Petroleum & Resources Corporation Declares Dividend and Announces First Quarter Performance

First Quarter Performance Tops Benchmarks

For the three months ended March 31st, the total return on Petroleum & Resources' net asset value, after adjusting for income dividends as well as capital gain distributions paid, was -3.9%. Comparable figures for the Dow Jones Oil and Gas Index and the Standard & Poor's 500 Index were -6.5% and -9.4%, respectively. The total return on Petroleum & Resources' market value, after adjustment, was -5.4%.

For the twelve months ended March 31st, the total return on Petroleum & Resources' net asset value, after adjusting for income dividends as well as capital gain distributions paid, was 19.7%. Comparable figures for the Dow Jones Oil and Gas Index and the Standard & Poor's 500 Index were 21% and -5.1%, respectively. The total return on Petroleum & Resources' market value, after adjustment, was 17.3%.

Petroleum & Resources' net asset value at March 31, 2008, is compared with the year earlier in the following table:

                                       Net Asset Value

                                  3/31/08          3/31/07
      Net assets                  $934,617,545     $841,657,022
      Shares outstanding          22,698,284       21,941,616
      Net assets per share        $41.18*          $38.36

      *After capital gain distribution of $0.09 per share paid in March 2008.

    The net capital gain realized on investments at the end of the first
    quarter was $0.21 per share.

    The Corporation repurchased 84,200 shares of its Common Stock during the
    quarter.


                           Securities Transactions

During the first quarter, one new name was added to the Corporation's portfolio with the purchase of shares of Massey Energy Co. The Corporation added to its existing holdings in Hercules Offshore, International Coal, Northeast Utilities, and Transocean, and reduced its holdings in General Electric and Rohm & Haas.

The First Quarter Report is expected to be released on or about April 18, 2008.

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

                   For further information, please contact

                          Douglas G. Ober, Chairman
    Lawrence L. Hooper, Jr., Vice President, General Counsel and Secretary
                         410-752-5900 or 800-638-2479

                         E. Mail: contact@peteres.com
                       Website: http://www.peteres.com

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SOURCE Petroleum & Resources Corporation

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