BALTIMORE, Dec. 9, 2014 /PRNewswire/ -- Petroleum & Resources Corporation (NYSE: PEO) has determined that $24.19 per share is 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. This price is the mean between the high and low sales prices of the Fund's stock on the New York Stock Exchange on December 8, 2014.

The shares of common stock will be issued in payment of the $1.59 year-end distribution, consisting of $0.29 in net investment income and $1.30 in net realized capital gains. The year-end distribution is payable on December 23, 2014.

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 6.6% annual distribution rate, exceeding the annual minimum 6% commitment. Please see the information posted at our website, www.peteres.com, for more details concerning the annual minimum 6% distribution rate commitment.

The Fund has paid out capital gains to its shareholders for 63 consecutive years and has paid dividends for 80 consecutive years.

For further information please contact:

SOURCE Petroleum & Resources Corporation