May 5, 2005

NANCY J. F. PRUE ELECTED VICE PRESIDENT OF PETROLEUM & RESOURCES CORPORATION

BALTIMORE, MARYLAND -- MAY 5, 2005 - The Board of Directors of Petroleum & Resources Corporation has elected Nancy J. F. Prue to Vice President effective April 27, 2005. Ms. Prue had been Vice President-Research with the Corporation since 1986. Prior to that Ms. Prue joined The Adams Express Company in 1982 as a research analyst after previous similar positions with Maryland National Bank and Fidelity & Deposit.

Ms. Prue graduated summa cum laude from Villanova University. She earned an MBA and Law Degree from the University of Baltimore. She is a Chartered Financial Analyst, a member of the Baltimore Security Analysts Society, of which she is a past president, and a member of the Maryland State Bar Association. She is also a past president of the National Association of Petroleum Investment Analysts.

Petroleum & Resources Corporation is a Baltimore-based closed-end investment company. It is traded on the New York Stock Exchange and Pacific Exchange under the symbol PEO.

###

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

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 let us know.