Petroleum & Resources Corporation Declares Dividend and Reports Outperformance for the Six Months Ended June 30, 2007
13 July 2007 - 4:36AM
PR Newswire (US)
BALTIMORE, July 12 /PRNewswire-FirstCall/ -- The Board of Directors
of Petroleum & Resources Corporation today declared a dividend
of $0.13 per share, payable September 1, 2007, to stockholders of
record on August 14, 2007. Performance For the six months ended
June 30th, the total return on Petroleum & Resources' net asset
value, after adjusting for income dividends as well as capital gain
distributions paid, was 17.9%. Comparable figures for the Dow Jones
Oil and Gas Index and the Standard & Poor's Index of 500 Stocks
were 17.4% and 7.0%, respectively. The total return on Petroleum
& Resources' market value, after adjustment, was 16.3%. For the
twelve months ended June 30th, the total return on Petroleum &
Resources' net asset value, after adjusting for income dividends as
well as capital gain distributions paid, was 22.6%. Comparable
figures for the Dow Jones Oil and Gas Index and the Standard &
Poor's Index of 500 Stocks were 26.0% and 20.6%, respectively. The
total return on Petroleum & Resources' market value, after
adjustment, was 26.5%. The net asset value of Petroleum &
Resources at June 30, 2007, compared with the year earlier, is: Net
Asset Value 6/30/07 6/30/06 Net Assets $937,675,578 $824,478,584
Shares Outstanding 21,877,275 21,183,656 Net Assets Per Share
$42.86* $38.92 * After capital gain distributions of $0.10 per
share paid in March 2007. The net capital gain realized through
June 30, 2007, was $2.50 per share. The Corporation repurchased
319,047 shares of its Common Stock during the six month period.
Securities Transactions During the three months ended June 30,
2007, the Corporation added to its existing holdings in Bronco
Drilling and Chevron. Three issues were eliminated from the
Corporation's holdings with the sales of BP plc ADR, Holly Corp.,
and Martin Marietta Materials, Inc. Reductions were made in the
holdings of Questar, Air Products and Chemicals, Aqua America, BJ
Services, and Valero Energy. Petroleum & Resources Corporation
is a Baltimore-based closed-end investment company traded on the
New York Stock Exchange under the symbol PEO. The Semi-Annual
Report is expected to be released on or about July 20, 2007. For
further information please contact: Douglas G. Ober, Chairman,
President & CEO Lawrence L. Hooper, Jr., Vice President,
General Counsel and Secretary (410) 752-5900 or (800) 638-2479
email: website: http://www.peteres.com/ DATASOURCE: Petroleum &
Resources Corporation CONTACT: Douglas G. Ober, Chairman, President
& CEO, or Lawrence L. Hooper, Jr., Vice President, General
Counsel and Secretary, +1-410-752-5900, +1-800-638-2479, Web site:
http://www.peteres.com/
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