April 13, 2006

FREDERIC A. ESCHERICH NAMED TO BOARD OF DIRECTORS OF PETROLEUM & RESOURCES CORPORATION AND ROBERT E. SULLIVAN ELECTED VICE PRESIDENT - RESEARCH

BALTIMORE, MARYLAND -- APRIL 13, 2006 - Petroleum & Resources Corporation (NYSE: PEO) today announced that Frederic A. Escherich has been named to the Board of Directors and Robert E. Sullivan has been elected Vice President - Research.

Frederic A. Escherich:

Mr. Escherich's election to the Petroleum & Resources' Board was effective February 9, 2006. Mr. Escherich, 54, is a 25-year veteran of J.P. Morgan and now is a private investor. From 1993 until his retirement in December 2002, he served as head of J.P. Morgan's Mergers & Acquisitions Research. Prior to that he was head of the Financial Advisory Department where he managed industry analyst teams in transportation and technology as well as the consumer and health care sectors. He earned his undergraduate degree at Dartmouth College and his M.B.A. at Columbia University.

Mr. Escherich says of his decision to join the Board: "I'm drawn to the closed-end fund structure and the role it plays in today's investment world. As an investor interested primarily in determining the fundamental value of a stock, the ability of the Fund to invest with a stable pool of capital is especially appealing to me."

Robert E. Sullivan:

Mr. Sullivan was elected to Vice President-Research effective March 28, 2006. He joined the Corporation in 2004 as a research analyst. He covers the oilfield services and drillers, refiners, and coal companies, and shares responsibility for the natural gas distribution and electric utilities sectors. Prior to joining the Fund, he was a senior equity analyst with UBS/Paine Webber. Mr. Sullivan received an MBA degree from Boston University Graduate School of Management and a B.A. from College of the Holy Cross. He is a Chartered Financial Analyst and a member of the New York Security Analysts Society.

Petroleum & Resources Corporation (PEO) is a Baltimore-based closed-end investment company. Its shares trade 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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