Petroleum & Resources Provides Year-to-Date Update
at Annual Stockholders Meeting
Petroleum & Resources Corporation


Baltimore, MD, March 13, 2008 -- The Board of Directors of Petroleum & Resources Corporation (NYSE: PEO) held its Annual Meeting in Baltimore today and provided this update. The information was updated through March 6, 2008:

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 -3.1%. Comparable figures for the Dow Jones Oil & Gas Index and the Standard & Poor's 500 Index were -5.6% and -10.8%, respectively. Net realized capital gains for the Corporation were $0.03 per share. 

Securities Transactions 

Since January 1, 2008, the Corporation has added to its existing holdings in Hercules Offshore, International Coal Group, Northeast Utilities, and Transocean, and has reduced its holdings in Rohm & Haas. The Corporation holds a cash position at 0.7% of net assets.


Petroleum & Resources Corporation is a Baltimore-based closed-end investment company. Its stock trades on the New York Stock Exchange under the ticker symbol PEO. The Chairman's comments at the Annual Meeting will be available on the Corporation's website, www.peteres.com on Monday, March 17, 2008.



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