UNITED STATES
SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended March 31, 2008
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 April 28, 2008
[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: 46
Form 13F Information Table Value Total: $ 927,649
(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 5,834 170,000 SH SOLE 170,000
AIR PRODUCTS & CHEMICA COM 009158106 10,580 115,000 SH SOLE 115,000
APACHE CORP. COM 037411105 24,164 200,000 SH SOLE 200,000
AQUA AMERICA, INC. COM 03836W103 5,277 281,000 SH SOLE 281,000
BAKER HUGHES, INC.. COM 057224107 14,043 205,000 SH SOLE 205,000
BJ SERVICES CO. COM 055482103 5,776 202,600 SH SOLE 202,600
CHEVRON CORP. COM 166764100 61,032 715,000 SH SOLE 715,000
CONOCOPHILLIPS COM 20825C104 42,441 556,891 SH SOLE 556,891
DEVON ENERGY CORP. COM 25179M103 34,429 330,000 SH SOLE 330,000
DUKE ENERGY CORP. COM 26441C105 3,885 217,624 SH SOLE 217,624
DUPONT EI DE NEMOURS COM 263534109 7,365 157,500 SH SOLE 157,500
ENERGEN CORP. COM 29265N108 24,920 400,000 SH SOLE 400,000
ENSCO INTERNATIONAL, I COM 26874Q100 13,097 209,150 SH SOLE 209,150
EOG RESOURCES INC. COM 26875P101 27,600 230,000 SH SOLE 230,000
EQUITABLE RESOURCES IN COM 294549100 26,505 450,000 SH SOLE 450,000
EXXON MOBIL CORP. COM 30231G102 105,302 1,245,000 SH SOLE 1,245,000
FOREST OIL CORP COM 346091705 1,811 37,000 SH SOLE 37,000
GENERAL ELECTRIC CO. COM 369604103 6,070 164,000 SH SOLE 164,000
GRANT PRIDECO INC COM 38821G101 15,160 308,000 SH SOLE 308,000
HERCULES OFFSHORE, INC COM 427093109 15,072 600,000 SH SOLE 600,000
HESS CORPORATION COM 42809H107 17,195 195,000 SH SOLE 195,000
INTERNATIONAL COAL GRO COM 45928H106 19,050 3,000,000 SH SOLE 3,000,000
LUBRIZOL CORP COM 549271104 7,494 135,000 SH SOLE 135,000
MARATHON OIL CO. COM 565849106 10,944 240,000 SH SOLE 240,000
MASSEY ENERGY CO. COM 576206106 3,536 96,879 SH SOLE 96,879
MDU RESOURCES GROUP, I COM 552690109 9,206 375,000 SH SOLE 375,000
MURPHY OIL CORP. COM 626717102 17,783 216,500 SH SOLE 216,500
NABORS INDUSTRIES, LTD COM G6359F103 17,560 520,000 SH SOLE 520,000
NATIONAL FUEL GAS CO. COM 636180101 9,442 200,000 SH SOLE 200,000
NEW JERSEY RESOURCES C COM 646025106 9,315 300,000 SH SOLE 300,000
NOBLE CORP COM G65422100 29,802 600,000 SH SOLE 600,000
NOBLE ENERGY INC. COM 655044105 24,752 340,000 SH SOLE 340,000
NORTHEAST UTILITIES COM 664397106 4,908 200,000 SH SOLE 200,000
OCCIDENTAL PETROLEUM C COM 674599105 29,268 400,000 SH SOLE 400,000
QUESTAR CORP COM 748356102 18,099 320,000 SH SOLE 320,000
ROHM & HAAS CO. COM 775371107 8,112 150,000 SH SOLE 150,000
ROYAL DUTCH SHELL PLC-SPONSORED ADRA780259206 18,280 265,000 SH SOLE 265,000
SCHLUMBERGER LTD COM 806857108 48,720 560,000 SH SOLE 560,000
SPECTRA ENERGY CORP. COM 847560109 2,475 108,812 SH SOLE 108,812
SUNCOR ENERGY COM 867229106 8,672 90,000 SH SOLE 90,000
TOTAL S.A. SPONSORED ADR89151E109 28,864 390,000 SH SOLE 390,000
TRANSOCEAN INC SHS G90073100 32,171 237,953 SH SOLE 237,953
VALERO ENERGY CORP. COM 91913Y100 20,872 425,000 SH SOLE 425,000
WEATHERFORD INT'L. LTD COM G95089101 35,768 493,560 SH SOLE 493,560
WILLIAMS COMPANIES, IN COM 969457100 14,841 450,000 SH SOLE 450,000
XTO ENERGY COM 98385X106 30,157 487,500 SH SOLE 487,500
927,649