November 16, 2007

PETROLEUM & RESOURCES CORPORATION STOCK GOES EX-DIVIDEND NOVEMBER 16, 2007

BALTIMORE, MARYLAND, November 16, 2007 -- Today the Corporation's stock began trading ex-dividend (those purchasing shares today will not receive the year-end distribution) and opened on the NYSE minus $3.92 from last night's closing price of $40.05 to adjust for the distribution payable December 27, 2007, to stockholders of record November 20, 2007. For further details, please review the Corporation's press release dated November 8, 2007 - Link.

Petroleum & Resources Corporation is a Baltimore-based closed-end investment company. Its stock is traded 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

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