Petroleum & Resources Corporation Extends Share Repurchase Program

BALTIMORE, Dec. 10  /PRNewswire-FirstCall/ -- The Board of Directors of Petroleum & Resources Corporation (NYSE:PEO) voted today to extend its share repurchase program and has authorized the repurchase of up to 5% of the outstanding shares of the Corporation's common stock through December 31, 2010. Purchases may be made in the open market when the shares are trading at a discount of at least 6.5% and market conditions and portfolio management considerations otherwise warrant. The Corporation's discount as of last night's market close was 11.71%. As of December 10, 2009, the Corporation has 23,746,585 outstanding shares, which means that if the Corporation were to repurchase all of the shares authorized today by the Board, 1,187,329 shares could be repurchased over the period.

The repurchase program was initiated in 1999 and has been reauthorized by the Board each year since.

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

Safe Harbor Statement: To the extent that any statements made in this press release contain information that is not historical, these statements are essentially forward looking in nature and are subject to risks and uncertainties, including the performance of the portfolio of stocks held by the Fund, the conditions in the U.S. and international financial, petroleum, energy, and other markets, the price at which shares of the Fund will trade in the public markets, and other factors discussed in the Corporation's 2008 Annual Report and other Securities and Exchange Commission filings by the Corporation.

  For More Information:
  Lawrence L. Hooper, Jr.
  Vice President, General Counsel & Secretary
  410-752-5900 or 800-638-2479
  E-Mail: 
  Website: http://www.peteres.com/

DATASOURCE: Petroleum & Resources Corporation



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

Secretary of Petroleum & Resources Corporation, [phone], or

1-800-638-2479, 



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

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