BALTIMORE, Jan. 15 /PRNewswire-FirstCall/ -- Petroleum & Resources Corporation (NYSE: PEO) announces the Corporation's performance for 2008.

2008 INVESTMENT RETURNS

For the twelve months ended December 31, 2008, the total return on Petroleum & Resources' net asset value, with dividends and capital gains reinvested, was (39.8)%. Comparable figures for the S&P 500 Index and Dow Jones Oil & Gas Index were (37.0)% and (35.8)%, respectively. The total return on Petroleum & Resources' market value was (42.2)%.

The annual rate of distribution to stockholders (the total dividends and capital gains distributed during the year divided by the average daily market price of the Corporation's stock) was 8.88%.

NET ASSET VALUE ANNOUNCED

The net asset value of Petroleum & Resources at the end of 2008 is

compared with the prior year in the following table:

                                          12/31/08               12/31/07
           Net assets                  $538,936,942           $978,919,829
           Shares outstanding            23,958,656             22,768,250
           Net asset value per share         $22.49                 $42.99

During the year, the Corporation repurchased 381,979 shares of its common stock.

SECURITIES TRANSACTIONS DURING THE FOURTH QUARTER

During the fourth quarter, the Corporation increased its holdings in Noble Corp. and Transocean. Four positions were eliminated from the Corporation's list of holdings with the sales of Air Products & Chemicals, Marathon Oil, Murphy Oil, and Suncor Energy.