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, 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 April 30, 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: 50
Form 13F Information Table Value Total: $ 803,880
(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 7,262 170,000 SH SOLE 170,000
AIR PRODUCTS & CHEMICA COM 009158106 9,236 125,000 SH SOLE 125,000
APACHE CORP. COM 037411105 11,185 158,200 SH SOLE 158,200
AQUA AMERICA, INC. COM 03836W103 7,902 352,000 SH SOLE 352,000
BAKER HUGHES, INC.. COM 057224107 13,557 205,000 SH SOLE 205,000
BJ SERVICES CO. COM 055482103 11,718 420,000 SH SOLE 420,000
BP P.L.C. SPONSORED ADR055622104 11,655 180,000 SH SOLE 180,000
BRONCO DRILLING CO INC COM 112211107 76 4,600 SH SOLE 4,600
CHEVRON CORP. COM 166764100 46,965 635,000 SH SOLE 635,000
CONOCOPHILLIPS COM 20825C104 38,063 556,891 SH SOLE 556,891
DEVON ENERGY CORP. COM 25179M103 22,843 330,000 SH SOLE 330,000
DUKE ENERGY CORP. COM 26441C105 4,415 217,624 SH SOLE 217,624
DUPONT EI DE NEMOURS COM 263534109 7,785 157,500 SH SOLE 157,500
ENERGEN CORP. COM 29265N108 20,356 400,000 SH SOLE 400,000
ENSCO INTERNATIONAL, I COM 26874Q100 11,378 209,150 SH SOLE 209,150
EOG RESOURCES INC. COM 26875P101 22,115 310,000 SH SOLE 310,000
EQUITABLE RESOURCES IN COM 294549100 21,744 450,000 SH SOLE 450,000
EXXON MOBIL CORP. COM 30231G102 93,935 1,245,000 SH SOLE 1,245,000
FLORIDA ROCK INDUSTRIE COM 341140101 7,065 105,000 SH SOLE 105,000
FOREST OIL CORP COM PAR $0.01346091705 1,235 37,000 SH SOLE 37,000
GENERAL ELECTRIC CO. COM 369604103 16,082 454,800 SH SOLE 454,800
GLOBALSANTAFE CORP. COM G3930E101 17,887 290,000 SH SOLE 290,000
GRANT PRIDECO INC COM 38821G101 15,351 308,000 SH SOLE 308,000
HERCULES OFFSHORE, INC COM 427093109 6,565 250,000 SH SOLE 250,000
HESS CORPORATION COM 42809H107 10,817 195,000 SH SOLE 195,000
HOLLY CORP. COM PAR $0.01435758305 21,348 360,000 SH SOLE 360,000
MARATHON OIL CO. COM 565849106 11,860 120,000 SH SOLE 120,000
MARTIN MARIETTA MATERI COM 573284106 676 5,000 SH SOLE 5,000
MDU RESOURCES GROUP, I COM 552690109 10,778 375,000 SH SOLE 375,000
MURPHY OIL CORP. COM 626717102 11,561 216,500 SH SOLE 216,500
NABORS INDUSTRIES, LTD COM G6359F103 15,428 520,000 SH SOLE 520,000
NATIONAL FUEL GAS CO. COM 636180101 8,652 200,000 SH SOLE 200,000
NEW JERSEY RESOURCES C COM 646025106 10,010 200,000 SH SOLE 200,000
NEWFIELD EXPLORATION C COM 651290108 7,299 175,000 SH SOLE 175,000
NOBLE CORP COM G65422100 15,736 200,000 SH SOLE 200,000
NOBLE ENERGY INC. COM 655044105 25,650 430,000 SH SOLE 430,000
OCCIDENTAL PETROLEUM C COM 674599105 19,724 400,000 SH SOLE 400,000
QUESTAR CORP COM 748356102 17,842 200,000 SH SOLE 200,000
ROHM & HAAS CO. COM 775371107 10,344 200,000 SH SOLE 200,000
ROYAL DUTCH SHELL PLC- PONSORED ADRA780259206 17,570 265,000 SH SOLE 265,000
SCHLUMBERGER LTD COM 806857108 38,696 560,000 SH SOLE 560,000
SEMCO ENERGY INC. COM 78412D109 5,108 670,300 SH SOLE 670,300
SPECTRA ENERGY CORP. COM 847560109 2,858 108,812 SH SOLE 108,812
SUNCOR ENERGY COM 867229106 7,635 100,000 SH SOLE 100,000
TODCO COM 88889T107 8,066 200,000 SH SOLE 200,000
TOTAL S.A. SPONSORED ADR89151E109 15,352 220,000 SH SOLE 220,000
VALERO ENERGY CORP. COM 91913Y100 28,053 435,000 SH SOLE 435,000
WEATHERFORD INT'L. LTD COM G95089101 22,259 493,560 SH SOLE 493,560
WILLIAMS COMPANIES, IN COM 969457100 12,807 450,000 SH SOLE 450,000
XTO ENERGY COM 98385X106 21,376 390,000 SH SOLE 390,000
803,880