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Nancy J. F. Prue Elected President Of Petroleum & Resources Corporation

BALTIMORE, March 29, 2012 /PRNewswire/ -- The Board of Directors of Petroleum & Resources Corporation (NYSE: PEO) has elected Nancy J. F. Prue as President, effective March 20, 2012.  Ms. Prue has been Executive Vice President and a member of the portfolio management team since 2009.  Prior to that, she served as Vice President since 2005 and as Vice President-Research since 1986.  Ms. Prue is also Executive Vice President of Petroleum & Resources' sister fund, The Adams Express Company, where she began work in 1982 as a research analyst.  She also held previous similar positions with Maryland National Bank and The Fidelity & Deposit Company of Maryland.

"We are very pleased to have promoted Nancy Prue to President of the Corporation," said Doug Ober, Chairman and CEO. "She is a key member of our portfolio management team as well as being vital to our investment research effort with her wide-ranging knowledge of domestic and international energy companies and markets."

Ms. Prue graduated summa cum laude from Villanova University.  She earned an MBA and Law Degree from the University of Baltimore.  Ms. Prue is also a graduate of Wharton Business School's Advanced Management Program.  She is a Chartered Financial Analyst, a member of the Baltimore CFA Society, of which she is a past president, and a member of the Maryland State Bar Association.  She is also a member and past president of the National Association of Petroleum Investment Analysts.

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

For further information, please contact

Douglas G. Ober, Chairman and CEO Lawrence L. Hooper, Jr., Vice President, General Counsel and Secretary 410-752-5900 or 800-638-2479

E. Mail: contact@peteres.comWebsite:

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