BALTIMORE, MARYLAND, APRIL 9, 2009 -- The Board of Directors of Petroleum & Resources Corporation (NYSE:PEO) today declared an interim dividend of $0.13 per share, payable June 1, 2009, to stockholders of record May 15, 2009, and announced the Fund's performance for the first quarter.
First Quarter Performance
For the three months ended March 31st, the total return on Petroleum & Resources' net asset value, with dividends and capital gains reinvested, was -8.4 %. Comparable figures for the Dow Jones U. S. Oil and Gas Index, the Dow Jones U. S. Basic Materials Index, and the Standard & Poor's 500 Index were -11.0 %, -5.1 %, and -11.0 %, respectively. The total return on Petroleum & Resources' market value was -4.9 %.
For the twelve months ended March 31st, the total return on Petroleum & Resources' net asset value, with dividends and capital gains reinvested, was -42.6 %. Comparable figures for the Dow Jones U. S. Oil and Gas Index, the Dow Jones U. S. Basic Materials Index, and the Standard & Poor's 500 Index were -39.8 %, -52.7 %, and -38.1 %, respectively. The total return on Petroleum & Resources' market value was -41.9 %.
Petroleum & Resources' net asset value at March 31, 2009, is compared with the year earlier in the following table:
| Net Asset Value | 3/31/09 | 3/31/08 |
| Net assets | $486,815,581 | $934,617,545 |
| Shares outstanding | 23,805,938 | 22,698,284 |
| Net assets per share | $20.45 | $41.18 |
The net capital gain realized on investments at the end of the first quarter was $0.10 per share.
The Corporation repurchased 164,401 shares of its Common Stock during the quarter.
SECURITIES TRANSACTIONS
During the first quarter, five new names were added to the Corporation's portfolio with the purchases of shares of AGL Resources Inc., Atmos Energy Corp., Northwest Natural Gas Co., Southwest Gas Corp., and WGL Holdings Inc. The Corporation added to its holding in Du Pont and reduced its holding in Schlumberger.
The First Quarter Report to Stockholders is expected to be released on or about April 17, 2009.
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:
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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