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Petroleum & Resources Corporation®
INVESTING IN RESOURCES FOR THE FUTURE®
PEO INFORMATION UPDATE - March 31, 2008
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| Summary Financial Information - Period Ended March 31 (unaudited) |
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2008 |
2007 |
| Net asset value per share |
$41.18 |
$38.36 |
| Total net assets |
$934,617,545 |
$841,657,022 |
| Unrealized appreciation |
$561,650,618 |
$482,306,937 |
| Net investment income |
$1,941,993 |
$1,934,035 |
| Total realized gain |
$4,711,402 |
$18,818,288 |
Total return (based on market price) |
(5.4)% |
3.9% |
Total return (based on net asset value) |
(3.9)% |
5.2% |
| Key ratios: |
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| Net investment income to average assets* |
0.83% |
0.95% |
| Expense ratio* |
0.53% |
0.66% |
| Portfolio turnover* |
3.58% |
2.40% |
| Cash to net assets |
0.9% |
4.7% |
* Annualized |
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Overview
Petroleum & Resources is a conservative equity investment in energy and natural resources companies and may be suitable for investors who seek a broadly diversified exposure to the energy sector. Petroleum & Resources has been trading on the New York Stock Exchange since January 1929.
The investment objectives of Petroleum & Resources are preservation of capital, attainment of reasonable income, and opportunity for capital appreciation.
The portfolio is managed with the expectation that it will generate returns that compare favorably to the returns of the fund's benchmarks. Investments are made with an eye towards protecting your original investment and generating dividends and capital gains that can be used as a source of income, or reinvested to increase your holdings in the fund.
The Corporation’s portfolio managers, Douglas Ober, Chairman, and Joseph Truta, Executive Vice President, have been managing the fund together for over 22 years. They are supported by a team of research analysts that looks for investments offering long-term earnings growth at a reasonable price. The analysts’ recommendations are presented to the portfolio managers and are reviewed by the Board of Directors.
Petroleum & Resources is internally managed, which means that additional expenses are not incurred to pay an outside investment adviser. This helps to keep our expenses low. Over time, such low expenses have served to increase investment returns for our shareholders. The Corporation also features a low portfolio turnover.
As a closed-end fund, the portfolio is managed independently of the supply and demand for its shares. This permits management to take a long-term view towards the Corporation’s investments, working with a stable pool of capital, and permits the fund to stay fully invested. Petroleum & Resources is listed on the New York Stock Exchange.
The procedure for buying Petroleum & Resources is the same as buying any stock. You may purchase shares through your broker or through the Investors Choice Stock Purchase & Sale Plan sponsored by our transfer agent, American Stock Transfer & Trust Co. (AST). For information about the AST Plan, you may telephone them toll free at (866) 723-8330.
If you would like additional information, please call us at 800-638-2479 or send an email to: contact@peteres.com. You also can find more information by visiting our website, www.peteres.com.
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| STOCK DATA (3/31/08) |
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| NYSE Symbol |
PEO |
| Market Price |
$36.43 |
| 52-Week Range |
$33.17-$42.43 |
| Discount |
11.5% |
| Shares Outstanding |
22,698,284 |
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Ten Largest Portfolio Holdings (3/31/08) |
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Market Value |
% of Net Assets |
| Exxon Mobil Corp. |
$105,302,100 |
11.3 |
| Chevron Corp. |
61,032,400 |
6.5 |
| Schlumberger Ltd. |
48,720,000 |
5.2 |
| ConocoPhillips |
42,440,663 |
4.5 |
| Weatherford International Ltd. |
35,768,293 |
3.8 |
| Devon Energy Corp. |
34,428,900 |
3.7 |
| Transocean Inc. |
32,171,246 |
3.5 |
| XTO Energy Inc. |
30,156,750 |
3.2 |
| Noble Corp. |
29,802,000 |
3.2 |
| Occidental Petroleum Corp. |
29,268,000 |
3.1 |
Total |
$449,090,352 |
48.0% |
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FOR FURTHER INFORMATION, CONTACT:
Petroleum & Resources Corporation
Investor Relations
7 St. Paul Street, Suite 1140
Baltimore, MD 21202
(410) 752-5900 or (800) 638-2479
www.peteres.com
E-Mail: contact@peteres.com
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