Petroleum & Resources Corporation Announces Issue Price of Shares for Year-End Distribution Payable December 28, 2009

BALTIMORE, Dec. 9  /PRNewswire-FirstCall/ -- The price at which Petroleum & Resources Corporation (NYSE:PEO) common stock will be issued in payment of the $0.06 income dividend and $0.98 capital gain distribution to stockholders who have elected to receive the distributions in stock, payable December 28, 2009, is $22.54 per share.  This price is the mean between today's high and low sales prices of the Corporation's stock on the New York Stock Exchange.

Petroleum & Resources Corporation is a Baltimore-based closed-end investment company.

  For further information please contact:

                      Douglas G. Ober, Chief Executive Officer and President
                      Lawrence L. Hooper, Jr., Vice President, General
                       Counsel & Secretary

                      [phone] or [phone]

                      email: 
                      website: http://www.peteres.com/

DATASOURCE: Petroleum & Resources Corporation



CONTACT:  Douglas G. Ober, Chief Executive Officer and President, or

Lawrence L. Hooper, Jr., Vice President, General Counsel & Secretary,

[phone], 800-638-2479, 



Web Site:  http://www.peteres.com/ 

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