BALTIMORE, Dec. 13, 2012 /PRNewswire/ -- The Board of Directors of Petroleum & Resources Corporation (NYSE: PEO) voted today to extend its share repurchase program and has authorized the repurchase of up to 5% of the outstanding shares of the Fund's common stock (i.e., up to 1,282,726 shares) through December 31, 2013. Any purchases that occur will be made in the open market when market conditions and portfolio management considerations warrant and the shares are trading at a discount of at least 6.5%.

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

Safe Harbor Statement: To the extent that any statements made in this press release contain information that is not historical, these statements are essentially forward looking in nature and are subject to risks and uncertainties, including whether the Fund decides to repurchase some, all, or no shares under the repurchase program, the performance of the portfolio of stocks held by the Fund, the conditions in the U.S. and international financial, petroleum, energy, basic materials and other markets, the price at which shares of the Fund will trade in the public markets, and other factors discussed in the Fund's 2011 Annual Report and other Securities and Exchange Commission filings by the Fund.

For More Information:
Lawrence L. Hooper, Jr.
Vice President, General Counsel & Secretary
410-752-5900 or 800-638-2479
E-Mail: contact@peteres.com
Website: www.peteres.com

SOURCE Petroleum & Resources Corporation