Petroleum & Resources Updates Top Ten Holdings and Sector Weightings
Petroleum & Resources Corporation


Baltimore, MD, February 8, 2008 -- Petroleum & Resources Corporation (NYSE:PEO) provides this update on portfolio holdings as of December 31, 2007. The Corporation will mail its 2007 Annual Report on or about February 19, 2008.


TOP TEN HOLDINGS

The ten largest portfolio holdings were:

Company	% of Net Assets
Exxon Mobil	11.9%
Chevron	6.8%
Schlumberger	5.6%
ConocoPhillips	5.0%
Noble Corp.	3.5%
Weatherford International	3.5%
Total S.A. ADR	3.3%
Occidental Petroleum	3.2%
Valero Energy	3.0%
Devon Energy	3.0%
	48.8%

SECTOR WEIGHTINGS

The portfolio weightings for the major sectors that the Fund invests in were:

Integrated Oils	38.7%
Oil Services	22.6%
Exploration & Production	15.9%
Utilities	13.3%
Basic Materials & Other	6.4%
Short-Term Investments	3.4%

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



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