November 28, 2005

TWO NEW DIRECTORS ELECTED TO THE BOARDS OF THE ADAMS EXPRESS COMPANY AND PETROLEUM & RESOURCES CORPORATION

BALTIMORE, MARYLAND -- NOVEMBER 28, 2005 - The Adams Express Company (NYSE:ADX) and Petroleum & Resources Corporation (NYSE:PEO), two closed-end investment companies, today announced the election of Roger W. Gale, Ph.D. and Craig R. Smith, M.D. to their Boards of Directors, effective December 1, 2005.

Dr. Gale is President and CEO of GF Energy, LLC, a Washington D.C. based consulting firm to domestic and international electric power companies, and is the publisher of "Electricity Outlook." Dr. Gale has held several senior positions with the U.S. Federal Energy Regulatory Commission, U.S. Department of Energy, and the U.S. Environmental Protection Agency. Dr. Gale holds a Ph.D. in political science from University of California, Berkeley, an M.A. in political science from the University of Michigan, and received his undergraduate degree from American University. He serves on the Board of Directors of the U.S. Energy Association and the Consumer Energy Council of America. Until May 2005, he was a director of Constellation Energy.

Dr. Smith retired in 2004 as Chairman, President and CEO of Guilford Pharmaceuticals, which he co-founded in 1993, and has since established and serves as President of Williston Consulting LLC, a firm providing advisory services to the pharmaceutical and biotechnology industries. Prior to Guilford Pharmaceuticals, he was a Senior Vice President of Centocor, Inc., a subsidiary of Johnson & Johnson. He also has served as director of the Pharmacoepidemiology Program and the Division of Internal Medicine at The Johns Hopkins School of Medicine. Dr. Smith received his B.A. from The University of the South, his M.D. from the State University of New York at Buffalo, and completed his internship and residency in Internal Medicine at the Johns Hopkins Hospital. Other Boards on which Dr. Smith serves are La Jolla Pharmaceutical Company, Depomed, Inc., Oxxon Therapeutics, Inc. and Excigen Inc.

"Drs. Gale and Smith bring an extraordinary wealth of experience from their respective endeavors. Their varied knowledge and insight will significantly contribute to the Boards of both Companies," says Douglas G. Ober, Chairman and CEO of Adams Express and Petroleum & Resources.

The Adams Express Company and its non-controlled affiliate, Petroleum & Resources Corporation, are Baltimore-based closed-end investment companies. They are listed on the New York Stock Exchange and Pacific Exchange.

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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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