Petroleum & Resources Corporation Announces $23.865 Issue Price Of Shares For Year-End Distribution Payable December 27, 2012

BALTIMORE, Dec. 10, 2012 /PRNewswire/ -- Petroleum & Resources Corporation PEO, determined today the issue price for the closed-end fund's year-end distribution for shareholders who have elected to receive the distribution in the form of stock.

The price at which common stock will be issued in payment of the $1.30 year-end distribution, consisting of $0.18 in net investment income and $1.12 in net realized capital gains, is $23.865 per share. This price is the mean between today's high and low sales prices of the Fund's stock on the New York Stock Exchange. The year-end distribution is payable on December 27, 2012.

The Fund has committed to distribute each year an amount equal to at least 6% of the Fund's trailing 12-month average month-end market price. Please see the information posted at our website, www.peteres.com, for more details concerning the 6% minimum annual distribution rate commitment and how the annual distribution rate is calculated.

The Fund has paid out capital gains to its shareholders for 61 consecutive years and has paid dividends for 78 consecutive years.

For further information please contact:

Lawrence L. Hooper, Jr., Vice President, General Counsel and Secretary
(410) 752-5900 or (800) 638-2479
email: contact@peteres.com
website: www.peteres.com

SOURCE Petroleum & Resources Corporation