March 13, 2008

PETROLEUM & RESOURCES PROVIDES YEAR-TO-DATE UPDATE AT ANNUAL STOCKHOLDERS MEETING IN BALTIMORE

BALTIMORE, MARYLAND -- MARCH 13, 2008 - Petroleum & Resources Corporation (NYSE:PEO) held its Annual Meeting in Baltimore today and provided this update. The information was updated through March 6, 2008:

PERFORMANCE AND REALIZED CAPITAL GAINS

The year-to-date total return on net asset value for the Corporation, after adjusting for income dividends as well as capital gains distributions paid, was -3.1%. Comparable figures for the Dow Jones Oil & Gas Index and the Standard & Poor's 500 Index were -5.6% and -10.8%, respectively. Net realized capital gains for the Corporation were $0.03 per share.

SECURITIES TRANSACTIONS

Since January 1, 2008, the Corporation has added to its existing holdings in Hercules Offshore, International Coal Group, Northeast Utilities, and Transocean, and has reduced its holdings in Rohm & Haas. The Corporation holds a cash position at 0.7% of net assets.

Petroleum & Resources Corporation is a Baltimore-based closed-end investment company. It is traded on the New York Stock Exchange under the symbol PEO. The Chairman's comments at the Annual Meeting will be available on the Corporation's website, www.peteres.com on Monday, March 17, 2008.

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For further information, please contact:

Douglas G. Ober, Chairman, Chief Executive Officer & President
Lawrence L. Hooper, Jr., Vice President, General Counsel & Secretary
(410) 752-5900 or (800) 638-2479

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

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