BALTIMORE, MARYLAND, January 9, 2003 -- The Board of Directors of Petroleum & Resources Corporation declared a dividend and announced the Corporation's performance in 2002.
DIVIDEND DECLARED
Petroleum & Resources declared a dividend of $.13 per share, payable March 1, 2003 to stockholders of record, February 19, 2003. The $.13 consists of $.01 of investment income realized in 2003, $.03 of investment income from 2002, and $.09 of long-term capital gain realized in 2002.
2002 PERFORMANCE
The fund outperformed both the Standard & Poor's 500 Index and the Dow Jones Energy Index. For the twelve months ended December 31, the total return on Petroleum & Resources' net asset value, after adjusting for income dividends as well as capital gains distributions paid, was -11.1 percent. Comparable figures for the Standard & Poor's Index of 500 Stocks and the Dow Jones Energy Index were -22.1 percent and -15.4 percent, respectively.
NET ASSET VALUE ANNOUNCED
The net asset value of Petroleum & Resources at the end of 2002 is compared with the prior year in the following table:
|
|
12/31/02 |
12/30/01 |
| Net assets |
$451,275,463 |
$526,491,798 |
| Shares outstanding |
21,510,067 |
21,147,563 |
| Net assets per share |
$20.98* |
$24.90 |
*After capital gains distributions of $0.68 per share paid in 2002.
The Annual Report will be released on or about February 21, 2003.
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.
* * * * * * * * * * * * * * * * *
For further information please contact:
Richard F. Koloski, President
Lawrence L. Hooper, Jr., Vice President, Secretary & General Counsel
(410) 752-5900 or (800) 638-2479
E-mail: contact@peteres.com
Website: www.peteres.com
For your convenience, all press releases are posted to our website. If you would like to receive future press releases by fax or e-mail, please let us know.