First Quarter Performance

For the three months ended March 31st, the total return on Petroleum & Resources' net asset value, with dividends and capital gains reinvested, was -8.4 %. Comparable figures for the Dow Jones U. S. Oil and Gas Index, the Dow Jones U. S. Basic Materials Index, and the Standard & Poor's 500 Index were -11.0 %, -5.1 %, and -11.0 %, respectively. The total return on Petroleum & Resources' market value was -4.9 %.

For the twelve months ended March 31st, the total return on Petroleum & Resources' net asset value, with dividends and capital gains reinvested, was -42.6 %. Comparable figures for the Dow Jones U. S. Oil and Gas Index, the Dow Jones U. S. Basic Materials Index, and the Standard & Poor's 500 Index were -39.8 %, -52.7 %, and -38.1 %, respectively. The total return on Petroleum & Resources' market value was -41.9 %.

Petroleum & Resources' net asset value at March 31, 2009, is compared with the year earlier in the following table:

                                            Net Asset Value                                       3/31/09            3/31/08              Net assets               $486,815,581       $934,617,545              Shares outstanding       23,805,938         22,698,284              Net assets per share     $20.45             $41.18   

The net capital gain realized on investments at the end of the first quarter was $0.10 per share.

The Corporation repurchased 164,401 shares of its Common Stock during the quarter.

Securities Transactions

During the first quarter, five new names were added to the Corporation's portfolio with the purchases of shares of AGL Resources Inc., Atmos Energy Corp., Northwest Natural Gas Co., Southwest Gas Corp., and WGL Holdings Inc. The Corporation added to its holding in Du Pont and reduced its holding in Schlumberger.

The First Quarter Report to Stockholders is expected to be released on or about April 17, 2009.

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                Douglas G. Ober, Chairman, President and CEO     Lawrence L. Hooper, Jr., Vice President, General Counsel and Secretary                      410-752-5900 or 800-638-2479                       E. Mail: contact@peteres.com                        Website: http://www.peteres.com/   

For your convenience, all press releases are posted to our website. If you would like to receive future press releases by fax or e-mail, please let us know.

Petroleum & Resources Corporation

CONTACT: Douglas G. Ober, Chairman, President and CEO, or Lawrence L.Hooper, Jr., Vice President, General Counsel and Secretary, both of Petroleum& Resources Corporation, +1-410-752-5900, or +1-800-638-2479,contact@peteres.com

Web Site: http://www.peteres.com/

A service of YellowBrix, Inc.