Petroleum & Resources Corporation Announces
Issue Price of Shares for Year-End Distribution
Petroleum & Resources Corporation

Baltimore, MD, December 10, 2007 -- The price at which Petroleum & Resources Corporation (NYSE: PEO) common stock will be issued in payment of the $0.20 income dividend and $3.72 capital gain distribution to stockholders who have elected to receive the distributions in stock, payable December 27, 2007, is $37.825 per share. This price is the mean between today's high and low sales prices of the Corporation's stock on the New York Stock Exchange.

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



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