UNITED STATES
SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended December 31, 2007
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 February 12, 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: 45
Form 13F Information Table Value Total: $ 948,963
(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 6,399 170,000 SH SOLE 170,000
AIR PRODUCTS & CHEMICA COM 009158106 11,342 115,000 SH SOLE 115,000
APACHE CORP. COM 037411105 21,508 200,000 SH SOLE 200,000
AQUA AMERICA, INC. COM 03836W103 5,957 281,000 SH SOLE 281,000
BAKER HUGHES, INC.. COM 057224107 16,626 205,000 SH SOLE 205,000
BJ SERVICES CO. COM 055482103 4,915 202,600 SH SOLE 202,600
CHEVRON CORP. COM 166764100 66,731 715,000 SH SOLE 715,000
CONOCOPHILLIPS COM 20825C104 49,173 556,891 SH SOLE 556,891
DEVON ENERGY CORP. COM 25179M103 29,340 330,000 SH SOLE 330,000
DUKE ENERGY CORP. COM 26441C105 4,389 217,624 SH SOLE 217,624
DUPONT EI DE NEMOURS COM 263534109 6,944 157,500 SH SOLE 157,500
ENERGEN CORP. COM 29265N108 25,692 400,000 SH SOLE 400,000
ENSCO INTERNATIONAL, I COM 26874Q100 12,470 209,150 SH SOLE 209,150
EOG RESOURCES INC. COM 26875P101 20,528 230,000 SH SOLE 230,000
EQUITABLE RESOURCES IN COM 294549100 23,976 450,000 SH SOLE 450,000
EXXON MOBIL CORP. COM 30231G102 116,644 1,245,000 SH SOLE 1,245,000
FOREST OIL CORP COM 346091705 1,881 37,000 SH SOLE 37,000
GENERAL ELECTRIC CO. COM 369604103 12,159 328,000 SH SOLE 328,000
GRANT PRIDECO INC COM 38821G101 17,097 308,000 SH SOLE 308,000
HERCULES OFFSHORE, INC COM 427093109 12,896 542,320 SH SOLE 542,320
HESS CORPORATION COM 42809H107 19,668 195,000 SH SOLE 195,000
INTERNATIONAL COAL GRO COM 45928H106 8,812 1,644,076 SH SOLE 1,644,076
LUBRIZOL CORP COM 549271104 7,312 135,000 SH SOLE 135,000
MARATHON OIL CO. COM 565849106 14,606 240,000 SH SOLE 240,000
MDU RESOURCES GROUP, I COM 552690109 10,354 375,000 SH SOLE 375,000
MURPHY OIL CORP. COM 626717102 18,368 216,500 SH SOLE 216,500
NABORS INDUSTRIES, LTD COM G6359F103 14,243 520,000 SH SOLE 520,000
NATIONAL FUEL GAS CO. COM 636180101 9,336 200,000 SH SOLE 200,000
NEW JERSEY RESOURCES C COM 646025106 10,004 200,000 SH SOLE 200,000
NOBLE CORP COM G65422100 33,906 600,000 SH SOLE 600,000
NOBLE ENERGY INC. COM 655044105 27,037 340,000 SH SOLE 340,000
NORTHEAST UTILITIES COM 664397106 3,475 111,000 SH SOLE 111,000
OCCIDENTAL PETROLEUM C COM 674599105 30,796 400,000 SH SOLE 400,000
QUESTAR CORP COM 748356102 17,312 320,000 SH SOLE 320,000
ROHM & HAAS CO. COM 775371107 10,349 195,000 SH SOLE 195,000
ROYAL DUTCH SHELL PLC- PONSORED ADRA780259206 22,313 265,000 SH SOLE 265,000
SCHLUMBERGER LTD COM 806857108 55,087 560,000 SH SOLE 560,000
SPECTRA ENERGY CORP. COM 847560109 2,810 108,812 SH SOLE 108,812
SUNCOR ENERGY COM 867229106 9,786 90,000 SH SOLE 90,000
TOTAL S.A. SPONSORED ADR89151E109 32,214 390,000 SH SOLE 390,000
TRANSOCEAN INC COM G90073100 19,748 137,953 SH SOLE 137,953
VALERO ENERGY CORP. COM 91913Y100 29,763 425,000 SH SOLE 425,000
WEATHERFORD INT'L. LTD COM G95089101 33,858 493,560 SH SOLE 493,560
WILLIAMS COMPANIES, IN COM 969457100 16,101 450,000 SH SOLE 450,000
XTO ENERGY COM 98385X106 25,038 487,500 SH SOLE 487,500
948,963