CEFA - Closed-End Fund Association

Petroleum & Resources Corporation Extends Share Repurchase Program
Petroleum & Resources Corporation

Baltimore, MD, December 11, 2008 -- The Board of Directors of Petroleum & Resources Corporation (PEO) voted today to extend its share repurchase program and has authorized the repurchase of up to 6% of the outstanding shares of the Corporation's common stock over the next twelve months. Purchases may be made in the open market when the shares are trading at a discount of at least 6.5%. The Corporation's discount as of last night's market close was 15.7%. As of December 10, 2008, the Corporation had 22,497,869 outstanding shares, which means that the Corporation is authorized by the Board to repurchase up to 1,349,872 shares over the ensuing year.

The repurchase program was initiated in 1999 and has been reauthorized by the Board each year since.

Petroleum & Resources Corporation is a Baltimore-based closed-end investment company. It is traded on the New York Stock Exchange under the ticker symbol: PEO.

Safe Harbor Statement: To the extent that any statements made in this press release contain information that is not historical, these statements are essentially forward looking in nature and are subject to risks and uncertainties, including the performance of the portfolio of stocks held by the Fund, the conditions in the U.S. and international financial, petroleum, energy and other markets, the price at which shares of the Fund will trade in the public markets, and other factors discussed in the Corporation's 2007 Annual Report and other Securities and Exchange Commission filings by the Corporation.

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