Baltimore, Maryland, December 9, 2002--The price at which Petroleum & Resources Corporation common stock will be issued in payment of the optional income dividend and capital gain distribution (the stockholders may elect to receive cash or stock) payable December 27, 2002 is $19.075 per share. This price is the mean between today's high and low sales prices of the stock on the New York Stock Exchange. This price was less than the net asset value per share of $20.88.
Petroleum & Resources Corporation is a Baltimore-based closed-end investment company. It is traded on the New York Stock Exchange and Pacific Exchange, and its symbol is PEO.
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For further information, please contact:
Richard F. Koloski, President
Lawrence L. Hooper, Jr., Vice President, Secretary & General Counsel
at (410) 752-5900 or (800) 638-2479
E-mail: contact@peteres.com
Website: www.peteres.com
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