BALTIMORE, MARYLAND -- MARCH 19, 2009 - Petroleum & Resources Corporation (NYSE:PEO) held its Annual Meeting of Stockholders in Baltimore today and provided this update on year-to-date activity through March 13, 2009:
PERFORMANCE AND REALIZED CAPITAL GAINS
The year-to-date total return on net asset value for the Corporation, including the reinvestment of income dividends as well as capital gains distributions paid, was -11.2%. Comparable figures for the Dow Jones U.S. Oil & Gas Index, the Dow Jones U.S. Basic Materials Index, and the Standard & Poor's 500 Index were -13.8%, -12.8%, and -15.7%, respectively. Net realized capital gains for the Corporation were $0.10 per share.
SECURITIES TRANSACTIONS
Since January 1, 2009, the Corporation has added five new names to its portfolio with the purchases of shares of AGL Resources, Atmos Energy, Northwest Natural Gas, Southwest Gas, and WGL Holdings. The Corporation added to its existing holdings in DuPont, and has reduced its holdings in Schlumberger. The Corporation holds a cash position at 9.9% of net assets.
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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