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PETROLEUM & RESOURCES CORPORATION REPORTS RESULTS

 NEW YORK, Oct. 14 /PRNewswire/ -- The net asset value of Petroleum & Resources Corporation (NYSE: PEO) at Sept. 30, 1993, is compared with that a year earlier in the table below.
 Net asset value
 9/30/93 9/30/92
 Net assets $381,814,651 $334,141,291
 Shares outstanding 11,659,979 11,185,572
 Net assets per share $32.75(A) $29.87
 (A) After capital gain distributions of $.04 per share paid in March 1993.
 For the twelve months ended Sept. 30, according to Indata's figures, total return on Petroleum & Resources net asset value, after adjusting for income dividends as well as the capital gain distributions paid was 18.3 percent. Comparable figures for the Dow Jones Industrial Average and the Standard & Poor's Index of 500 Stocks were 12.0 percent and 13.0 percent, respectively.
 For the nine months ended Sept. 30, according to Indata's figures, total return on Petroleum & Resources net asset value, after adjusting for income dividends as well as the capital gain distributions paid in 1993 was 20.4 percent. Comparable figures for the Dow Jones Industrial Average and the Standard & Poor's Index of 500 Stocks were 10.1 percent and 7.6 percent, respectively.
 Securities Transactions
 During the three months ended Sept. 30, 1993, Petroleum & Resources Corporation added two new names to its portfolio list with the purchases of Consolidated Papers, Inc., and Equitable Resources Inc.
 One issue was eliminated from the investment list with the sale of Engelhard Corp.
 Reductions were made in the holdings of Amerada Hess Corp., Chevron Corp., Kerr-McGee Corp., and Parker & Parsley Petroleum Co.
 -0- 10/14/93
 /CONTACT: Richard F. Koloski, president, or J.G. Whitney, vice president and secretary, 410-752-5900, or 800-638-2479, both for Petroleum & Resources Corporation/
 (PEO)


CO: Petroleum & Resources Corporation ST: New York IN: OIL SU: ERN

WB-MP -- NY080 -- 2392 10/14/93 15:47 EDT
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Date:Oct 14, 1993
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