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Declares Dividend and Reports Strong Performance for the First Half of 2008+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-font-family:+ACI-Courier New+ACI-'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-font-family:+ACI-Courier New+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-BALTIMORE, July 10 /PRNewswire-FirstCall/ -- The Board of Directors of Petroleum +ACY-amp+ADs- Resources Corporation today declared a dividend of +ACQ-0.13 per share, payable September 1, 2008, to stockholders of record on August 12, 2008, and announced the Fund's outstanding performance for the first half of 2008.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- 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style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-For the six months ended June 30th, the total return on Petroleum +ACY-amp+ADs- Resources' net asset value, after adjusting for income dividends as well as capital gain distributions paid, was 17.7+ACU-. Comparable figures for the Dow Jones Oil and Gas Index and the Standard +ACY-amp+ADs- Poor's Index of 500 Stocks were 10.1+ACU- and -11.6+ACU-, respectively. The total return on Petroleum +ACY-amp+ADs- Resources' market value, after adjustment, was 13.5+ACU-.+ADw-span style+AD0-'mso-tab-count:1'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-font-family:+ACI-Courier New+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-For the twelve months ended June 30th, the total return on Petroleum +ACY-amp+ADs- Resources' net asset value, after adjusting for income dividends as well as capital gain distributions paid, was 30.7+ACU-. Comparable figures for the Dow Jones Oil and Gas Index and the Standard +ACY-amp+ADs- Poor's Index of 500 Stocks were 24.7+ACU- and -13.1+ACU-, respectively. The total return on Petroleum +ACY-amp+ADs- Resources' market value, after adjustment, was 25.8+ACU-.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-font-family:+ACI-Courier New+ACI-'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-font-family:+ACI-Courier New+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-The net asset value of Petroleum +ACY-amp+ADs- Resources at June 30, 2008, compared with the year earlier, is:+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-font-family:+ACI-Courier 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style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA-50.26+ACoAPA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA-42.86+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-font-family:+ACI-Courier New+ACI-'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-font-family:+ACI-Courier New+ACI-'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-font-family:+ACI-Courier New+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AKg-After capital gain distributions of +ACQ-0.09 per share paid in March 2008.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-font-family:+ACI-Courier New+ACI-'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-font-family:+ACI-Courier New+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-The net capital gain realized through June 30, 2008, was +ACQ-1.70 per share.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-font-family:+ACI-Courier New+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-The Corporation repurchased 141,500 shares of its Common Stock during the six month period.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-font-family:+ACI-Courier New+ACI-'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal align+AD0-center style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt: auto+ADs-text-align:center'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-font-family:+ACI-Courier New+ACI-'+AD4-Securities Transactions+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-font-family:+ACI-Courier New+ACI-'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-font-family:+ACI-Courier New+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-During the three months ended June 30, 2008, two new names were added to the investment list of the Corporation with the purchases of Complete Production Services, Inc. and Halliburton Co.+ADs- National Oilwell Varco, Inc. was also added via merger with Grant Prideco.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-The Corporation added to its existing holdings in Chevron, Massey Energy, and Schlumberger.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-span lang+AD0-EN-US style+AD0-'font-size:10.0pt+ADs-font-family:+ACI-Courier New+ACIAOw-mso-fareast-font-family: +ACI-Times New Roman+ACIAOw-mso-ansi-language:EN-US+ADs-mso-fareast-language:EN-US+ADs- mso-bidi-language:AR-SA'+AD4APA-br clear+AD0-all style+AD0-'page-break-before:always'+AD4- +ADw-/span+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-font-family:+ACI-Courier New+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Seven issues were eliminated from the Corporation's holdings with the sales of AGL Resources, Aqua America, BJ Services, Duke Energy, ENSCO International, General Electric, and Valero Energy+ADs- Grant Prideco was eliminated via its merger with National Oilwell Varco. Reductions were made in the holdings of Devon Energy, Energen, EOG Resources, Equitable Resources, and Rohm +ACY-amp+ADs- Haas.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-font-family:+ACI-Courier New+ACI-'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-font-family:+ACI-Courier New+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Petroleum +ACY-amp+ADs- Resources Corporation is a Baltimore-based closed-end investment company traded on the New York Stock Exchange under the symbol PEO.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-The Semi-Annual Report is expected to be released on or about July 18, 2008.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-font-family:+ACI-Courier New+ACI-'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-font-family:+ACI-Courier New+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-For further information please contact:+ADw-span style+AD0-'mso-tab-count:1'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-font-family:+ACI-Courier New+ACI-'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal align+AD0-center style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt: auto+ADs-text-align:center'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-font-family:+ACI-Courier New+ACI-'+AD4-Douglas G. Ober, Chairman, President +ACY-amp+ADs- CEO+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal align+AD0-center style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt: auto+ADs-text-align:center'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-font-family:+ACI-Courier New+ACI-'+AD4-Lawrence L. Hooper, Jr., Vice President, General Counsel and Secretary+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal align+AD0-center style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt: auto+ADs-text-align:center'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-font-family:+ACI-Courier New+ACI-'+AD4-(410) 752-5900 or (800) 638-2479+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal align+AD0-center style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt: auto+ADs-text-align:center'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-font-family:+ACI-Courier New+ACI-'+AD4-email: contact+AEA-peteres.com+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-website: www.peteres.com+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-font-family:+ACI-Courier New+ACI-'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-font-family:+ACI-Courier New+ACI-'+AD4-SOURCE+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-Petroleum +ACY-amp+ADs- Resources Corporation +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-font-family:+ACI-Courier New+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4--0- +ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4-07/10/2008+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4-+ADw-span style+AD0-'font-size:10.0pt+ADs-font-family:+ACI-Courier New+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-/CONTACT: Douglas G. Ober, Chairman, President +ACY-amp+ADs- CEO, or Lawrence L. Hooper, Jr., Vice President, General Counsel and Secretary, 410-752-5900 or 800-638-2479, contact+AEA-peteres.com/+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-font-family:+ACI-Courier New+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-/Web site:+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-http://www.peteres.com /+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-font-family:+ACI-Courier New+ACI-'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(PEO)+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span style+AD0-'font-size:10.0pt+ADs-font-family:+ACI-Courier New+ACI-'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-/div+AD4- +ADw-/div+AD4- +ADw-/body+AD4- +ADw-/html+AD4-