BALTIMORE, MARYLAND -- JUNE 19, 2008 - Petroleum & Resources Corporation (NYSE: PEO) provides an update on summary financial information, returns on net asset value, Top 10 portfolio holdings, and sector weightings as of May 31, 2008:
SUMMARY FINANCIAL INFORMATION
Year-to-date, the Corporation's unrealized appreciation on assets is $703,049,842, net investment income is $4,437,516, total realized gain is $25,949,205, and total return, after adjusting for income dividends as well as capital gains distributions paid, was 13.2% on net asset value and 10.9% on market value. Comparable figures for the Standard & Poor's 500 Index and the Dow Jones Oil & Gas Index were -3.8% and 7.3%, respectively. The Corporation had 22,655,399 shares outstanding.
TOP TEN HOLDINGS
|
Market Value |
% of Net Assets |
|
| Exxon Mobil Corp. | $110,506,200 |
10.1% |
| Chevron Corp. | 70,892,250 |
6.5% |
| Schlumberger Ltd. | 70,791,000 |
6.5% |
| ConocoPhillips | 51,846,552 |
4.7% |
| Weatherford International Ltd. | 45,042,286 |
4.1% |
| Devon Energy Corp. | 38,260,200 |
3.5% |
| Noble Corp. | 37,884,000 |
3.5% |
| Occidental Petroleum Corp. | 36,772,000 |
3.4% |
| Transocean Inc. | 35,738,161 |
3.3% |
| Total S. A. ADR | 34,031,400 |
3.1% |
|
$531,764,049 |
48.6% |
* Non-controlled affiliate
SECTOR WEIGHTINGS
The portfolio weightings for the major sectors that the Fund invests in were:
| Integrated Oils | 32.7% |
| Services | 25.9% |
| Exploration & Production | 18.1% |
| Utilities | 13.9% |
| Basic Materials & Other | 7.7% |
| Short-Term Investments | 1.9% |
Petroleum & Resources is a Baltimore-based closed-end investment company. It is traded on the New York Stock Exchange under the symbol PEO.
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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
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