BALTIMORE, MARYLAND, March 3, 2004 -- Petroleum & Resources Corporation announced today that Mr. Edward J. Kelly, III, has advised that he will not be standing for reelection to the Corporation's Board of Directors, and will resign from the Board effective March 10, 2004, due to the press of other business commitments. Although Mr. Kelly's name is listed in the proxy statement and on the proxy card that has been sent to stockholders in connection with the Corporation's March 30, 2004 Annual Meeting, because of his decision no votes will be cast for Mr. Kelly by the proxies who have been appointed to act at the Annual Meeting.
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:
Douglas G. Ober, Chairman, President & Chief Executive Officer
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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