Petroleum & Resources Corporation Extends Share Repurchase Program to up to 5% of Outstanding 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 (i.e., up to 1,240,156 shares) through December 31, 2012. Any purchases that occur will 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 repurchase program was initiated in 1999 and has been reauthorized by the Board each year since. The Corporation has not repurchased any shares this year under the repurchase program.