BALTIMORE, MARYLAND -- March 27, 2007 - Petroleum & Resources Corporation held its Annual Meeting of stockholders in Baltimore today and provided this update. The information was updated through March 23, 2007:
PERFORMANCE AND REALIZED CAPITAL GAINS
The year-to-date total return on net asset value for the Corporation, after adjusting for income dividends as well as capital gains distributions paid, was 5.3%. Net realized capital gains were $0.74 per share.
TOP TEN HOLDINGS
The ten largest portfolio holdings were:
|
Company |
% of Net Assets |
| Exxon Mobil Corp. |
11.1% |
| Chevron Corp. |
5.5% |
| Schlumberger Ltd. |
4.6% |
| ConocoPhillips |
4.6% |
| Valero Energy Corp. |
3.3% |
| Noble Energy Inc. |
3.1% |
| Weatherford International Ltd. |
2.7% |
| Devon Energy Corp. |
2.6% |
| EOG Resources Inc. |
2.6% |
| Holly Corp. |
2.6% |
| Total |
42.7% |
SECTOR WEIGHTINGS
The portfolio weightings for the major sectors that the Fund invests in were:
| Integrated Oils | 37.3% |
| Exploration & Production | 15.5% |
| Oil Services | 21.5% |
| Utilities | 14.3% |
| Basic Materials & Other | 7.1% |
| Cash & Equivalent |
4.3% |
SECURITIES TRANSACTIONS
Since December 31, 2006, two new names have been added to the Corporation's portfolio with the purchase of shares of Forest Oil Corp. and the receipt of shares of Spectra Energy via spin-off from Duke Energy. The Corporation added to its existing holding in Hercules Offshore and reduced its holdings in BJ Services, BP, Devon Energy, EOG Resources, Holly Corp., Martin Marietta Materials, and Royal Dutch Shell.
Petroleum & Resources Corporation 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:
Douglas G. Ober, Chairman, Chief Executive Officer & President
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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