BALTIMORE, MARYLAND – OCTOBER 13, 2011 – Petroleum & Resources Corporation (NYSE:PEO) today announced its results for the nine-month period ended September 30, 2011. The total return on net asset value, with dividends and capital gains reinvested, was -15.6%. Comparable figures for the Dow Jones U.S. Oil & Gas Index, the Dow Jones U.S. Basic Materials Index, the Lipper Global Natural Resources Funds Index, and the Standard & Poor's 500 Composite Stock Index (“S&P 500”) were -11.9%, -26.0%, -24.7 and -8.7%, respectively. The total return on Petroleum & Resources’ market price was -15.4%.
For the twelve months ended September 30, 2011, the total return on Petroleum & Resources’ net asset value, with dividends and capital gains reinvested, was 1.6%. Comparable figures for the Dow Jones U.S. Oil & Gas Index, the Dow Jones U.S. Basic Materials Index, the Lipper Global Natural Resources Funds Index, and the S&P 500 were 6.7%, -10.8%, -11.4, and 1.1%, respectively. The total return on Petroleum & Resources’ market price was 2.5%.
The Corporation’s net asset value at September 30, 2011, compared with the year earlier, is:
Net Asset Value
| 9/30/11 | 9/30/10 | |
| Net assets | $636,729,099 | $644,597,577 |
| Shares outstanding | 24,802,996 | 23,339,480 |
| Net asset value per share | $25.67 | $26.48 |
The net capital gain realized on investments for the nine months was $1.73 per share.
Securities Transactions
During the quarter, Petroleum & Resources added two new names to its investment portfolio with the receipt of shares of Marathon Petroleum Corp. via spin off from Marathon Oil Corp. and through additional purchases, and the purchase of shares of Oil States International, Inc. The Corporation increased its holdings in Anadarko Petroleum, Baker Hughes, Devon Energy, Kinder Morgan, Marathon Oil, Newfield Exploration, Peabody Energy, and Royal Dutch Shell (in lieu of cash dividend).
In addition, Petroleum & Resources sold its position in Alpha Natural Resources, Inc., and reduced its holdings in Cliffs Natural Resources, EOG Resources, MDU Resources, Nabors Industries, and Pioneer Natural Resources.
Petroleum & Resources Corporation is a Baltimore-based closed-end investment company. It is listed on the New York Stock Exchange under the symbol PEO. The Third Quarter Report will be mailed to stockholders and posted to our website: www.peteres.com on or about October 21, 2011.
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