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April 10, 2008
PETROLEUM & RESOURCES CORPORATION DECLARES DIVIDEND AND ANNOUNCES FIRST QUARTER PERFORMANCE
BALTIMORE, MARYLAND, APRIL 10, 2008 -- The Board of Directors of Petroleum & Resources Corporation (NYSE:PEO) today declared an interim dividend of $0.13 per share, payable June 1, 2008, to stockholders of record May 15, 2008, and announced the Fund's benchmark-beating performance for the first quarter.
First Quarter Performance Tops Benchmarks
For the three months ended March 31st, the total return on Petroleum & Resources' net asset value, after adjusting for income dividends as well as capital gain distributions paid, was -3.9 %. Comparable figures for the Dow Jones Oil and Gas Index and the Standard & Poor's 500 Index were -6.5 % and -9.4 %, respectively. The total return on Petroleum & Resources' market value, after adjustment, was -5.4 %.
For the twelve months ended March 31st, the total return on Petroleum & Resources' net asset value, after adjusting for income dividends as well as capital gain distributions paid, was 19.7 %. Comparable figures for the Dow Jones Oil and Gas Index and the Standard & Poor's 500 Index were 21 % and -5.1 %, respectively. The total return on Petroleum & Resources' market value, after adjustment, was 17.3 %.
Petroleum & Resources' net asset value at March 31, 2008, is compared with the year earlier in the following table:
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| Net Asset Value |
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3/31/08 |
3/31/07 |
| Net assets |
$934,617,545 |
$841,657,022 |
| Shares outstanding |
22,698,284 |
21,941,616 |
| Net assets per share |
$41.18* |
$38.36 |
*After capital gain distribution of $0.09 per share paid in March 2008. |
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The net capital gain realized on investments at the end of the first quarter was $0.21 per share.
The Corporation repurchased 84,200 shares of its Common Stock during the quarter.
SECURITIES TRANSACTIONS
During the first quarter, one new name was added to the Corporation's portfolio with the purchase of shares of Massey Energy Co. The Corporation added to its existing holdings in Hercules Offshore, International Coal, Northeast Utilities, and Transocean, and reduced its holdings in General Electric and Rohm & Haas.
The First Quarter Report is expected to be released on or about April 18, 2008.
Petroleum & Resources Corporation is a Baltimore-based closed-end investment company. It is traded on the New York Stock Exchange under the symbol PEO.
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For further information, please contact:
Douglas G. Ober, Chairman, President & Chief Executive Officer
Lawrence L. Hooper, Jr., Vice President, General Counsel & Secretary
at (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 contact us.
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