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February 6, 2008

PETROLEUM & RESOURCES UPDATES TOP TEN HOLDINGS AND SECTOR WEIGHTINGS

BALTIMORE, MARYLAND -- FEBRUARY 6, 2008 - Petroleum & Resources Corporation (NYSE:PEO) provides this update on portfolio holdings as of December 31, 2007. The Corporation will mail its 2007 Annual Report on or about February 19, 2008.


TOP TEN HOLDINGS

The ten largest portfolio holdings were:

 
Company % of Net Assets

Exxon Mobil

11.9%

Chevron

6.8%

Schlumberger

5.6%

ConocoPhillips

5.0%

Noble Corp.

3.5%

Weatherford International

3.5%

Total S.A. ADR

3.3%

Occidental Petroleum

3.2%

Valero Energy

3.0%

Devon Energy

3.0%

48.8%

SECTOR WEIGHTINGS

The portfolio weightings for the major sectors that the Fund invests in were:

 

Integrated Oils

38.7%

Oil Services

22.6%

Exploration & Production

15.9%

Utilities

13.3%

Basic Materials & Other

6.4%

Short-Term Investments

3.4%

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

# # #

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

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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