Year-to-Date Update at Annual Stockholders Meeting in Baltimore
Petroleum & Resources Corporation
Baltimore, March 27, 2007 -- Petroleum & Resources Corporation (PEO) held its Annual Meeting of stockholders in Baltimore today and provided this update. The information was updated through March 23, 2007:
Performance and Realized Capital Gains
The year-to-date total return on net asset value for the Corporation, after adjusting for income dividends as well as capital gains distributions paid, was 5.3%. Net realized capital gains were $0.74 per share.
TOP TEN HOLDINGS
The ten largest portfolio holdings were:
Company % of Net Assets
Exxon Mobil 11.1
Chevron 5.5
Schlumberger 4.6
ConocoPhillips 4.6
Valero Energy 3.3
Noble Energy 3.1
Weatherford Int'l. 2.7
Devon Energy 2.6
EOG Resources 2.6
Holly Corp. 2.6
42.7
SECTOR WEIGHTINGS
The portfolio weightings for the major sectors that the Fund invests in were:
Integrated Oils 37.3%
Exploration & Production 15.5%
Oil Services 21.5%
Utilities 14.3%
Basic Materials & Other 7.1%
Cash & Equivalent 4.3%
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Securities Transactions
Since December 31, 2006, two new names have been added to the Corporation's portfolio with the purchase of shares of Forest Oil Corp. and the receipt of shares of Spectra Energy via spin-off from Duke Energy. The Corporation added to its existing holding in Hercules Offshore and reduced its holdings in BJ Services, BP, Devon Energy, EOG Resources, Holly Corp., Martin Marietta Materials, and Royal Dutch Shell.
Petroleum & Resources Corporation is a Baltimore-based closed-end investment company. It is traded on the New York Stock Exchange under the symbol PEO.
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