BALTIMORE, July 10, 2014 /PRNewswire/ -- The Board of Directors of Petroleum & Resources (NYSE: PEO) today declared a dividend of $0.10 per share, payable September 2, 2014, to shareholders of record on August 12, 2014. This dividend represents the third payment toward the Fund's annual 6% minimum distribution rate commitment for the year. Details regarding the annual 6% minimum distribution rate commitment can be found at www.peteres.com.
Performance
For the six months ended June 30th, the total return on the Fund's net asset value, with dividends and capital gains reinvested, was 14.3%. The comparable figure for the Lipper Global Natural Resources Funds Index (Lipper Peer Group) was 12.5%. The total return on the Fund's market price was 14.7%.
For the twelve months ended June 30th, the total return on the Fund's net asset value, with dividends and capital gains reinvested, was 32.6%. The comparable figure for the Lipper Peer Group was 28.4%. The total return on the Fund's market price was 30.1%.
Net Asset Value
The Fund's net asset value at June 30, 2014, compared with the year earlier, was:
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6/30/14
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6/30/13
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Net assets
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$976,456,224
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$776,225,123
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Shares outstanding
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26,660,966
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26,242,772
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Net asset value per share
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$36.62
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$29.58
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During the period, the Fund repurchased 125,200 shares of its common stock at an average price of $28.45 and a weighted average discount to net asset value of 15.1%.
The Fund realized a net capital gain of $1.07 per share from the securities transactions that it conducted during the six-month period.
The Semi-Annual Report to Shareholders is expected to be released on or about July 18, 2014.
Petroleum & Resources Corporation is a Baltimore-based closed-end fund that has been operating as an investment company since 1929. Its stock trades on the New York Stock Exchange under the symbol PEO.
For further information please contact:
Lawrence L. Hooper, Jr., Vice President, General Counsel and Secretary
(410) 752-5900 or (800) 638-2479
E-mail: contact@peteres.com
Website: www.peteres.com
SOURCE Petroleum & Resources Corporation