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, 2004
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:
Christine M. Sloan Baltimore, MD April 20, 2004
[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: 53
Form 13F Information Table Value Total: $ 479,135
(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>
WILLIAMS COMPANIES, COM 969457100 1,914 200,000 SH SOLE 200,000
AGL RESOURCES INC. COM 001204106 7,255 250,000 SH SOLE 250,000
AIR PRODUCTS & CHEMICA COM 009158106 6,265 125,000 SH SOLE 125,000
ALBEMARLE CORP. COM 012653101 5,800 200,000 SH SOLE 200,000
AMERADA HESS CORP COM 023551104 8,160 125,000 SH SOLE 125,000
APACHE CORP. COM 037411105 8,202 190,000 SH SOLE 190,000
AQUA AMERICA, INC. COM 03836W103 7,154 330,000 SH SOLE 330,000
ARCH COAL INC. COM 039380100 7,848 250,000 SH SOLE 250,000
BAKER HUGHES, INC.. COM 057224107 4,742 130,000 SH SOLE 130,000
BJ SERVICES CO. COM 055482103 16,010 370,000 SH SOLE 370,000
BOISE CASCADE ACES 7.5 PFD CV 097383855 2,593 51,000 SH SOLE 51,000
BOISE CASCADE CORP. COM 097383103 7,103 205,000 SH SOLE 205,000
BP P.L.C. SPONSORED ADR055622104 30,208 590,000 SH SOLE 590,000
BURLINGTON RESOURCES I COM 122014103 8,488 133,400 SH SOLE 133,400
CHEVRONTEXACO CORP. COM 166764100 25,456 290,000 SH SOLE 290,000
CONOCOPHILLIPS COM 20825C104 19,896 285,000 SH SOLE 285,000
DEVON ENERGY CORP. COM 25179M103 11,556 198,720 SH SOLE 198,720
DUKE ENERGY 8.25% DUE PFD CV 264399585 2,368 160,000 SH SOLE 160,000
DUKE ENERGY CORP. COM 264399106 2,599 115,000 SH SOLE 115,000
ENERGEN CORP. COM 29265N108 8,250 200,000 SH SOLE 200,000
EOG RESOURCES INC. COM 26875P101 9,178 200,000 SH SOLE 200,000
EQUITABLE RESOURCES IN COM 294549100 11,105 250,000 SH SOLE 250,000
EXXON MOBIL CORP. COM 30231G102 43,670 1,050,000 SH SOLE 1,050,000
GENERAL ELECTRIC CO. COM 369604103 13,881 454,800 SH SOLE 454,800
GLOBALSANTAFE CORP. COM G3930E101 5,554 200,000 SH SOLE 200,000
GRANT PRIDECO INC COM 38821G101 4,774 308,000 SH SOLE 308,000
INGERSOLL-RAND CO. LTD CL A G4776G101 5,277 78,000 SH SOLE 78,000
KERR-MCGEE CORP. COM 492386107 9,123 177,153 SH SOLE 177,153
KEYSPAN CORP. COM 49337W100 8,408 220,000 SH SOLE 220,000
KINDER MORGAN INC COM 49455P101 4,872 77,300 SH SOLE 77,300
MDU RESOURCES GROUP, I COM 552690109 7,047 300,000 SH SOLE 300,000
MURPHY OIL CORP. COM 626717102 4,093 65,000 SH SOLE 65,000
NABORS INDUSTRIES, LTD COM G6359F103 5,719 125,000 SH SOLE 125,000
NATIONAL FUEL GAS CO. COM 636180101 4,920 200,000 SH SOLE 200,000
NEW JERSEY RESOURCES C COM 646025106 10,490 277,500 SH SOLE 277,500
NOBLE CORP COM G65422100 5,187 135,000 SH SOLE 135,000
NOBLE ENERGY INC. COM 655044105 6,641 141,000 SH SOLE 141,000
OCCIDENTAL PETROLEUM C COM 674599105 9,210 200,000 SH SOLE 200,000
PIONEER NATURAL RESOUR COM 723787107 9,561 296,000 SH SOLE 296,000
QUESTAR CORP COM 748356102 7,288 200,000 SH SOLE 200,000
ROHM & HAAS CO. COM 775371107 7,968 200,000 SH SOLE 200,000
ROYAL DUTCH PETROLEUM, Y REG EUR .56780257804 19,508 410,000 SH SOLE 410,000
SCHLUMBERGER LTD COM 806857108 17,878 280,000 SH SOLE 280,000
SHELL TRANSPORT & TRAD DR NY SHS NEW822703609 5,388 135,000 SH SOLE 135,000
SMURFIT-STONE CONTAINE COM 832727101 3,477 197,675 SH SOLE 197,675
STONE ENERGY CORP. COM 861642106 5,159 104,300 SH SOLE 104,300
TECO ENERGY, INC COM 872375100 2,926 200,000 SH SOLE 200,000
TEMPLE-INLAND, INC. COM 879868107 6,651 105,000 SH SOLE 105,000
TOTAL S.A. SPONSORED ADR89151E109 12,880 140,000 SH SOLE 140,000
UNOCAL CAPITAL TRUST PFD CV 91528T207 3,768 72,540 SH SOLE 72,540
WEATHERFORD INT'L. LTD COM G95089101 8,616 205,000 SH SOLE 205,000
WILLIAMS FELINE PACS D PFD CV 969457886 1,529 120,000 SH SOLE 120,000
XTO ENERGY COM 98385X106 5,525 218,900 SH SOLE 218,900
479,135