UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: March 31, 2003 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_ April 24, 2003 [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: ____58______ Form 13F Information Table Value Total: $__391________ (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 ------------------------------- NAME OF ISSUER COLUMN 2 ------------- TITLE OF CLASS COLUMN 3 ---------- CUSIP COLUMN 4 -------- VALUE (x$1000) COLUMN 5 ------------------ COL. 6 ------- INVSTMTDSCRETN COLUMN 7 -------- OTHER MANAGERS COLUMN 8 ---------------------- SHARES/ PRN AMT SH/PRN PUT/CALL VOTING AUTHORITY SOLE SHARED NONE ALBEMARLE CORP COM 012653101 4,870 200,000 SH SOLE 200,000 AMERADA HESS CORP. COM 023551104 2,213 50,000 SH SOLE 50,000 ANADARKO PETE CORP COM 032511107 11,375 250,000 SH SOLE 250,000 APACHE CORP COM 037411105 9,076 147,000 SH SOLE 147,000 ARCH COAL INC. COM 039380100 4,562 240,000 SH SOLE 240,000 ATMOS ENERGY CORP COM 049560105 2,966 139,500 SH SOLE 139,500 BJ SVCS COM 055482103 13,068 380,000 SH SOLE 380,000 BP PLC SPONSORED ADR 055622104 19,295 500,000 SH SOLE 500,000 BAKER HUGHES, INC. COM 057224107 3,891 130,000 SH SOLE 130,000 BOISE CASCADE CORP. COM 097383103 4,479 205,000 SH SOLE 205,000 BOISE CASCADE CORP PFD CV 097383855 1,963 51,000 SH SOLE 51,000 CHEVRONTEXACO CORP COM 166764100 19,395 300,000 SH SOLE 300,000 CONOCOPHILLIIPS COM 20825C104 7,521 140,310 SH SOLE 140,310 CORE LABORATORIES NV COM N22717107 2,178 209,400 SH SOLE 209,400 DEVON ENERGY CORP. NEW COM 25179M103 3,858 80,000 SH SOLE 80,000 DUKE ENERGY CORP. COM 264399106 1,672 115,000 SH SOLE 115,000 DUKE ENERGY CORP PFD CV 264399585 2,016 160,000 SH SOLE 160,000 EOG RES INC. COM 26875P101 7,912 200,000 SH SOLE 200,000 EL PASO CORP. COM 28336L109 1,270 210,000 SH SOLE 210,000 ENERGEN CORP COM 29265N108 8,015 250,000 SH SOLE 250,000 ENGELHARD CORP. COM 292845104 2,675 124,900 SH SOLE 124,900 EQUITABLE RES INC. COM 294549100 13,541 361,000 SH SOLE 361,000 EXXON MOBIL CORP COM 30231G102 36,697 1,050,000 SH SOLE 1,050,000 GENERAL ELEC CO. COM 369604103 8,925 350,000 SH SOLE 350,000 GLOBALSANTAFE CORPORATION COM G3930E101 4,130 200,000 SH SOLE 200,000 GRANT PRIDECO INC. COM 38821G101 3,714 308,000 SH SOLE 308,000 INGERSOLL-RAND COMPANY LTD CL A G4776G101 3,859 100,000 SH SOLE 100,000 KERR MCGEE CORP COM 492386107 7,194 177,153 SH SOLE 177,153 KEYSPAN CORP. COM 49337W100 7,095 220,000 SH SOLE 220,000 KINDER MORGAN INC. KANS COM 49455P101 7,313 162,500 SH SOLE 162,500 MDU RES GROUP INC COM 552690109 5,584 200,000 SH SOLE 200,000 MEADWESTVACO CORP COM 583334107 1,367 60,000 SH SOLE 60,000 MURPHY OIL CORP. COM 626717102 6,184 140,000 SH SOLE 140,000 NABORS INDS COM G6359F103 7,177 180,000 SH SOLE 180,000 NATIONAL FUEL GAS CO. NJ COM 636180101 4,374 200,000 SH SOLE 200,000 NEW JERSEY RES COM 646025106 9,060 277,500 SH SOLE 277,500 NOBLE ENERGY INC. COM 655044105 4,286 125,000 SH SOLE 125,000 NOBLE CORP. COM G65422100 4,242 135,000 SH SOLE 135,000 NORTHWESTERN CORP. COM 668074107 420 200,000 SH SOLE 200,000 OCCIDENTAL PETE CORP DEL COM 674599105 5,243 175,000 SH SOLE 175,000 OCEAN ENERGY, INC. DEL COM 67481E106 9,600 480,000 SH SOLE 480,000 PHILADELHPIA SUBN CORP COM PAR $0.50 718009608 6,695 305,000 SH SOLE 305,000 PIONEER NAT RES CO COM 723787107 5,899 235,000 SH SOLE 235,000 QUESTAR CORP. COM 748356102 7,925 268,000 SH SOLE 268,000 ROHM & HAAS PETE CO COM 775371107 5,956 200,000 SH SOLE 200,000 ROYAL DUTCH NY REG EUR .56 780257804 26,895 660,000 SH SOLE 660,000 SCHLUMBERGER, LTD. COM 806857108 7,222 190,000 SH SOLE 190,000 SHELL TRANS & TRADING PLC ADR NY SHS NEW 822703609 5,433 150,000 SH SOLE 150,000 STONE ENERGY CORP. COM 861642106 3,502 104,300 SH SOLE 104,300 TECO ENERGY, INC COM 872375100 2,126 200,000 SH SOLE 200,000 TEMPLE INLAND, INC. COM 879868107 4,488 120,000 SH SOLE 120,000 TOTALFINA ELF SA SPONSORED ADR 89151E109 8,858 140,000 SH SOLE 140,000 TRANSOCEAN INC. ORD G90078109 4,090 200,000 SH SOLE 200,000 UNOCAL CAPITAL TRUST PFD CV 91528T207 3,545 72,540 SH SOLE 72,540 UNOCAL CORP COM 985289102 3,946 150,000 SH SOLE 150,000 WEATHERFORD INTERNATIONAL LTD COM G05089101 7,743 205,000 SH SOLE 205,000 WILLIAMS COS INC. DEL COM 969457100 916 200,000 SH SOLE 200,000 WILLIAMS COMPANIES FELINE PFD CV 969457886 1,120 120,000 SH SOLE 120,000 390,634