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Petroleum & Resources Corporation Declares $1.67 Year-End Distribution Of Capital Gains And Investment Income

BALTIMORE, Nov. 10, 2011 /PRNewswire/ -- The Board of Directors of Petroleum & Resources Corporation (NYSE: PEO) declared today a year-end distribution of $1.67 per share, consisting of the following:

  1. a capital gains distribution of $1.52 per share from net capital gains realized during 2011, comprised of $0.01 short-term and $1.51 long-term capital gain; and
  2. an income dividend of $0.15 per share from 2011 net investment income.

The payable date for the distribution is December 27, 2011, the record date is November 21, 2011, and the ex-dividend date is November 17, 2011. Both payments are payable in stock or cash at the option of each stockholder.

This marks the 60th consecutive year in which the Corporation has paid out capital gains to its stockholders and the 77th consecutive year of paying dividends to its stockholders.

With this distribution, total distributions by the Corporation for 2011 will be $1.97, including distributions made prior to today's announcement of $0.30 per share, which consisted of $0.24 from net investment income, $0.01 from short-term capital gain, and $0.05 from long-term capital gain. The annual distribution rate of the net investment income and capital gains paid to stockholders by the Corporation for 2011 will be approximately 7.0%, calculated by dividing the total investment income and capital gains distributed during the year by the average month-end market price of the Corporation's Common Stock for the year.

For comparison, in 2010, the Corporation paid total distributions of $1.27, consisting of $0.32 in net investment income and $0.95 in capital gains, producing an annual distribution rate of 5.5%.

Petroleum & Resources is a Baltimore-based closed-end investment company.

For further information, contact: Douglas G. Ober, Chairman, President & CEO Lawrence L. Hooper, Jr., Vice President, General Counsel and Secretaryat (410) 752-5900 or (800) 638-2479.e-mail: contact@peteres.comwebsite: www.peteres.com

SOURCE Petroleum & Resources Corporation

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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