March 27, 2007

PETROLEUM & RESOURCES PROVIDES YEAR-TO-DATE UPDATE AT ANNUAL STOCKHOLDERS MEETING IN BALTIMORE

BALTIMORE, MARYLAND -- March 27, 2007 - Petroleum & Resources Corporation held its Annual Meeting of stockholders in Baltimore today and provided this update. The information was updated through March 23, 2007:

PERFORMANCE AND REALIZED CAPITAL GAINS

The year-to-date total return on net asset value for the Corporation, after adjusting for income dividends as well as capital gains distributions paid, was 5.3%. Net realized capital gains were $0.74 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:

SECURITIES TRANSACTIONS

Since December 31, 2006, two new names have been added to the Corporation's portfolio with the purchase of shares of Forest Oil Corp. and the receipt of shares of Spectra Energy via spin-off from Duke Energy. The Corporation added to its existing holding in Hercules Offshore and reduced its holdings in BJ Services, BP, Devon Energy, EOG Resources, Holly Corp., Martin Marietta Materials, and Royal Dutch Shell.

Petroleum & Resources Corporation is a Baltimore-based closed-end investment company. It is traded on the New York Stock Exchange under the symbol 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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