BALTIMORE, MARYLAND, October 9, 2003 -- Petroleum & Resources Corporation today announced its performance results for the nine-month period ended September 30, 2003. For the period, the total return on Petroleum & Resources' net asset value, after adjusting for income dividends as well as the capital gain distributions paid in 2003, was 8.1%. Comparable figures for the Dow Jones Energy Index and the Standard & Poor's Index of 500 Stocks were 7.3% and 14.7%, respectively.
For the twelve months ended September 30, the total return on Petroleum & Resources' net asset value, after adjusting for income dividends as well as the capital gain distributions paid, was 14.1%. Comparable figures for the Dow Jones Energy Index and the Standard & Poor's Index of 500 Stocks were 14.8% and 24.4%, respectively.
The net asset value of the Corporation at September 30, 2003 is compared with the year earlier in the table below.
Net Asset Value
|
|
9/30/2003 |
9/30/2002 |
| Net assets |
$473,922,189 |
$433,142,741 |
| Shares outstanding |
21,286,667 |
21,075,063 |
| Net assets per share |
$22.26* |
$20.55 |
*After capital gain distributions of $0.09 per share paid in March 2003.
The net capital gain realized on investments for the nine months ended September 30, 2003 was $0.58 per share.
SECURITIES TRANSACTIONS
During the third quarter, Petroleum & Resources added two new names to its portfolio list with the purchases of AGL Resources Inc. and Burlington Resources Inc. The Fund added to its positions in Occidental Petroleum Corp. and Schlumberger Ltd.
Four positions were eliminated from the portfolio with the sales of Anadarko Petroleum Corp., Core Laboratories N.V., Northwestern Corp., and Transocean Inc. Reductions were made in the holdings of Apache Corp., Atmos Energy Corp., Energen Corp., Equitable Resources Inc., General Electric Co., Kinder Morgan, Inc., Murphy Oil Corp., Pioneer Natural Resources Co., Questar Corp., and Royal Dutch Petroleum Co.
Petroleum & Resources Corporation is a Baltimore-based closed-end investment company. It is listed on the New York Stock Exchange and Pacific Exchange, and its symbol is PEO. The Third Quarter Report will be mailed to stockholders on or about October 17, 2003.
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For further information, please contact:
Douglas G. Ober, Chairman & CEO
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
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