BALTIMORE, MARYLAND - JANUARY 25, 2008 - The Adams Express Company (NYSE: ADX) and Petroleum & Resources Corporation (NYSE: PEO) today announced that Kenneth J. Dale has been named to the Boards of Directors, effective January 10, 2008.
Mr. Dale, 51, is Senior Vice President and Chief Financial Officer of The Associated Press. Prior to joining The AP in 2000, he was an investment banker at J.P. Morgan & Company, Inc. for 21 years, advising clients in the publishing, broadcast and entertainment industries on mergers and acquisitions and corporate finance transactions. Mr. Dale was based in London for the latter part of his time at J.P. Morgan, where he led the firm's European media team.
"Ken's extensive investment background at J.P. Morgan, combined with the global perspective of The Associated Press, will bring an added dimension to our board meetings and stimulate discussion of future investments", said Douglas G. Ober, Chairman and CEO of both companies.
A native of New York City, Mr. Dale holds a BS degree in business administration and accounting from Georgetown University and an MBA in finance from New York University.
"I am honored to have been asked to serve on the Boards of these two venerable investment companies," states Mr. Dale. "Companies such as Adams Express and Petroleum & Resources have been successful in returning value to their shareholders for many years and many generations of shareholders. And, I look forward to contributing to the tradition of prudent management and positive returns of these two funds."
Adams Express Company and Petroleum & Resources 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 & 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
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