Petroleum & Resources Corporation Declares Year-End Distribution of $.97

The Board of Directors of Petroleum & Resources Corporation

declared today a year-end distribution of $0.97 per share, consisting of the following: 1) a capital gains distribution of $0.88 per share from net capital gains realized during 2010, comprised of $0.14 short-term and $0.74 long-term capital gain; and 2) an income dividend of $0.09 per share from 2010 net investment income.