BALTIMORE, Oct. 8 /PRNewswire-FirstCall/ -- Petroleum & Resources Corporation (NYSE:PEO) today announced its performance for the nine-month period ended September 30, 2009. The total return on net asset value, with dividends and capital gains reinvested, was 18.5%. Comparable figures for the Dow Jones U.S. Oil & Gas Index, the Dow Jones U.S. Basic Materials Index, and the Standard & Poor's 500 Composite Stock Index ("S&P 500") were 12.1%, 50.6%, and 19.3%, respectively. The total return on Petroleum & Resources' market value was 22.0%. For the twelve months ended September 30, 2009, the total return on Petroleum & Resources' net asset value, with dividends and capital gains reinvested, was (13.4)%. Comparable figures for the Dow Jones U.S. Oil & Gas Index, the Dow Jones U.S. Basic Materials Index, and the S&P 500 were (13.0)%, (2.0)%, and (6.9)%, respectively. The total return on Petroleum & Resources' market value was (8.7)%. The Corporation's net asset value at September 30, 2009, compared with the year earlier, is: Net Asset Value 9/30/2009 9/30/2008 Net assets $621,349,170 $788,906,202 Shares outstanding 23,746,411 22,497,869 Net assets per share $26.17 $35.07 The net capital gain realized on investments for the nine months was $0.83 per share. Year-to-date, the Corporation has repurchased 215,835 shares of its Common Stock. Securities Transactions During the quarter, Petroleum & Resources added to its positions in Occidental Petroleum, Royal Dutch Shell, and Southwestern Energy. In addition, Petroleum & Resources eliminated one position from the portfolio with the sale of Hercules Offshore, and reduced its holdings in Devon Energy, Energen, EOG Resources, Noble Energy, and Southwest Gas. Petroleum & Resources Corporation is a Baltimore-based closed-end investment company. It is listed on the New York Stock Exchange under the symbol PEO. The Third Quarter Report will be mailed to stockholders and posted to our website: http://www.peteres.com/ on or about October 16, 2009. For further information please contact: 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: Lawrence L. Hooper, Jr., Vice President, General Counsel and Secretary, +1-410-752-5900 or +1-800-638-2479, Web Site: http://http//www.peteres.com

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