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, 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 May 11, 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: $ 778,968
(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 6,129 170,000 SH SOLE 170,000
AIR PRODUCTS & CHEMICA COM 009158106 8,399 125,000 SH SOLE 125,000
AMERADA HESS CORP COM 023551104 9,256 65,000 SH SOLE 65,000
APACHE CORP. COM 037411105 10,809 165,000 SH SOLE 165,000
AQUA AMERICA, INC. COM 03836W103 10,572 380,000 SH SOLE 380,000
ARCH COAL INC. COM 039380100 15,188 200,000 SH SOLE 200,000
BAKER HUGHES, INC.. COM 057224107 8,892 130,000 SH SOLE 130,000
BJ SERVICES CO. COM 055482103 25,604 740,000 SH SOLE 740,000
BP P.L.C. SPONSORED ADR055622104 41,364 600,000 SH SOLE 600,000
BURLINGTON RESOURCES I COM 122014103 5,974 65,000 SH SOLE 65,000
CHEVRON CORP. COM 166764100 36,811 635,000 SH SOLE 635,000
CONOCOPHILLIPS COM 20825C104 32,207 510,000 SH SOLE 510,000
CONSOL ENERGY INC. COM 20854P109 11,866 160,000 SH SOLE 160,000
DEVON ENERGY CORP. COM 25179M103 20,798 340,000 SH SOLE 340,000
DUKE ENERGY CORP. COM 264399106 6,344 217,624 SH SOLE 217,624
DUPONT EI DE NEMOURS COM 263534109 6,648 157,500 SH SOLE 157,500
ENERGEN CORP. COM 29265N108 14,000 400,000 SH SOLE 400,000
EOG RESOURCES INC. COM 26875P101 23,040 320,000 SH SOLE 320,000
EQUITABLE RESOURCES IN COM 294549100 16,429 450,000 SH SOLE 450,000
EXXON MOBIL CORP. COM 30231G102 69,380 1,140,000 SH SOLE 1,140,000
FLORIDA ROCK INDUSTRIES COM 341140101 4,216 75,000 SH SOLE 75,000
GENERAL ELECTRIC CO. COM 369604103 15,818 454,800 SH SOLE 454,800
GLOBALSANTAFE CORP. COM G3930E101 17,618 290,000 SH SOLE 290,000
GRANT PRIDECO INC COM 38821G101 13,195 308,000 SH SOLE 308,000
HERCULES OFFSHORE, INC COM 427093109 3,741 110,000 SH SOLE 110,000
HOLLY CORP. COM PAR $0.01435758305 15,565 210,000 SH SOLE 210,000
KERR-MCGEE CORP. COM 492386107 10,278 107,647 SH SOLE 107,647
MARATHON OIL CORP. COM 565849106 8,379 110,000 SH SOLE 110,000
MARTIN MARIETTA MATERI COM 573284106 3,211 30,000 SH SOLE 30,000
MDU RESOURCES GROUP, I COM 552690109 8,362 250,000 SH SOLE 250,000
MURPHY OIL CORP. COM 626717102 12,455 250,000 SH SOLE 250,000
NABORS INDUSTRIES, LTD COM G6359F103 18,611 260,000 SH SOLE 260,000
NATIONAL FUEL GAS CO. COM 636180101 6,544 200,000 SH SOLE 200,000
NEW JERSEY RESOURCES C COM 646025106 9,050 200,000 SH SOLE 200,000
NEWFIELD EXPLORATION C COM 651290108 7,332 175,000 SH SOLE 175,000
NOBLE CORP COM G65422100 15,003 185,000 SH SOLE 185,000
NOBLE ENERGY INC. COM 655044105 18,886 430,000 SH SOLE 430,000
OCCIDENTAL PETROLEUM C COM 674599105 18,530 200,000 SH SOLE 200,000
PIONEER NATURAL RESOUR COM 723787107 7,744 175,000 SH SOLE 175,000
PRECISION DRILLING TRU TR UNIT 740215108 9,702 300,000 SH SOLE 300,000
QUESTAR CORP COM 748356102 14,010 200,000 SH SOLE 200,000
ROHM & HAAS CO. COM 775371107 9,774 200,000 SH SOLE 200,000
ROYAL DUTCH SHELL PLC-SPONSORED ADRA780259206 17,121 275,000 SH SOLE 275,000
SCHLUMBERGER LTD COM 806857108 35,440 280,000 SH SOLE 280,000
SMURFIT-STONE CONTAINE COM 832727101 4,071 300,000 SH SOLE 300,000
TODCO COM 88889T107 6,897 175,000 SH SOLE 175,000
TOTAL S.A. SPONSORED ADR89151E109 15,808 120,000 SH SOLE 120,000
TRONOX INC COM 897051207 368 21,705 SH SOLE 21,705
VALERO ENERGY CORP. COM 91913Y100 14,347 240,000 SH SOLE 240,000
WEATHERFORD INT'L. LTD COM G95089101 22,580 493,560 SH SOLE 493,560
WESTERN REFINING INC. COM 959319104 7,567 350,000 SH SOLE 350,000
WILLIAMS COMPANIES, IN COM 969457100 9,625 450,000 SH SOLE 450,000
XTO ENERGY COM 98385X106 17,428 400,000 SH SOLE 400,000
778,986