Petroleum & Resources Updates Top Ten Holdings and Sector Weightings

BALTIMORE, Feb. 6  /PRNewswire-FirstCall/ -- Petroleum & Resources Corporation (NYSE:PEO) provides this update on portfolio holdings as of December 31, 2007. The Corporation will mail its 2007 Annual Report on or about February 19, 2008.

                             TOP TEN HOLDINGS

  The ten largest portfolio holdings were:

             Company                 % of Net Assets
             Exxon Mobil                  11.9
             Chevron                       6.8
             Schlumberger                  5.6
             ConocoPhillips                5.0
             Noble Corp.                   3.5
             Weatherford International     3.5
             Total S.A. ADR                3.3
             Occidental Petroleum          3.2
             Valero Energy                 3.0
             Devon Energy                  3.0
                                          48.8%

                            SECTOR WEIGHTINGS



The portfolio weightings for the major sectors that the Fund invests in were:

             Integrated                   38.7%
             Services                     22.6%
             Exploration and Production   15.9%
             Utilities                    13.3%
             Basic Materials and Other     6.4%
             Short-Term Investments        3.4%



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

                 For further information please contact:
  Lawrence L. Hooper, Jr., Vice President, General Counsel and Secretary
                       410-752-5900 or 800-638-2479

                     E-mail: 
                      Website: http://www.adamsexpress.com/



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DATASOURCE: Petroleum & Resources Corporation



CONTACT:  Lawrence L. Hooper, Jr., Vice President, General Counsel and

Secretary for Petroleum & Resources Corporation, [phone] or

1-800-638-2479, 



Web site:  http://www.adamsexpress.com/ 

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