BALTIMORE, Dec. 9 /PRNewswire-FirstCall/ -- The price at which Petroleum & Resources Corporation (NYSE:PEO) common stock will be issued in payment of the $0.06 income dividend and $0.98 capital gain distribution to stockholders who have elected to receive the distributions in stock, payable December 28, 2009, is $22.54 per share. This price is the mean between today's high and low sales prices of the Corporation's stock on the New York Stock Exchange. Petroleum & Resources Corporation is a Baltimore-based closed-end investment company. For further information please contact: Douglas G. Ober, Chief Executive Officer and President Lawrence L. Hooper, Jr., Vice President, General Counsel & Secretary (410) 752-5900 or (800) 638-2479 email: website: http://www.peteres.com/ DATASOURCE: Petroleum & Resources Corporation CONTACT: Douglas G. Ober, Chief Executive Officer and President, or Lawrence L. Hooper, Jr., Vice President, General Counsel & Secretary, +1-410-752-5900, 800-638-2479, Web Site: http://www.peteres.com/

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