UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: June 30, 2002
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: 28-293_________
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:
__(signed) Christine M. Sloan Baltimore, MD_ August 8, 2002
[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 reporting
manager(s).)
[ ] 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:
[If there are no entries in this list, omit this section.]
Form 13F File Number Name
28-____________ ________________________________
[Repeat as necessary.]
Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: ______________
Form 13F Information Table Entry Total: ____64______
Form 13F Information Table Value Total: $__464________
(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 13F File Number Name
____ 28-____________ ________________________
[Repeat as necessary.]
FORM 13F INFORMATION TABLE
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COL. 6 COLUMN 7 COLUMN 8
------------------------------- ------------- ---------- -------- ------------------ ------- -------- ----------------------
VALUE INVSTMT OTHER
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) DSCRETN MANAGERS
SHARES/ SH/ PUT/ VOTING AUTHORITY
PRN AMT PRN CALL
SOLE SHAR NONE
ED
ALBEMARLE CORP COM 012653101 461 15,000 SH SOLE 15,000
ALBEMARLE CORP PUT 012653951 154 5,000 PUT
AMERADA HESS CORP. COM 023551104 6,600 80,000 SH SOLE 80,000
ANADARKO PETROLEUM COM 032511107 12,325 250,000 SH SOLE 250,000
APACHE CORPORATION COM 037411105 8,852 154,000 SH SOLE 154,000
ARCH COAL INC. COM 039380100 3,974 175,000 SH SOLE 175,000
ARCH COAL INC. PUT 039380950 341 15,000 PUT
ATMOS ENERGY CORP COM 049560105 3,270 139,500 SH SOLE 139,500
BJ SERVICES CO. COM 055482103 13,552 400,000 SH SOLE 400,000
BJ SERVICES CO. CALL 055482903 339 10,000 CALL
BP PLC ADRS 055622104 24,336 482,000 SH SOLE 482,000
BAKER HUGHES, INC. PUT 057224957 666 20,000 PUT
BOISE CASCADE CORP. COM 097383103 7,078 205,000 SH SOLE 205,000
BOISE CASCADE CORP 7.5% ACES PFD 097383855 2,731 51,000 SH SOLE 51,000
CHEVRONTEXACO CORP COM 166764100 26,550 300,000 SH SOLE 300,000
CONOCO INC, CLASS B COM 208251405 8,340 300,000 SH SOLE 300,000
CORE LABORATORIES N.A. COM N22717107 2,517 209,400 SH SOLE 209,400
DEVON ENERGY CORP. COM 25179M103 3,942 80,000 SH SOLE 80,000
DUKE ENERGY CORP. COM 264399106 3,110 100,000 SH SOLE 100,000
DUKE ENERGY 8.25% UNITS PFD 264399585 3,600 160,000 SH SOLE 160,000
DUKE ENERGY CORP. PUT 264399956 467 15,000 PUT
EOG RESOURCES INC. COM 26875P101 7,940 200,000 SH SOLE 200,000
EL PASO ENERGY CORP. COM 28336L109 6,183 300,000 SH SOLE 300,000
ENERGEN CORP COM 29265N108 6,875 250,000 SH SOLE 250,000
ENGELHARD CORP. COM 292845104 5,664 200,000 SH SOLE 200,000
EQUITABLE RSOURCES COM 294549100 12,382 361,000 SH SOLE 361,000
EXXON MOBIL CORP COM 30231G102 49,104 1,200,000 SH SOLE 1,200,000
GENERAL ELECTRIC CO. COM 369604103 10,168 350,000 SH SOLE 350,000
GENERAL ELECTRIC CO. CALL 369604903 291 10,000 CALL
GLOBALSANTAFE CORPORATION COM G3930E101 5,470 200,000 SH SOLE 200,000
GRANT PRIDECO INC. COM 38821G101 4,189 308,000 SH SOLE 308,000
KERR MCGEE CORP COM 492386107 9,487 177,153 SH SOLE 177,153
KEYSPAN CORP. COM 49337W100 8,283 220,000 SH SOLE 220,000
KINDER MORGAN INC. COM 49455P101 6,178 162,500 SH SOLE 162,500
MEADWESTVACO CORP COM 583334107 7,048 210,000 SH SOLE 210,000
MURPHY OIL CORP. COM 626717102 6,889 83,500 SH SOLE 83,500
NABORS INDUSTRIES, INC. COM 629568106 7,030 200,000 SH SOLE 200,000
NATIONAL FUEL GAS CO. COM 636180101 4,502 200,000 SH SOLE 200,000
NEW JERSEY RESOURCES COM 646025106 8,283 277,500 SH SOLE 277,500
NOBLE AFFILIATES INC. COM 654894104 4,506 125,000 SH SOLE 125,000
NOBLE CORP. COM G65422100 1,930 50,000 SH SOLE 50,000
NORTHWESTERN CORP. COM 668074107 3,390 200,000 SH SOLE 200,000
OCCIDENTAL PETROLEUM COM 674599105 5,248 175,000 SH SOLE 175,000
OCEAN ENERGY, INC. COM 67481E106 11,919 550,000 SH SOLE 550,000
PHILADELHPIA SUBURBAN CORP COM 718009608 6,060 300,000 SH SOLE 300,000
PIONEER NATURAL RESOURCES COM 723787107 6,122 235,000 SH SOLE 235,000
QUESTAR CORP. COM 748356102 6,620 268,000 SH SOLE 268,000
ROHM & HAAS COM 775371107 7,288 180,000 SH SOLE 180,000
ROHM & HAAS PUT 775371957 607 15,000 PUT
ROYAL DUTCH PETROLEUM $1.25 GLD 780257804 39,794 720,000 SH SOLE 720,000
ROYAL DUTCH PETROLEUM $1.25 CALL 780259904 1,105 20,000 CALL
SCHLUMBERGER, LTD. COM 806857108 10,667 229,400 SH SOLE 229,400
SCHLUMBERGER, LTD. CALL 806857908 697 15,000 CALL
SHELL TRANSPORT & TRADING ADRS 822703609 6,752 150,000 SH SOLE 150,000
STONE ENERGY CORP. COM 861642106 4,198 104,300 SH SOLE 104,300
TECO ENERGY, INC COM 872375100 4,950 200,000 SH SOLE 200,000
TEMPLE-INLAND, INC. COM 879868107 6,943 120,000 SH SOLE 120,000
TOTALFINA ELF SA ADR 89151E109 10,113 125,000 SH SOLE 125,000
TRANSOCEAN SEDCO FOREX INC. COM G90078109 6,230 200,000 SH SOLE 200,000
UNOCAL CAPITAL TRUST $3.125 CV COM 91528T207 3,664 72,540 SH SOLE 72,540
UNOCAL CORP COM 985289102 5,541 150,000 SH SOLE 150,000
WEATHERFORD INTL. LTD COM G05089101 8,208 190,000 SH SOLE 190,000
WILLIAMS COMPANIES INC. COM 969457100 1,198 200,000 SH SOLE 200,000
WILLIAMS COMPANIES FELINE PACS 969457886 1,510 120,000 SH SOLE 120,000
464,431