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           21 January, 2021


    
Category:  Press » Miscellaneous

 

Petroleum & Resources Corporation Surpasses One Billion Dollars in Net Assets

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2007-10-18 13:18:56     
Petroleum & Resources Corporation

Petroleum & Resources Corporation (NYSE: PEO), a Baltimore-based investment company with a broadly diversified exposure to energy and natural resources stocks announced that the Fund's net assets surpassed the one billion dollar mark on October 10. Net assets as of the market close on October 16th were $1,015,732,908.

The Fund was incorporated under the name Petroleum Corporation of America in January 1929 and raised approximately $110 million in its IPO that year. Petroleum & Resources remains one of only five closed-end funds to have survived the stock market crash of 1929 and continues to trade on the NYSE. The Corporation has paid dividends continuously since 1934.

Since 1991, portfolio managers, Douglas G. Ober, Chairman, President and CEO and Joseph M. Truta, Executive Vice President, have been at the helm. During their tenure, assets of the Fund have more than tripled.

"We are very excited to have reached this milestone in our corporate history," said Mr. Ober. "Our team of experienced analysts continues to select stocks in the oil and gas sector that offer strong performance and enabled us to record excellent net income and asset growth in the most recent quarter. As we move into the fourth quarter, we will work to build on that strong foundation."

The September 30, 2007 Third Quarter Report will be mailed to stockholders and posted to our website: http://www.peteres.com on or about October 19, 2007.

For further information please contact: Douglas G. Ober, Chairman,

President and CEO, or
Lawrence L. Hooper, Jr., Vice
President, General Counsel and
Secretary
(410) 752-5900 or (800) 638-2479
Website: http://www.peteres.com

Specialized in: Peo - Fund - Closed-end - Specialty - Mutual - Paper - Timber - Natural - Domestic - Producers - Distributors - Forest - Products - Drilling - Mining - Value-added - Utilities
URL: http://www.peteres.com
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