BALTIMORE, Dec. 11, 2014 /PRNewswire/ -- The Board of Directors of Petroleum & Resources (PEO) voted today to extend the Fund's share repurchase program and has authorized the Fund to repurchase up to 5% of its outstanding shares of common stock (approximately 1,332,000 shares). Such repurchases may be made in the open market from time to time, as determined by the portfolio management team, when market conditions and portfolio management considerations warrant and the shares are trading at a discount of at least 10% from net asset value (NAV).

The Fund's repurchase program is implemented on a discretionary basis under the direction of its portfolio management team. There can be no assurance that shares will be repurchased in any given amount going forward.

Shares of closed-end funds often trade at a discount from their NAV. The market price of a closed-end fund's shares can be affected by factors such as changing perceptions about the fund, market conditions, fluctuations in supply and demand for fund shares, changes in fund distributions, and other factors. Past performance is no guarantee of future investment results and your shares, if sold, may be worth more or less than their original cost.

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

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