BALTIMORE, MARYLAND, November 13, 2003 -- The Board of Directors of Petroleum & Resources Corporation declared the following year-end income dividend and capital gain distribution, payable December 27, 2003, to stockholders of record as of November 24, 2003:
- $0.08 per share, representing the undistributed net investment income for the year 2003; and
- $0.72 per share, per share, representing the undistributed net capital gain realized during the year 2003, of which $0.71 was long-term and $0.01 was short-term.
Both payments are payable in stock or cash at the option of each stockholder.
Distributions in 2003 made prior to today's announcement were $0.39 per share, consisting of $0.30 from investment income and $0.09 from long-term capital gain. Accordingly, total distributions by the fund for the year will be $1.19.
The ex-dividend date for the year-end distribution is November 20, 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.
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For further information, please contact:
Douglas G. Ober, Chairman, President & Chief Executive Officer
Lawrence L. Hooper, Jr., Vice President, Secretary & General Counsel
at (410) 752-5900 or (800) 638-2479
E-mail: contact@peteres.com
Website: www.peteres.com
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