BALTIMORE, Jan. 9, 2014 /PRNewswire/ -- Petroleum & Resources Corporation (NYSE:PEO) announces the Fund's performance for 2013.

2013 INVESTMENT RETURNS

The total return on the Fund's net asset value for the twelve months ended December 31, 2013 was 24.2%, with dividends and capital gains reinvested. The comparable figures for the Lipper Global Natural Resources Funds Index, the Dow Jones U.S. Oil & Gas Index, and the Dow Jones U.S. Basic Materials Index were 13.0%, 26.1%, and 20.4%, respectively. The total return on the Fund's market price for the same period was 22.7%.

The Fund paid $1.88 per share in income dividends and realized capital gains to shareholders in 2013, producing an annual distribution rate of 7.2%, exceeding the Fund's annual 6% minimum distribution rate commitment. Details regarding the annual 6% minimum distribution rate commitment can be found at www.peteres.com.

NET ASSET VALUE ANNOUNCED

The Fund's net asset value at the end of 2013, compared with the year earlier, was: 



                             12/31/13     12/31/12
                             --------     --------

    Net assets           $863,689,833 $732,988,462

    Shares outstanding     26,775,228   26,325,601

    Net assets per share       $32.26       $27.84

The Fund repurchased 278,774 shares of its common stock during the twelve-month period at an average price per share of $26.70 and a weighted average discount to net asset value of 14.5%.

OTHER SUMMARY FINANCIAL INFORMATION



                                              12/31/13      12/31/12
                                              --------      --------

    Unrealized appreciation               $402,483,744  $284,191,650

    Net investment income                  $11,590,396   $12,359,977

    Net realized gain                      $37,428,311   $30,465,396


    Key Ratios
    ----------


    Net investment income to                      1.44%         1.67%
         average net assets

    Expense ratio (to average net assets)         0.78%         0.65%

    Portfolio turnover                            18.7%         11.7%

    Net cash & short-term investments             -0.1%          0.8%
         to net assets

TEN LARGEST EQUITY PORTFOLIO HOLDINGS (12/31/13)



                               Market Value              % of Net Assets
                               ------------              ---------------

    Exxon Mobil Corp.                       $150,123,116            17.4%

    Chevron Corp.                             95,331,312            11.0%

    Schlumberger Ltd.                         56,318,750             6.5%

    Occidental Petroleum Corp.                38,515,500             4.5%

    EOG Resources, Inc.                       29,372,000             3.4%

    LyondellBasell Industries
     N.V. (Class A)                           27,696,600             3.2%

    Phillips 66                               26,631,061             3.1%

    Halliburton Co.                           25,063,903             2.9%

    Dow Chemical Co.                          24,309,000             2.8%

    Anadarko Petroleum Corp.                  23,796,000             2.8%
                                              ----------             ---

                    Total                   $497,157,241            57.6%

SECTOR WEIGHTINGS (12/31/13)



                            % of Net Assets
                            ---------------

    Energy

    Integrated Oil & Gas               30.8%

    Exploration &
     Production                        25.8%

    Services                           17.0%

    Refiners                            3.7%

    Pipelines                           2.2%


    Basic Materials

    Chemicals                          16.5%

    Industrial Metals                   2.1%

    Gold & Precious Metals              0.6%

    Mining                              0.5%



    Utilities                           0.9%

ANNUALIZED ONE, THREE AND FIVE-YEAR COMPARATIVE RETURNS (12/31/13)



                              1 Year         3 Year         5 Year
                              ------         ------         ------

    Petroleum &
     Resources (NAV)               24.2%           9.0%          14.7%

    Petroleum &
     Resources (market)            22.7%           7.7%          14.3%

    Lipper Global
     Natural Resources             13.0%          -1.1%          12.5%

    Funds Index

    DJ U.S. Oil & Gas
     Index                         26.1%          11.2%          14.1%

    DJ U.S. Basic
     Materials Index               20.4%           4.3%          19.9%

The 2013 Annual Report is expected to be released on or about February 25, 2014.

Petroleum & Resources Corporation is a Baltimore-based closed-end fund that has been operating as an investment company since 1929. Its stock trades on the New York Stock Exchange under the symbol PEO.

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: www.peteres.com

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SOURCE Petroleum & Resources Corporation