Nine Months Performance Reported
Petroleum & Resources Corporation
Baltimore, MD, October 12, 2006 -- Petroleum & Resources Corporation (NYSE: PEO) today announced its performance for the nine-month period ended September 30, 2006. The total return on net asset value, after adjusting for income dividends as well as capital gain distributions paid in 2006, was 6.6%. Comparable figures for the Dow Jones Oil & Gas Index and the Standard & Poor's 500 Index were 9.2% and 8.5%, respectively.
For the twelve months ended September 30, 2006, the total return on Petroleum & Resources' net asset value, after adjusting for income dividends as well as capital gain distributions paid, was 2.9%. Comparable figures for the Dow Jones Oil & Gas Index and the Standard & Poor's 500 Index were 1.5% and 10.8%, respectively.
The Corporation's net asset value at September 30, 2006, is compared with the year earlier in the table below.
| Net Asset Value |
|
9/30/2006 |
9/30/2005 |
| Net assets |
$783,638,172 |
$809,702,716 |
| Shares outstanding |
21,113,090 |
21,312,356 |
| Net assets per share |
$37.12* |
$37.99 |
| * after capital gain distribution of $0.10 per share paid in March 2006. |
The net capital gain realized on investments for the nine months was $2.88 per share.
Year to date, the Corporation has repurchased 525,550 shares of its Common Stock.
Securities Transactions
During the quarter, Petroleum & Resources added two new names to its portfolio with the purchases of Bronco Drilling Co., Inc., and ENSCO International, Inc. The Corporation added to its positions in Baker Hughes, Exxon Mobil, Florida Rock Industries, Hercules Offshore, SEMCO ENERGY, Suncor Energy, and TODCO.
Four positions were eliminated from the portfolio through the sales of Arch Coal, Inc., Precision Drilling Trust, and Western Refining, Inc., and the acquisition of Kerr-McKee Corp. by Anadarko Petroleum Corp. Holdings were reduced in Aqua America, BP plc, CONSOL Energy, Hugoton Royalty Trust, Pioneer Natural Resources, and XTO Energy.
Petroleum & Resources Corporation is a Baltimore-based closed-end investment company. It is listed on the New York Stock Exchange under the symbol PEO. The Third Quarter Report will be mailed to stockholders and posted to our website: http://www.peteres.com on or about October 20, 2006.
View more information on Petroleum & Resources Corporation or other Closed-End Funds
|
©1999-2008 Closed-End Fund Association, Inc. All Rights Reserved
 | | Powered by a SySys® data & content management system. Click here to learn more. |
|
|