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July 13, 2006
PETROLEUM & RESOURCES CORPORATION DECLARES DIVIDEND AND REPORTS PERFORMANCE FOR THE SIX MONTHS ENDED JUNE 30, 2006
BALTIMORE, MARYLAND, July 13, 2006, - The Board of Directors of Petroleum & Resources Corporation today declared a dividend of $0.13 per share, payable September 1, 2006, to stockholders of record, August 15, 2006.
Performance
For the six months ended June 30th, the total return on Petroleum & Resources' net asset value, after adjusting for income dividends as well as capital gain distributions paid, was 11.3 percent. Comparable figures for the Dow Jones Oil and Gas Index and the Standard & Poor's Index of 500 Stocks were 12.7 percent and 2.7 percent, respectively.
For the twelve months ended June 30th, the total return on Petroleum & Resources' net asset value, after adjusting for income dividends as well as capital gain distributions paid, was 26.8 percent. Comparable figures for the Dow Jones Oil and Gas Index and the Standard & Poor's Index of 500 Stocks were 24.5 percent and 8.6 percent, respectively.
The net asset value of Petroleum & Resources at June 30, 2006, compared with the year earlier, is:
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Net Asset Value |
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6/30/06 |
6/30/05 |
Net assets |
$824,478,584 |
$705,224,979 |
Shares outstanding |
21,183,656 |
21,642,506 |
Net assets per share |
$38.92* |
$32.59 |
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*After capital gain distributions of $0.10 per share paid in March 2006.
The net capital gain realized through June 30, 2006, amounted to $1.88 per share.
The Corporation repurchased 454,700 shares of its Common Stock during the six month period.
Securities Transactions
During the three months ended June 30, 2006, five new names were added to Petroleum & Resources' investment list with the purchases of Aventine Renewable Energy Holdings, Inc., Semco Energy, Inc., Suncor Energy, and the receipt of shares in Arkema, Inc. (based on the Corporation's holding in Total S.A. ADR), and in Hugoton Royalty Trust (based on the Corporation's holding in XTO Energy Inc.). The Corporation added to its existing holdings in Exxon Mobil Corp., Hercules Offshore, Inc., Marathon Oil Co., Noble Corp., and Valero Energy Corp.
Eliminated from the Corporation's holdings were Burlington Resources, Inc. (as a result of the merger with ConocoPhillips), Smurfit-Stone Container Corp., and Tronox Inc. Class A and Class B (these shares had been obtained in connection with the Corporation's holding in Kerr-McGee Corp.). Reductions were made in the holdings of Apache Corp., Arch Coal Inc., Consol Energy Inc., Murphy Oil Corp., Pioneer Natural Resources Co., and Western Refining Inc.
Petroleum & Resources Corporation is a Baltimore-based closed-end investment company traded on the New York Stock Exchange and Pacific Exchange under the symbol PEO. The Semi-Annual Report is expected to be released on or about July 21, 2006. 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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