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April 13, 2006
PETROLEUM & RESOURCES CORPORATION DECLARES DIVIDEND AND ANNOUNCES FIRST QUARTER PERFORMANCE
BALTIMORE, MARYLAND -- April 13, 2006 - The Board of Directors of Petroleum & Resources Corporation (NYSE:PEO) today declared an interim dividend of $0.13 per share, payable June 1, 2006, to stockholders of record May 18, 2006, and announced the Fund's performance for the First Quarter.
FIRST QUARTER PERFORMANCE
For the three months ended March 31st, the total return on Petroleum & Resources' net asset value, after adjusting for income dividends as well as capital gain distributions paid, was 5.7 percent. Comparable figures for the Standard & Poor's 500 Index and the Dow Jones Oil and Gas Index were 4.2 percent and 8.5 percent, respectively.
For the twelve months ended March 31st, the total return on Petroleum & Resources' net asset value, after adjusting for income dividends as well as capital gain distributions paid, was 24.5 percent. Comparable figures for the Standard & Poor's 500 Index and the Dow Jones Oil and Gas Index were 11.7 percent and 22.3 percent, respectively.
Petroleum & Resources' net asset value at March 31, 2006, is compared with the year earlier in the following table:
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*After capital gain distribution of $0.10 per share paid in March 2006.
The net capital gain realized on investments at the end of the First Quarter was $0.92 per share.
The Corporation repurchased 237,750 shares of its Common Stock during the quarter.
SECURITIES TRANSACTIONS
Petroleum & Resources added five new names to its portfolio during the First Quarter, with the additions of Florida Rock Industries Inc., Marathon Oil Corp., TODCO, Tronox Inc. (shares distributed by Kerr-McGee Corp.), and Western Refining, Inc. The Fund eliminated its holdings in Alon USA Energy, Inc. and Keyspan Corp., and reduced its holdings in Apache Corp., Aqua America, Inc., Burlington Resources Inc., Consol Energy Inc., Devon Energy Corp., EOG Resources, Inc., Hercules Offshore, Inc., Martin Marietta Materials, Inc., Murphy Oil Corp., Pioneer Natural Resources Co., and XTO Energy Inc.
The First Quarter Report is expected to be released on or about April 21, 2006.
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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