Petroleum & Resources Corporation Declares Year-End Distribution of Capital Gains and Investment Income

Petroleum & Resources Corporation Declares Year-End Distribution of Capital
Gains and Investment Income

BALTIMORE, Nov. 12 /PRNewswire-FirstCall/ -- The Board of Directors of
Petroleum & Resources Corporation (NYSE: PEO) declared today a year-end
distribution of $1.04 per share, consisting of the following:

1) a capital gains distribution of $0.98 per share from net capital gains
realized during 2009, comprised of $0.14 short-term and $0.84 long-term
capital gain; and

2) an income dividend of $0.06 per share from 2009 net investment income.

The payable date for the distribution is December 28, 2009, the record date is
November 20, 2009, and the ex-dividend date is November 18, 2009. Both
payments are payable in stock or cash at the option of each stockholder.

This marks the 58(th) consecutive year in which the Corporation has paid out
capital gains to its stockholders and the 75(th) consecutive year of paying
dividends to its stockholders.

With this distribution, total distributions by the Corporation for 2009 will
be $1.40, including distributions made prior to today's announcement of $0.36
per share, which consisted of $0.31 from investment income and $0.05 from
long-term capital gain. The annual distribution rate paid to stockholders by
the Corporation for 2009 will be approximately 6.7%, calculated by dividing
the total dividends and capital gains distributed during the year by the
average daily market price of the Corporation's Common Stock.

For comparison, in 2008, the Corporation paid total distributions of $2.99,
consisting of $0.38 in dividends and $2.61 in capital gains, and representing
an annual distribution rate of 8.9%.

Petroleum & Resources is a Baltimore-based closed-end investment company.

For further information, contact:
Douglas G. Ober, Chairman, President & CEO
Lawrence L. Hooper, Jr., Vice President, General Counsel and Secretary
at (410) 752-5900 or (800) 638-2479.
e-mail: contact@peteres.com
website: www.peteres.com

SOURCE Petroleum & Resources Corporation

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