March 28, 2006

PETROLEUM & RESOURCES PROVIDES YEAR-TO-DATE SHAREHOLDER UPDATE AT ANNUAL MEETING IN ORLANDO

BALTIMORE, MARYLAND -- March 28, 2006 - Petroleum & Resources Corporation held its Annual Meeting in Orlando, Florida, today and provided this update to its shareholders. Except as noted, the information was updated through February 28, 2006:

REALIZED CAPITAL GAINS

The net realized capital gains for the Corporation as of March 28, 2006 were $0.82 per share.

TOP TEN HOLDINGS

The ten largest portfolio holdings were:

SECTOR WEIGHTINGS

The portfolio weightings for the major sectors that the Fund invests in were as follows:

PORTFOLIO UPDATE

The Corporation reported that it has added Marathon Oil, Todco, and Western Refining to its portfolio holdings, and has eliminated its position in Alon USA Energy Inc.

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

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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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