Petroleum & Resources Corporation Nine Months Performance Reported
Petroleum & Resources Corporation

BALTIMORE, MARYLAND, October 8, 2009 - Petroleum & Resources Corporation (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:

                                     
                                   9/30/09            9/30/08
           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: www.peteres.com on or about October 16, 2009.