BALTIMORE, MARYLAND, December 1, 2010 -- The Adams Express Company (NYSE: ADX) and Petroleum & Resources Corporation (NYSE: PEO) announced today that Gregory A. Hazlett has been named to the Boards of Directors of both Funds.
Mr. Hazlett is Senior Vice President – Head of Global Equity Strategies with Pacific Investment Management Company (PIMCO). Mr. Hazlett has over twenty years experience in global asset allocation, endowment fund management, and strategic consulting to the fund management industry. Prior to joining PIMCO, he served as Chief Investment Officer for Children’s Hospital of Philadelphia. He has also served as Managing Director – Global Equities for Howard Hughes Medical Institute, and as a consultant to investment management companies. Mr. Hazlett serves as a director of other closed-end funds, including Aberdeen Emerging Markets Telecommunications and Infrastructure Fund, PXP Vietnam Emerging Equity Fund and PXP Vietnam Lotus Fund.
“We expect that Greg’s extensive background in asset management and distinguished global perspective will provide substantive contributions to board discussions and our development of investment strategies, and look forward to having him join our Boards,” said Douglas G. Ober, Chairman and CEO of both Companies.
Mr. Hazlett holds a BA degree in Economics from the University of Michigan.
The Adams Express Company and Petroleum & Resources Corporation are Baltimore-based closed-end investment companies. Their shares trade on the New York Stock Exchange.
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For further information, please contact:
Douglas G. Ober, Chairman, President & CEO
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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