Petroleum & Resources Fund Reports Nine-Month Results

BALTIMORE, Oct. 9, 2013 /PRNewswire/ -- Petroleum & Resources Corporation (NYSE:PEO) today announced its results for the nine months ended September 30, 2013.  The total return on net asset value, with dividends and capital gains reinvested, was 16.1%.  The comparable figure for the Lipper Global Natural Resources Funds Index was 9.5%.The total return on the Fund's market price was 14.4%.

For the twelve months ended September 30, 2013, the total return on Petroleum & Resources' net asset value, with dividends and capital gains reinvested, was 13.6%.  The comparable figure for the Lipper Global Natural Resources Funds Index was 9.4%. The total return on the Fund's market price was 10.0%.

Net Asset Value

The Fund's net asset value at September 30, 2013, compared with the year earlier, was:                                                                                                                                                      

The Fund repurchased 222,358 shares of its common stock during the nine-month period at an average price per share of $26.52 and a weighted average discount to net asset value of 13.5%.

The net capital gain realized by the Fund on its investments for the nine months was $1.13.

Petroleum & Resources has committed to pay out distributions to its shareholders at an annual 6% minimum distribution rate, based on the trailing 12-month average market price, under the distribution commitment the Fund announced in September of last year.  Details regarding the annual 6% minimum distribution rate can be found at www.peteres.com.

The Third Quarter Report is expected to be released on or about October 18, 2013.

Petroleum & Resources Corporation is a Baltimore-based closed-end fund that has been operating as an investment company since 1929.  Its stock trades on the New York Stock Exchange under the symbol PEO. 

For further information, contact: 
Lawrence L. Hooper, Jr., Vice President, General Counsel & Secretary
at (410) 752-5900 or (800) 638-2479 
e-mail: contact@peteres.com

SOURCE Petroleum & Resources Corporation