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, 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 January 31, 2007
[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: 48
Form 13F Information Table Value Total: $ 786,045
(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 6,615 170,000 SH SOLE 170,000
AIR PRODUCTS & CHEMICA COM 009158106 8,785 125,000 SH SOLE 125,000
APACHE CORP. COM 037411105 10,522 158,200 SH SOLE 158,200
AQUA AMERICA, INC. COM 03836W103 8,019 352,000 SH SOLE 352,000
BAKER HUGHES, INC.. COM 057224107 15,305 205,000 SH SOLE 205,000
BJ SERVICES CO. COM 055482103 21,697 740,000 SH SOLE 740,000
BP P.L.C. SPONSORED ADR 055622104 22,143 330,000 SH SOLE 330,000
BRONCO DRILLING CO INC COM 112211107 79 4,600 SH SOLE 4,600
CHEVRON CORP. COM 166764100 46,692 635,000 SH SOLE 635,000
CONOCOPHILLIPS COM 20825C104 40,068 556,891 SH SOLE 556,891
DEVON ENERGY CORP. COM 25179M103 22,807 340,000 SH SOLE 340,000
DUKE ENERGY CORP. COM 26441C105 7,227 217,624 SH SOLE 217,624
DUPONT EI DE NEMOURS COM 263534109 7,672 157,500 SH SOLE 157,500
ENERGEN CORP. COM 29265N108 18,776 400,000 SH SOLE 400,000
ENSCO INTERNATIONAL, I COM 26874Q100 10,470 209,150 SH SOLE 209,150
EOG RESOURCES INC. COM 26875P101 19,984 320,000 SH SOLE 320,000
EQUITABLE RESOURCES IN COM 294549100 18,788 450,000 SH SOLE 450,000
EXXON MOBIL CORP. COM 30231G102 95,404 1,245,000 SH SOLE 1,245,000
FLORIDA ROCK INDUSTRIE COM 341140101 4,520 105,000 SH SOLE 105,000
GENERAL ELECTRIC CO. COM 369604103 16,923 454,800 SH SOLE 454,800
GLOBALSANTAFE CORP. COM G3930E101 17,046 290,000 SH SOLE 290,000
GRANT PRIDECO INC COM 38821G101 12,249 308,000 SH SOLE 308,000
HERCULES OFFSHORE, INC COM 427093109 4,624 160,000 SH SOLE 160,000
HESS CORPORATION COM 42809H107 9,666 195,000 SH SOLE 195,000
HOLLY CORP. COM PAR $0.01 435758305 19,018 370,000 SH SOLE 370,000
MARATHON OIL CO. COM 565849106 11,100 120,000 SH SOLE 120,000
MARTIN MARIETTA MATERI COM 573284106 3,117 30,000 SH SOLE 30,000
MDU RESOURCES GROUP, I COM 552690109 9,615 375,000 SH SOLE 375,000
MURPHY OIL CORP. COM 626717102 11,009 216,500 SH SOLE 216,500
NABORS INDUSTRIES, LTD COM G6359F103 15,486 520,000 SH SOLE 520,000
NATIONAL FUEL GAS CO. COM 636180101 7,708 200,000 SH SOLE 200,000
NEW JERSEY RESOURCES C COM 646025106 9,716 200,000 SH SOLE 200,000
NEWFIELD EXPLORATION C COM 651290108 8,041 175,000 SH SOLE 175,000
NOBLE CORP COM G65422100 15,230 200,000 SH SOLE 200,000
NOBLE ENERGY INC. COM 655044105 21,100 430,000 SH SOLE 430,000
OCCIDENTAL PETROLEUM C COM 674599105 19,532 400,000 SH SOLE 400,000
QUESTAR CORP COM 748356102 16,610 200,000 SH SOLE 200,000
ROHM & HAAS CO. COM 775371107 10,224 200,000 SH SOLE 200,000
ROYAL DUTCH SHELL PLC-SPONSORED ADRA780259206 19,467 275,000 SH SOLE 275,000
SCHLUMBERGER LTD COM 806857108 35,370 560,000 SH SOLE 560,000
SEMCO ENERGY INC. COM 78412D109 4,089 670,300 SH SOLE 670,300
SUNCOR ENERGY COM 867229106 7,891 100,000 SH SOLE 100,000
TODCO COM 88889T107 6,834 200,000 SH SOLE 200,000
TOTAL S.A. SPONSORED ADR89151E109 15,822 220,000 SH SOLE 220,000
VALERO ENERGY CORP. COM 91913Y100 22,255 435,000 SH SOLE 435,000
WEATHERFORD INT'L. LTD COM G95089101 20,626 493,560 SH SOLE 493,560
WILLIAMS COMPANIES, IN COM 969457100 11,754 450,000 SH SOLE 450,000
XTO ENERGY COM 98385X106 18,350 390,000 SH SOLE 390,000
786,045