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: firstname.lastname@example.org Website: www.peteres.com SOURCE Petroleum & Resources