BALTIMORE, May 19 /PRNewswire-FirstCall/ -- Petroleum & Resources Corporation (NYSE: PEO) announces that Robert E. Sullivan, Executive Vice President and a member of the Corporation's portfolio management team, resigned from the Corporation, effective April 24, 2009, in order to pursue other business opportunities. Mr. Sullivan joined the Corporation in 2004 and was elected Executive Vice President in 2008. The Corporation wishes him well in his future endeavors and thanks him for his significant contributions during his tenure.

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, General Counsel, and Secretary

410-752-5900 or 800-638-2479

E. Mail: contact@peteres.com

Website: www.peteres.com

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SOURCE Petroleum & Resources Corporation