Petroleum & Resources Corporation Extends Share Repurchase Program to up to 1.2M Shares

The Board of Directors of Petroleum & Resources Corporation PEO voted today to extend its share repurchase program and has authorized the repurchase of up to 5% of the outstanding shares of the Corporation's common stock (up to 1,217,002 shares) through December 31, 2011. Purchases may be made in the open market when the shares are trading at a discount of at least 6.5% and market conditions and portfolio management considerations otherwise warrant. The Corporation's discount as of last night's market close was 11.5%.