BALTIMORE, MARYLAND, July 10, 2003, - The Board of Directors of Petroleum & Resources Corporation (symbol PEO) today declared a dividend of $0.13 per share, payable September 1, 2003, to stockholders of record, August 15, 2003.
For the six months ended June 30th, the total return on Petroleum & Resources' net asset value, after adjusting for income dividends as well as capital gain distributions paid, was 7.9 percent. Comparable figures for the Dow Jones Energy Index and the Standard & Poor's Index of 500 Stocks were 7.3 percent and 11.8 percent, respectively.
For the twelve months ended June 30th, the total return on Petroleum & Resources' net asset value, after adjusting for income dividends as well as capital gain distributions paid, was -4.1 per cent. Comparable figures for the Dow Jones Energy Index and the Standard & Poor's Index of 500 Stocks were -7.4 percent and 0.3 percent, respectively.
The net asset value of Petroleum & Resources at June 30, 2003, is compared with the year earlier in the following table:
Net Asset Value
|
|
6/30/2003 |
6/30/2002 |
| Net assets |
$476,544,692 |
$519,128,257 |
| Shares outstanding |
21,311,767 |
21,147,563 |
| Net assets per share |
$22.36* |
$24.55 |
*After capital gain distribution of $0.09 per share paid in March 2003.
Securities Transactions
During the three months ended June 30, 2003, Petroleum & Resources added to its existing holdings in Arch Coal Inc., ConocoPhillips, and Schlumberger Ltd.
Two issues were eliminated with the sale of Engelhard Corp. and the merger of Ocean Energy, Inc. into Devon Energy Corp. Reductions were made in the holdings of Anadarko Petroleum Corp., Core Laboratories N.V., Devon Energy Corp., Equitable Resources Inc., Nabors Industries Ltd., Northwestern Corp., and Transocean Inc.
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:
Douglas G. Ober, Chairman
Lawrence L. Hooper, Jr., Vice President, Secretary & General Counsel
(410) 752-5900 or (800) 638-2479
E-mail: contact@peteres.com
Website: http://www.peteres.com/