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January 12, 2006
PETROLEUM & RESOURCES RETURNS 32.0% IN 2005 AND DECLARES DIVIDEND
BALTIMORE, MARYLAND, January 12, 2006 -- The Board of Directors of Petroleum & Resources Corporation (NYSE:PEO) announced the Corporation's performance for 2005 and declared a dividend.
2005 INVESTMENT RETURNS
For the twelve months ended December 31, 2005, the total return on Petroleum & Resources' net asset value, after adjusting for income dividends as well as capital gains distributions paid, was 32.0%. Comparable figures for the S&P 500 Index, Dow Jones Industrial Average, and Dow Jones Oil & Gas Index were 4.9%, 1.7%, and 32.0%, respectively.
"2005 marks the fourth consecutive year Petroleum & Resources outperformed the S&P and the DJIA. We anticipate the energy sector will remain robust through next year and that the Corporation's portfolio will deliver attractive returns in 2006", said Douglas G. Ober, Chairman, CEO & President of the Corporation.
DIVIDEND DECLARED
Petroleum & Resources declared a dividend of $0.13 per share, payable March 1, 2006 to stockholders of record, February 16, 2006, consisting of $0.03 of investment income, $0.03 short-term capital gain, and $0.07 of long-term capital gain, all realized in 2005.
NET ASSET VALUE ANNOUNCED
The net asset value of Petroleum & Resources at the end of 2005 is compared with the prior year in the following table:
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| Net Asset Value |
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12/31/05 |
12/31/04 |
| Net assets |
$761,913,652 |
$618,887,401 |
| Shares outstanding |
21,621,072 |
21,979,676 |
| Net assets per share |
$35.24* |
$28.16 |
*After capital gains distributions of $1.22 per share paid in 2005. |
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SECURITIES TRANSACTIONS DURING THE FOURTH QUARTER
During the fourth quarter, the Corporation added two new names to its investment list with the purchase of Hercules Offshore, Inc. and the receipt of units of Precision Drilling Trust (for shares of Precision Drilling Corp.) The Corporation increased its holdings in Arch Coal, Consol Energy, and Valero Energy. Precision Drilling Corp. was eliminated from the Corporation's list of holdings. The Corporation reduced its holdings in Aqua America, AGL Resources, ConocoPhillips, Martin Marietta Materials, New Jersey Resources Corp., and Pioneer Natural Resources Co.
Petroleum & Resources Corporation is a Baltimore-based closed-end investment company. Its stock trades on the New York Stock Exchange and Pacific Exchange under the ticker 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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