CEO Douglas G. Ober Announces Plan for Retirement From Petroleum & Resources

Douglas G. Ober, the Chairman of the Board, Chief Executive Officer, and long-time lead portfolio manager for Petroleum & Resources Corporation PEO, has informed the Board of Directors that he plans to retire within the next eighteen months. Mr. Ober, 66, joined the Corporation's management team in 1986, having been a research analyst at The Adams Express Company, the Corporation's non-controlling affiliate, since 1980. He has been the lead portfolio manager at Petroleum & Resources since April 1, 1991. During his 21-year tenure as the lead portfolio manager, the Corporation has provided to its stockholders, on an annual basis, a total return based on net asset value, with dividends and capital gains reinvested, of 9.76% and an annualized total return of 9.55% based on market value, through March 31, 2012.