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April 12, 2007
PETROLEUM & RESOURCES CORPORATION DECLARES DIVIDEND AND ANNOUNCES STRONG FIRST QUARTER PERFORMANCE
BALTIMORE, MARYLAND -- April 12, 2007 - The Board of Directors of Petroleum & Resources Corporation (NYSE:PEO) today declared an interim dividend of $0.13 per share, payable June 1, 2007, to stockholders of record May 17, 2007, and announced the Fund's benchmark-beating performance for the first quarter.
FIRST QUARTER AND TWELVE MONTH PERFORMANCE BESTS BENCHMARKS
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 5.2 %. Comparable figures for the Dow Jones Oil and Gas Index and the Standard & Poor's 500 Index were 2.8 % and 0.6 %, respectively. The total return on Petroleum & Resources' market value, after adjustment, was 3.9 %.
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 15.2 %. Comparable figures for the Dow Jones Oil and Gas Index and the Standard & Poor's 500 Index were 14.6 % and 11.8 %, respectively. The total return on Petroleum & Resources' market value, after adjustment, was 16.2 %.
Petroleum & Resources' net asset value at March 31, 2007, is compared with the year earlier in the following table:
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Net Asset Value |
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3/31/07 |
3/31/06 |
Net assets |
$841,657,022 |
$793,559,362 |
Shares outstanding |
21,941,616 |
21,398,080 |
Net assets per share |
$38.36* |
$37.09 |
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*After capital gain distribution of $0.10 per share paid in March 2007.
The net capital gain realized on investments at the end of the first quarter was $0.86 per share.
The Corporation repurchased 254,977 shares of its Common Stock during the quarter.
SECURITIES TRANSACTIONS
During the first quarter, two new names were 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.
The First Quarter Report is expected to be released on or about April 20, 2007.
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
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 let us know.
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