Petroleum & Resources Corporation Declares Dividend and Reports Performance for the First Half of 2009

Performance

For the six months ended June 30th, the total return on Petroleum & Resources' net asset value, with dividends and capital gains reinvested, was 4.9%. Comparable figures for the Dow Jones U.S. Oil and Gas Index, the Dow Jones U.S. Basic Materials Index, and the Standard & Poor's 500 Index ("S&P 500") were 0.8%, 18.7%, and 3.2%, respectively. The total return on Petroleum & Resources' market value was 6.7%.

For the twelve months ended June 30th, the total return on Petroleum & Resources' net asset value, with dividends and capital gains reinvested, was -46.3%. Comparable figures for the Dow Jones U.S. Oil and Gas Index, the Dow Jones U.S. Basic Materials Index, and the S&P 500 were -41.6%, -47.2%, and -26.2%, respectively. The total return on Petroleum & Resources' market value was -45.6%.

The net asset value of Petroleum & Resources at June 30, 2009, compared with the year earlier, is:

                                              Net Asset Value
                                         6/30/09              6/30/08
                                         -------              -------
    Net Assets                      $552,907,993       $1,137,884,349
    Shares Outstanding                23,746,387           22,640,707
    Net Assets Per Share                  $23.28               $50.26

The net capital gain realized through June 30, 2009, was $0.59 per share.

The Corporation repurchased 215,835 shares of its Common Stock during the six month period.

Securities Transactions

During the three months ended June 30, 2009, Petroleum & Resources added two new names to its investment portfolio through the purchases of Anadarko Petroleum Corp. and Southwestern Energy Co., and increased its holdings in Exxon Mobil, Hess, and WGL Holdings.

In addition, Petroleum & Resources eliminated two issues from its investment portfolio with the sales of Atmos Energy Corp. and Schlumberger Ltd., and reduced its holdings in AGL Resources, Baker Hughes, Devon Energy, Hercules Offshore, Southwest Gas, and Weatherford International.

Petroleum & Resources Corporation is a Baltimore-based closed-end investment company traded on the New York Stock Exchange under the symbol PEO. The Semi-Annual Report to Stockholders is expected to be released on or about July 16, 2009.

    For further information please contact:
    Lawrence L. Hooper, Jr., Vice President, General Counsel and Secretary
    (410) 752-5900 or (800) 638-2479
    E-mail: contact@peteres.com
    Website: http://www.adamsexpress.com/

SOURCE Petroleum & Resources Corporation

http://www.peteres.com

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