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January 11, 2007
PETROLEUM & RESOURCES DECLARES DIVIDEND AND ANNOUNCES PERFORMANCE FOR 2006
BALTIMORE, MARYLAND, January 11, 2007 -- The Board of Directors of Petroleum & Resources Corporation (NYSE:PEO) declared a dividend payable March 1 and announced the Corporation's performance for 2006.
DIVIDEND DECLARED
Petroleum & Resources declared a dividend of $0.13 per share, payable March 1, 2007, to stockholders of record, February 15, 2007, consisting of $0.03 of investment income, $0.03 short-term capital gain, and $0.07 of long-term capital gain, all realized in 2006.
2006 INVESTMENT RETURNS
For the twelve months ended December 31, 2006, the total return on Petroleum & Resources' net asset value, after adjusting for income dividends as well as capital gains distributions paid during the year, was 15.7%. Comparable figures for the S&P 500 Index and Dow Jones Oil & Gas Index were 15.8%, and 21.0%, respectively. The total return on Petroleum & Resources' market value, after adjusting for income dividends as well as capital gains distributions paid during the year, was 15.3%.
NET ASSET VALUE ANNOUNCED
The net asset value of Petroleum & Resources at the end of 2006 is compared with the prior year in the following table:
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| Net Asset Value |
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12/31/06 |
12/31/05 |
| Net assets |
$812,047,239 |
$761,913,652 |
| Shares outstanding |
22,180,867 |
21,621,072 |
| Net assets per share |
$36.61* |
$35.24 |
*After capital gains distributions of $3.33 per share paid in 2006. |
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SECURITIES TRANSACTIONS DURING THE FOURTH QUARTER
During the fourth quarter, the Corporation increased its holdings in ENSCO International, SEMCO Energy, and Valero Energy. Five positions were eliminated from the Corporation's list of holdings with the sales of Arkema Inc., Aventine Renewable Energy Holdings, Inc., CONSOL Energy Inc., Hugoton Royalty Trust, and Pioneer Natural Resources Co. The Corporation reduced its holdings in BP plc, Holly Corp., and Total S.A.
Petroleum & Resources Corporation is a Baltimore-based closed-end investment company. Its stock trades on the New York Stock 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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