BALTIMORE, March 16 /PRNewswire-FirstCall/ -- Petroleum & Resources Corporation (NYSE: PEO) announces that Maureen A. Jones, Vice President, Chief Financial Officer, and Treasurer, will retire on May 31, 2009. Ms. Jones, a C.P.A., joined the Corporation in 1991 and has served as Vice President, Chief Financial Officer and Treasurer since 2002. Previously, she served as Treasurer beginning in 1993 and as Vice President and Treasurer from 1998 to 2002. Douglas Ober, Chairman and CEO of the Corporation, said about her retirement: 'We thank Maureen for her outstanding service to the Corporation and our shareholders. She has masterfully helped to steer the Corporation through the myriad of changes in the accounting rules that have occurred during her tenure and I have come to rely on her keen mind and thorough approach. While we have been planning for this day for some time and have a succession plan in place, we will greatly miss Maureen.'

Prior to joining the Corporation, Ms. Jones was Assistant Treasurer of The Adams Express Company and was a Senior Auditor with Coopers & Lybrand LLP. She received her B.S. in Accounting from the University of Baltimore. She is a member of the American Institute of Certified Public Accountants and served on the Board of Directors for the Maryland Chapter of the Arthritis Foundation.

Petroleum & Resources Corporation is a Baltimore-based closed-end investment company. It is traded on the New York Stock Exchange under the symbol PEO.

                         For further information, please contact
        Lawrence L. Hooper, Jr., Vice President, Secretary and General Counsel
                              410-752-5900 or 800-638-2479
                              E. Mail: contact@peteres.com
                                Website: www.peteres.com

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SOURCE Petroleum & Resources Corporation