BALTIMORE, MARYLAND, October 8, 2009 - Petroleum & Resources Corporation (NYSE:PEO) today announced its performance for the nine-month period ended September 30, 2009. The total return on net asset value, with dividends and capital gains reinvested, was 18.5%. Comparable figures for the Dow Jones U.S. Oil & Gas Index, the Dow Jones U.S. Basic Materials Index, and the Standard & Poor's 500 Composite Stock Index (“S&P 500”) were 12.1%, 50.6%, and 19.3%, respectively. The total return on Petroleum & Resources’ market value was 22.0%.
For the twelve months ended September 30, 2009, the total return on Petroleum & Resources’ net asset value, with dividends and capital gains reinvested, was (13.4)%. Comparable figures for the Dow Jones U.S. Oil & Gas Index, the Dow Jones U.S. Basic Materials Index, and the S&P 500 were (13.0)%, (2.0)%, and (6.9)%, respectively. The total return on Petroleum & Resources’ market value was (8.7)%.
The Corporation’s net asset value at September 30, 2009, compared with the year earlier, is:
NET ASSET VALUE
| 9/30/09 | 9/30/08 | |
| Net assets | $621,349,170 | 788,906,202 |
| Shares outstanding | 23,746,411 | 22,497,869 |
| Net assets per share | $26.17 | $35.07 |
The net capital gain realized on investments for the nine months was $0.83 per share.
Year-to-date, the Corporation has repurchased 215,835 shares of its Common Stock.
SECURITIES TRANSACTIONS
During the quarter, Petroleum & Resources added to its positions in Occidental Petroleum, Royal Dutch Shell, and Southwestern Energy.
In addition, Petroleum & Resources eliminated one position from the portfolio with the sale of Hercules Offshore, and reduced its holdings in Devon Energy, Energen, EOG Resources, Noble Energy, and Southwest Gas.
Petroleum & Resources Corporation is a Baltimore-based closed-end investment company. It is listed on the New York Stock Exchange under the symbol PEO. The Third Quarter Report will be mailed to stockholders and posted to our website: www.peteres.com on or about October 16, 2009.
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