Petroleum & Resources Corporation Declares Year-End Distribution of Capital Gains and Investment Income
November 12 2009 - 11:30AM
PR Newswire (US)
BALTIMORE, Nov. 12 /PRNewswire-FirstCall/ -- The Board of Directors
of Petroleum & Resources Corporation (NYSE:PEO) declared today
a year-end distribution of $1.04 per share, consisting of the
following: 1) a capital gains distribution of $0.98 per share from
net capital gains realized during 2009, comprised of $0.14
short-term and $0.84 long-term capital gain; and 2) an income
dividend of $0.06 per share from 2009 net investment income. The
payable date for the distribution is December 28, 2009, the record
date is November 20, 2009, and the ex-dividend date is November 18,
2009. Both payments are payable in stock or cash at the option of
each stockholder. This marks the 58th consecutive year in which the
Corporation has paid out capital gains to its stockholders and the
75th consecutive year of paying dividends to its stockholders. With
this distribution, total distributions by the Corporation for 2009
will be $1.40, including distributions made prior to today's
announcement of $0.36 per share, which consisted of $0.31 from
investment income and $0.05 from long-term capital gain. The annual
distribution rate paid to stockholders by the Corporation for 2009
will be approximately 6.7%, calculated by dividing the total
dividends and capital gains distributed during the year by the
average daily market price of the Corporation's Common Stock. For
comparison, in 2008, the Corporation paid total distributions of
$2.99, consisting of $0.38 in dividends and $2.61 in capital gains,
and representing an annual distribution rate of 8.9%. Petroleum
& Resources is a Baltimore-based closed-end investment company.
For further information, contact: Douglas G. Ober, Chairman,
President & CEO Lawrence L. Hooper, Jr., Vice President,
General Counsel and Secretary at (410) 752-5900 or (800) 638-2479.
e-mail: website: http://www.peteres.com/ DATASOURCE: Petroleum
& Resources Corporation CONTACT: Douglas G. Ober, Chairman,
President & CEO, or Lawrence L. Hooper, Jr., Vice President,
General Counsel and Secretary, +1-410-752-5900 or 800-638-2479, Web
Site: http://www.peteres.com/
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