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PETROLEUM & RESOURCES CORPORATION BOARD DECLARES DIVIDEND

 BALTIMORE, Jan. 13 /PRNewswire/ -- The board of directors of Petroleum & Resources Corporation (NYSE: PEO) today declared a $.20 per share dividend, payable March 1, 1994, to stockholders of record, Feb. 14.
 -- $.17 per share from undistributed net investment
 income ($.02 earned in 1993 and $.15 in 1994).
 -- $.03 per share representing undistributed net long-term
 capital gains realized during the year 1993.
 Net Asset Value Announced
 The net asset value of Petroleum & Resources at the end of 1993 is compared with the year earlier in the following table:
 Net asset value 12/31/93 12/31/92
 Net assets $355,836,592 $320,241,282
 Shares outstanding 12,006,671 11,579,503
 Net assets per share $29.64(A) $27.66
 (A) After capital gain distributions of $1.30 per share paid in 1993.
 For the 12 months ended Dec. 31, according to Indata's figures, total return on Petroleum & Resources net asset value, after adjusting for income dividends as well as capital gain distributions paid was 14.7 percent. Comparable figures for the Dow Jones Industrial Average and the Standard & Poor's Index of 500 Stocks were 17.1 percent and 10.1 percent, respectively.
 Securities Transactions
 During the three months ended Dec. 31, 1993, Petroleum & Resources added two new names to its investment list with the purchases of Coflexip ADR's and Noble Affiliates, Inc. The corporation increased its existing holding in Equitable Resources Inc.
 Four issues were eliminated from the investment list with the sales of Halliburton Co., Norsk Hydro a.s. ADR, Valero Energy Corp and WAHLCO Environmental Systems, Inc. The corporation reduced its holdings in Atlantic Richfield Co. and Longview Fibre Co.
 ------
 The Annual Report is expected to be released on or about Jan. 25, 1994.
 -0- 1/13/94
 /CONTACT: Richard F. Koloski, president, or J.G. Whitney, vp and secretary, of Petroleum & Resources Corporation, 410-752-5900, or 800-638-2479/
 (PEO)


CO: Petroleum & Resources Corporation ST: Maryland IN: SU: DIV

MK-JO -- PH025 -- 1822 01/13/94 15:12 EST
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Publication:PR Newswire
Date:Jan 13, 1994
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