|
|
 |
|
|
|
|
|
|
January 10, 2008
PETROLEUM & RESOURCES DECLARES DIVIDEND AND ANNOUNCES PERFORMANCE FOR 2007
BALTIMORE, MARYLAND, January 10, 2008 -- The Board of Directors of Petroleum & Resources Corporation (NYSE:PEO) declared a dividend payable March 1 and announced the Corporation's performance for 2007.
DIVIDEND DECLARED
Petroleum & Resources declared a dividend of $0.13 per share, payable March 1, 2008, to stockholders of record February 14, 2008, consisting of $0.03 of investment income, $0.04 short-term capital gain, and $0.05 of long-term capital gain, all realized in 2007, and $0.01 investment income realized in 2008.
2007 INVESTMENT RETURNS
For the twelve months ended December 31, 2007, 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 31.0%. Comparable figures for the S&P 500 Index and Dow Jones Oil & Gas Index were 5.5% and 33.0%, 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 28.9%.
NET ASSET VALUE ANNOUNCED
The net asset value of Petroleum & Resources at the end of 2007 is compared with the prior year in the following table:
|
|
| Net Asset Value |
|
12/31/07 |
12/31/06 |
| Net assets |
$978,970,261 |
$812,047,239 |
| Shares outstanding |
22,768,250 |
22,180,867 |
| Net assets per share |
$43.00* |
$36.61 |
*After capital gains distributions of $3.82 per share paid in 2007. |
|
|
|
SECURITIES TRANSACTIONS DURING THE FOURTH QUARTER
During the fourth quarter, the Corporation added two new names to its investment list with the purchase of International Coal Group, Inc., and the receipt of shares of Transocean Inc. via merger with GlobalSantaFe Corp. The Corporation increased its holdings in Apache, Lubrizol, and Northeast Utilities. Four positions were eliminated from the Corporation's list of holdings with the sales of Bronco Drilling Co., Inc. and Newfield Exploration Co., and the eliminations of GlobalSantaFe Corp. via the merger with Transocean, and SEMCO Energy, Inc. via tender offer. The Corporation reduced its holdings in BJ Services, General Electric, and Rohm & Haas.
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.
* * * * * * * * * * * * * * * * *
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.
|
|
