BALTIMORE, Jan. 12, 2012 /PRNewswire/ -- The Board of Directors of Petroleum & Resources Corporation (NYSE: PEO) declared a dividend of $0.10 per share, payable March 1, 2012, to stockholders of record February 10, 2012, consisting of $0.03 of net investment income, $0.01 short-term capital gain, and $0.05 long-term capital gain, all realized in 2011, and $0.01 net investment income realized in 2012.
Commenting on today's announcement, Douglas G. Ober, Chairman, President and CEO of Petroleum & Resources Corp., said: "The dividend announced today represents the first installment of the Corporation's four distributions to stockholders in 2012. Last year, the annual distribution rate of the net investment income and capital gains that we paid to stockholders was 7.1%. The Fund's annual distribution rate is 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."
Petroleum & Resources Corporation is a Baltimore-based closed-end investment company. Its stock trades on the New York Stock Exchange under the ticker symbol PEO.
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