UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: December 31, 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_ January 24, 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: ____62______
Form 13F Information Table Value Total: $__404________
(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 /P CALL
RN
SOLE SHAR NONE
ED
ALBEMARLE CORP COM 012653101 5,406 190,000 SH SOLE 190,000
AMERADA HESS CORP. COM 023551104 2,753 50,000 SH SOLE 50,000
AMERADA HESS CORP. CALL 023551904 550 10,000 CALL
ANADARKO PETROLEUM COM 032511107 11,975 250,000 SH SOLE 250,000
APACHE CORPORATION COM 037411105 8,776 154,000 SH SOLE 154,000
APACHE CORPORATION CALL 037411905 570 10,000 CALL
ARCH COAL INC. COM 039380100 4,534 210,000 SH SOLE 210,000
ATMOS ENERGY CORP COM 049560105 3,253 139,500 SH SOLE 139,500
BJ SERVICES CO. COM 055482103 12,924 400,000 SH SOLE 400,000
BP PLC ADRS 055622104 19,593 482,000 SH SOLE 482,000
BAKER HUGHES, INC. COM 057224107 3,541 110,000 SH SOLE 110,000
BOISE CASCADE CORP. COM 097383103 5,170 205,000 SH SOLE 205,000
BOISE CASCADE CORP 7.5% ACES PFD 097383855 2,141 51,000 SH SOLE 51,000
CHEVRONTEXACO CORP COM 166764100 19,944 300,000 SH SOLE 300,000
CONOCOPHILLIIPS INC. COM 20825C104 6,790 140,310 SH SOLE 140,310
CORE LABORATORIES N.A. COM N22717107 2,377 209,400 SH SOLE 209,400
DEVON ENERGY CORP. COM 25179M103 3,672 80,000 SH SOLE 80,000
DUKE ENERGY CORP. COM 264399106 2,247 115,000 SH SOLE 115,000
DUKE ENERGY 8.25% UNITS PFD 264399585 2,546 160,000 SH SOLE 160,000
EOG RESOURCES INC. COM 26875P101 7,984 200,000 SH SOLE 200,000
EL PASO ENERGY CORP. COM 28336L109 1,462 210,000 SH SOLE 210,000
ENERGEN CORP COM 29265N108 7,275 250,000 SH SOLE 250,000
ENGELHARD CORP. COM 292845104 2,791 124,900 SH SOLE 124,900
EQUITABLE RSOURCES COM 294549100 12,649 361,000 SH SOLE 361,000
EXXON MOBIL CORP COM 30231G102 36,688 1,050,000 SH SOLE 1,050,000
GENERAL ELECTRIC CO. COM 369604103 8,522 350,000 SH SOLE 350,000
GLOBALSANTAFE CORPORATION COM G3930E101 4,864 200,000 SH SOLE 200,000
GRANT PRIDECO INC. COM 38821G101 3,585 308,000 SH SOLE 308,000
INGERSOLL-RAND CO. LTD COM G4776G101 3,014 70,000 SH SOLE 70,000
INGERSOLL-RAND CO. LTD PUTS G4776G951 1,292 30,000 PUT
KERR MCGEE CORP COM 492386107 7,848 177,153 SH SOLE 177,153
KEYSPAN CORP. COM 49337W100 7,753 220,000 SH SOLE 220,000
KINDER MORGAN INC. COM 49455P101 6,869 162,500 SH SOLE 162,500
MDU RESOURCES GROUP INC COM 552690109 5,162 200,000 SH SOLE 200,000
MEADWESTVACO CORP COM 583334107 1,483 60,000 SH SOLE 60,000
MURPHY OIL CORP. COM 626717102 5,999 140,000 SH SOLE 140,000
NABORS INDUSTRIES, INC. COM G6359F103 7,054 200,000 SH SOLE 200,000
NATIONAL FUEL GAS CO. COM 636180101 4,146 200,000 SH SOLE 200,000
NEW JERSEY RESOURCES COM 646025106 8,766 277,500 SH SOLE 277,500
NOBLE ENERGY INC. COM 655044105 4,694 125,000 SH SOLE 125,000
NOBLE CORP. COM G65422100 4,745 135,000 SH SOLE 135,000
NORTHWESTERN CORP. COM 668074107 1,016 200,000 SH SOLE 200,000
OCCIDENTAL PETROLEUM COM 674599105 4,979 175,000 SH SOLE 175,000
OCEAN ENERGY, INC. COM 67481E106 10,984 550,000 SH SOLE 550,000
PHILADELHPIA SUBURBAN CORP COM 718009608 6,283 305,000 SH SOLE 305,000
PIONEER NATURAL RESOURCES COM 723787107 5,934 235,000 SH SOLE 235,000
QUESTAR CORP. COM 748356102 7,456 268,000 SH SOLE 268,000
ROHM & HAAS COM 775371107 6,496 200,000 SH SOLE 200,000
ROYAL DUTCH PETROLEUM $1.25 GLD 780257804 29,053 660,000 SH SOLE 660,000
SCHLUMBERGER, LTD. COM 806857108 7,997 190,000 SH SOLE 190,000
SHELL TRANSPORT & TRADING ADRS 822703609 5,838 150,000 SH SOLE 150,000
STONE ENERGY CORP. COM 861642106 3,479 104,300 SH SOLE 104,300
TECO ENERGY, INC COM 872375100 3,094 200,000 SH SOLE 200,000
TECO ENERGY, INC. CALL 872375900 657 42,500 CALL
TEMPLE-INLAND, INC. COM 879868107 5,377 120,000 SH SOLE 120,000
TOTALFINA ELF SA ADR 89151E109 8,937 125,000 SH SOLE 125,000
TRANSOCEAN INC. COM G90078109 4,640 200,000 SH SOLE 200,000
UNOCAL CAPITAL TRUST $3.125 CV COM 91528T207 3,681 72,540 SH SOLE 72,540
UNOCAL CORP COM 985289102 4,587 150,000 SH SOLE 150,000
WEATHERFORD INTL. LTD COM G05089101 8,186 205,000 SH SOLE 205,000
WILLIAMS COMPANIES INC. COM 969457100 540 200,000 SH SOLE 200,000
WILLIAMS COMPANIES FELINE PACS 969457886 956 120,000 SH SOLE 120,000
403,577