BALTIMORE, Dec. 9, 2013 /PRNewswire/ -- Petroleum & Resources Corporation (NYSE: PEO), determined today the issue price for the closed-end fund's year-end distribution for shareholders who have elected to receive the distribution in the form of stock.

The price at which common stock will be issued in payment of the $1.58 year-end distribution, consisting of $0.23 in net investment income and $1.35 in net realized capital gains, is $26.48 per share. This price is the mean between today's high and low sales prices of the Fund's stock on the New York Stock Exchange. The year-end distribution is payable on December 27, 2013.

The Fund has committed to distribute each year an amount equal to at least 6% of the Fund's trailing 12-month average month-end market price. This year, the Fund is distributing an amount that results in a 7.2% annual distribution rate, exceeding the 6% minimum commitment. Please see the information posted at our website, www.peteres.com, for more details concerning the 6% minimum annual distribution rate commitment.

The Fund has paid out capital gains to its shareholders for 62 consecutive years and has paid dividends for 79 consecutive years.

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SOURCE Petroleum & Resources Corporation