This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Petroleum & Resources Fund Declares Year-end Distribution; Exceeds Its Annual 6% Minimum Distribution Rate Commitment

BALTIMORE, Nov. 15, 2013 /PRNewswire/ -- Petroleum & Resources (NYSE:PEO) declared today a year-end distribution of $1.58 per share. The total distributions by the Fund for 2013 will be $1.88, including the distributions of $0.30 per share made prior to today's announcement. The annual distribution rate represented by these distributions is 7.2%.

The year-end distribution consists of the following:

1) $1.35 per share from net capital gains realized during 2013,   comprised of $0.08 short-term and $1.27 long-term capital gain; and 

2) $0.23 per share from 2013 net investment income.

This marks the 62 nd consecutive year that the Fund has paid out capital gains and the 79 th consecutive year it has paid out dividends to its shareholders.

Commenting on the year-end distribution, Mark E. Stoeckle, CEO of Petroleum & Resources, said: "We have committed to our shareholders to distribute each year an amount equal to at least 6% of the Fund's trailing 12-month average month-end market price. This year, we are pleased to be in a position to pay out distributions at a distribution rate of 7.2%. We're very proud of our long history of providing dividend income and capital gains to our shareholders and this year's distributions add to that exceptional track record."

The payable date for the distribution is December 27, 2013, the record date is November 25, 2013, and the ex-dividend date is November 21, 2013. Both payments are payable in stock or cash at the option of each shareholder.

Details regarding the annual 6% minimum distribution rate can be found at www.peteres.com.

Petroleum & Resources is a Baltimore-based closed-end fund that has been operating as an investment company since 1929.  Its stock trades on the New York Stock Exchange under the ticker symbol PEO.                                                      

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

SOURCE Petroleum & Resources

Stock quotes in this article: PEO 
Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs