BALTIMORE, MARYLAND -- MARCH 16, 2009 - Petroleum & Resources Corporation (PEO) announces that Joseph M. Truta, Executive Vice President and a member of the Corporation's portfolio management team, will retire effective June 30, 2009. Mr. Truta joined the Corporation in 1986 when he was elected Executive Vice President. He and Douglas Ober, Chairman, President and CEO, have served on the portfolio management team for the Corporation from 1986 to the present; Robert Sullivan, Executive Vice President, joined the portfolio management team in 2008. Mr. Ober said about Mr. Truta's retirement: "Joe has played a major role in our success over his tenure. He is not only a first-rate stock picker but also is the person responsible for our options trading program, which has generated significant income for the Corporation over the past 30 years. His role as adviser and mentor to our younger research analysts has been instrumental in their maturation as investment professionals. While we have been planning for this day for some time and have a strong succession plan in place, we will certainly miss Joe and his wise counsel. We wish him the best in his retirement."
Mr. Truta is a Chartered Financial Analyst and received his B. S. from Fordham University. He served 5 years in the U. S. Marine Corps Reserve.
Petroleum & Resources Corporation is a Baltimore-based closed-end investment company. It is traded on the New York Stock Exchange under the symbol PEO.
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For further information, please contact:
Lawrence L. Hooper, Jr., Vice President, General Counsel & Secretary
(410) 752-5900 or (800) 638-2479
E-mail: contact@peteres.com
Website: www.peteres.com
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