BALTIMORE, June 15, 2012 /PRNewswire via COMTEX/ -- Douglas G. Ober, the Chairman of the Board, Chief Executive Officer, and long-time lead portfolio manager for Petroleum & Resources Corporation PEO -0.51% , has informed the Board of Directors that he plans to retire within the next eighteen months. Mr. Ober, 66, joined the Corporation's management team in 1986, having been a research analyst at The Adams Express Company, the Corporation's non-controlling affiliate, since 1980. He has been the lead portfolio manager at Petroleum & Resources since April 1, 1991. During his 21-year tenure as the lead portfolio manager, the Corporation has provided to its stockholders, on an annual basis, a total return based on net asset value, with dividends and capital gains reinvested, of 9.76% and an annualized total return of 9.55% based on market value, through March 31, 2012.
Said Daniel Emerson, Lead Director of the Board: "Doug has done an outstanding job guiding the Corporation through some remarkably turbulent times over the past 21 years. His steady hand and unflappable adherence to his investment principles has served, and will continue to serve, our stockholders well. He has built a strong team at the Corporation and when he does step down, the Fund will continue in good hands. With his announcement, he has given us the time to carefully identify his successor." The Board is retaining an outside search firm to assist in the selection of Mr. Ober's successor.
Petroleum & Resources Corporation is a Baltimore-based closed-end investment company that trades on the New York Stock Exchange under ticker symbol PEO.