 /PRNewswire-FirstCall/ -- Petroleum & Resources Corporation
(NYSE: PEO) announces that Robert E. Sullivan, Executive Vice President and a
member of the Corporation's portfolio management team, resigned from the
Corporation, effective April 24, 2009, in order to pursue other business
opportunities. Mr. Sullivan joined the Corporation in 2004 and was elected
Executive Vice President in 2008. The Corporation wishes him well in his
future endeavors and thanks him for his significant contributions during his
tenure.

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
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

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SOURCE Petroleum & Resources Corporation

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