UNITED STATES
SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended September 30, 2006
Check here if Amendment [ ]; Amendment Number:
This amendment (Check only one.) : [ ] is a restatement
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Petroleum & Resources Corporation
Address: 7 St. Paul Street, Suite 1140
Baltimore, MD 21202
Form 13F File Number: 28-596
The institutional investment manager filing this report and the person
by whom it is signed hereby represent that the person signing the
report is authorized to submit it, that all information contained
herein is true, correct and complete, and that it is understood that
all required items, statements, schedules, lists,and tables, are
considered integral parts of this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Christine M. Sloan
Title: Assistant Treasurer
Phone: (410) 752-5900
Signature, Place, and Date of Signing:
Christine M. Sloan Baltimore, MD October 27, 2006
[Signature] [City, State] [Date]
Report Type (Check only one.):
[X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting
manager are reported in this report.)
[ ] 13F NOTICE. (Check here if no holdings reported
are in this report, and all holdings are reported by other
[ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings
for this reporting manager are reported in this report and a portion are
reported by other reporting manager (s).)
List of Other Managers Reporting for this Manager:
Form 13F File Number Name
28
[Repeat as necessary.]
Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 53
Form 13F Information Table Value Total: $ 732,140
(in thousands)
List of Other Included Managers:
Provide a numbered list of the name (s) and Form 13F file number(s)
of all institutional investment managers with respect to which this
report is filed, other than the manager filing this report.
[If there are no entries in this list, state "NONE" and omit the column
headings and
list entries.]
No. Form 13-F File No. Name
28-
[Repeat as necessary.]
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6COLUMN 7 COLUMN 8
NAME OF ISSUER TITLE OF CLASS CUSIP VALUE IN SHARES/PRN SH/ PUT/ INVSTM OTHER VOTING AUTHORITY
000's AMOUNT PRN CALLDISCRETNMANAGERS
SOLE SHARED NONE
>C>
AGL RESOURCES INC. COM 001204106 6,205 170,000 SH SOLE 170,000
AIR PRODUCTS & CHEMICA COM 009158106 8,296 125,000 SH SOLE 125,000
APACHE CORP. COM 037411105 9,998 158,200 SH SOLE 158,200
AQUA AMERICA, INC. COM 03836W103 7,723 352,000 SH SOLE 352,000
ARKEMA COM 041232109 284 6,000 SH SOLE 6,000
AVENTINE RENEWABLE ENE COM 05356X403 855 40,000 SH SOLE 40,000
BAKER HUGHES, INC.. COM 057224107 13,981 205,000 SH SOLE 205,000
BJ SERVICES CO. COM 055482103 22,296 740,000 SH SOLE 740,000
BP P.L.C. SPONSORED ADR055622104 27,871 425,000 SH SOLE 425,000
BRONCO DRILLING CO.,INC COM 112211107 81 4,600 SH SOLE 4,600
CHEVRON CORP. COM 166764100 41,186 635,000 SH SOLE 635,000
CONOCOPHILLIPS COM 20825C104 33,152 556,891 SH SOLE 556,891
CONSOL ENERGY INC. COM 20854P109 952 30,000 SH SOLE 30,000
DEVON ENERGY CORP. COM 25179M103 21,471 340,000 SH SOLE 340,000
DUKE ENERGY CORP. COM 26441C105 6,572 217,624 SH SOLE 217,624
DUPONT EI DE NEMOURS COM 263534109 6,747 157,500 SH SOLE 157,500
ENERGEN CORP. COM 29265N108 16,748 400,000 SH SOLE 400,000
ENSCO INTERNATIONAL, INC COM 26874Q100 5,880 134,150 SH SOLE 134,150
EOG RESOURCES INC. COM 26875P101 20,816 320,000 SH SOLE 320,000
EQUITABLE RESOURCES IN COM 294549100 15,741 450,000 SH SOLE 450,000
EXXON MOBIL CORP. COM 30231G102 83,540 1,245,000 SH SOLE 1,245,000
FLORIDA ROCK INDUSTRIE COM 341140101 4,064 105,000 SH SOLE 105,000
GENERAL ELECTRIC CO. COM 369604103 16,054 454,800 SH SOLE 454,800
GLOBALSANTAFE CORP. COM G3930E101 14,497 290,000 SH SOLE 290,000
GRANT PRIDECO INC COM 38821G101 11,713 308,000 SH SOLE 308,000
HERCULES OFFSHORE, INC COM 427093109 4,968 160,000 SH SOLE 160,000
HESS CORPORATION COM 42809H107 8,077 195,000 SH SOLE 195,000
HOLLY CORP. COM PAR $0.01435758305 18,198 420,000 SH SOLE 420,000
HUGOTON ROYALTY TR TEX UNIT BEN INT 444717102 615 23,343 SH SOLE 23,343
MARATHON OIL CO. COM 565849106 9,228 120,000 SH SOLE 120,000
MARTIN MARIETTA MATERI COM 573284106 2,539 30,000 SH SOLE 30,000
MDU RESOURCES GROUP, I COM 552690109 8,378 375,000 SH SOLE 375,000
MURPHY OIL CORP. COM 626717102 10,295 216,500 SH SOLE 216,500
NABORS INDUSTRIES, LTD COM G6359F103 15,470 520,000 SH SOLE 520,000
NATIONAL FUEL GAS CO. COM 636180101 7,270 200,000 SH SOLE 200,000
NEW JERSEY RESOURCES C COM 646025106 9,860 200,000 SH SOLE 200,000
NEWFIELD EXPLORATION C COM 651290108 6,745 175,000 SH SOLE 175,000
NOBLE CORP COM G65422100 12,836 200,000 SH SOLE 200,000
NOBLE ENERGY INC. COM 655044105 19,604 430,000 SH SOLE 430,000
OCCIDENTAL PETROLEUM C COM 674599105 19,244 400,000 SH SOLE 400,000
PIONEER NATURAL RESOUR COM 723787107 4,890 125,000 SH SOLE 125,000
QUESTAR CORP COM 748356102 16,354 200,000 SH SOLE 200,000
ROHM & HAAS CO. COM 775371107 9,470 200,000 SH SOLE 200,000
ROYAL DUTCH SHELL PLC- PONSORED ADRA780259206 18,178 275,000 SH SOLE 275,000
SCHLUMBERGER LTD COM 806857108 34,737 560,000 SH SOLE 560,000
SEMCO ENERGY INC. COM 78412D109 2,474 438,600 SH SOLE 438,600
SUNCOR ENERGY COM 867229106 7,205 100,000 SH SOLE 100,000
TODCO COM 88889T107 6,920 200,000 SH SOLE 200,000
TOTAL S.A. SPONSORED ADR89151E109 15,826 240,000 SH SOLE 240,000
VALERO ENERGY CORP. COM 91913Y100 18,272 355,000 SH SOLE 355,000
WEATHERFORD INT'L. LTD COM G95089101 20,591 493,560 SH SOLE 493,560
WILLIAMS COMPANIES, IN COM 969457100 10,742 450,000 SH SOLE 450,000
XTO ENERGY COM 98385X106 16,431 390,000 SH SOLE 390,000
732,140