January 2, 2008

ROBERT E. SULLIVAN ELECTED EXECUTIVE VICE PRESIDENT OF PETROLEUM & RESOURCES CORPORATION

BALTIMORE, MARYLAND -- JANUARY 2, 2008 - Petroleum & Resources Corporation (NYSE:PEO) today announced that Robert E. Sullivan has been elected Executive Vice President of Petroleum & Resources Corporation, effective January 1, 2008. Mr. Sullivan joined the Corporation in May 2004 as a research analyst and was elected to Vice President-Research in March 2006.

Douglas Ober, Chairman, President and CEO, says, "Bob has been a strong contributor to PEO since he joined us and we look forward to working with him more closely on the management of the PEO portfolio in the future and generating continued strong returns."

Mr. Sullivan covers the oilfield services and drillers, refiners, and coal companies, and shares responsibility for the natural gas distribution and electric utilities sectors. Prior to joining PEO, he was a senior equity analyst with UBS/Paine Webber. Mr. Sullivan received an MBA degree from Boston University Graduate School of Management and a B.A. from College of the Holy Cross. He is a Chartered Financial Analyst and a member of the New York Security Analysts Society.

Petroleum & Resources Corporation (NYSE:PEO) is a Baltimore-based closed-end investment company.

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For further information, please contact:

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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