Shares
                                       -------------------------------------------
                                                                     Held
                                         Additions   Reductions   March 31, 2000
                                          ---------  ----------  --------------


Calpine Capital Trust 5.75% Conv. Pfd.
 HIGH TIDES...............................  32,500                  87,500
Chevron Corp. ............................  10,000                 130,000
Owens-Illinois, Inc. .....................  45,000     20,000      225,000
AGL Resources, Inc. ......................            170,000         --
Barrett Resources Corp. ..................             70,000         --
Consolidated Papers, Inc. ................            275,000         --
ENSCO International, Inc. ................             20,000      120,000
El Paso Energy Corp. .....................             75,000      110,000
General Electric Co. .....................             10,000      190,000
Ocean Energy, Inc. .......................             72,450      550,000
Phillips Petroleum Co. ...................             30,000       60,000
TotalFinaElf ADR..........................             15,000      125,000
--------

Common Stock
Listed on the New York Stock Exchange
and the Pacific Exchange
Petroleum & Resources Corporation
Seven St. Paul Street, Suite 1140, Baltimore, MD 21202
Website: www.peteres.com
E-mail: contact@peteres.com
Telephone:(410) 752-5900 or (800) 638-2479
Counsel: Chadbourne & Parke L.L.P.
Independent Accountants: PricewaterhouseCoopers LLP

Transfer Agent, Registrar & Custodian of Securities
The Bank of New York
101 Barclay Street
New York, NY 10286
The Bank's Shareholder Relations Department: (800) 432-8224
E-Mail: Shareowner-svcs@bankofny.com