UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: September 30, 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_ October 18, 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: ____63______
Form 13F Information Table Value Total: $__383________
(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 4,046 160,000 SH SOLE 160,000
AMERADA HESS CORP. COM 023551104 5,430 80,000 SH SOLE 80,000
ANADARKO PETROLEUM COM 032511107 11,135 250,000 SH SOLE 250,000
ANADARKO PETROLEUM PUT 032511957 668 15,000 PUT
APACHE CORPORATION COM 037411105 9,155 154,000 SH SOLE 154,000
ARCH COAL INC. COM 039380100 3,144 190,000 SH SOLE 190,000
ATMOS ENERGY CORP COM 049560105 2,999 139,500 SH SOLE 139,500
BJ SERVICES CO. COM 055482103 10,400 400,000 SH SOLE 400,000
BJ SERVICES CO. PUT 055482953 390 15,000 PUT
BP PLC ADRS 055622104 19,232 482,000 SH SOLE 482,000
BAKER HUGHES, INC. COM 057224107 2,613 90,000 SH SOLE 90,000
BAKER HUGHES, INC. PUT 057224957 581 20,000 PUT
BOISE CASCADE CORP. COM 097383103 4,674 205,000 SH SOLE 205,000
BOISE CASCADE CORP 7.5% ACES PFD 097383855 2,007 51,000 SH SOLE 51,000
CHEVRONTEXACO CORP COM 166764100 20,775 300,000 SH SOLE 300,000
CONOCOPHILLIIPS INC. COM 20825C104 6,488 140,310 SH SOLE 140,310
CORE LABORATORIES N.A. COM N22717107 1,962 209,400 SH SOLE 209,400
DEVON ENERGY CORP. COM 25179M103 3,860 80,000 SH SOLE 80,000
DUKE ENERGY CORP. COM 264399106 2,248 115,000 SH SOLE 115,000
DUKE ENERGY 8.25% UNITS PFD 264399585 2,616 160,000 SH SOLE 160,000
EOG RESOURCES INC. COM 26875P101 7,192 200,000 SH SOLE 200,000
EL PASO ENERGY CORP. COM 28336L109 2,481 300,000 SH SOLE 300,000
ENERGEN CORP COM 29265N108 6,327 250,000 SH SOLE 250,000
ENGELHARD CORP. COM 292845104 4,766 200,000 SH SOLE 200,000
EQUITABLE RSOURCES COM 294549100 12,473 361,000 SH SOLE 361,000
EXXON MOBIL CORP COM 30231G102 37,004 1,160,000 SH SOLE 1,160,000
GENERAL ELECTRIC CO. COM 369604103 8,627 350,000 SH SOLE 350,000
GLOBALSANTAFE CORPORATION COM G3930E101 4,470 200,000 SH SOLE 200,000
GRANT PRIDECO INC. COM 38821G101 2,630 308,000 SH SOLE 308,000
KERR MCGEE CORP COM 492386107 7,696 177,153 SH SOLE 177,153
KEYSPAN CORP. COM 49337W100 7,370 220,000 SH SOLE 220,000
KINDER MORGAN INC. COM 49455P101 5,761 162,500 SH SOLE 162,500
MEADWESTVACO CORP COM 583334107 2,882 150,000 SH SOLE 150,000
MURPHY OIL CORP. COM 626717102 6,566 80,000 SH SOLE 80,000
MURPHY OIL CORP. CALL 626717902 821 10,000 CALL
NABORS INDUSTRIES, INC. COM 629568106 6,550 200,000 SH SOLE 200,000
NATIONAL FUEL GAS CO. COM 636180101 3,974 200,000 SH SOLE 200,000
NEW JERSEY RESOURCES COM 646025106 9,130 277,500 SH SOLE 277,500
NOBLE ENERGY INC. COM 655044105 4,246 125,000 SH SOLE 125,000
NOBLE CORP. COM G65422100 4,185 135,000 SH SOLE 135,000
NORTHWESTERN CORP. COM 668074107 1,952 200,000 SH SOLE 200,000
OCCIDENTAL PETROLEUM COM 674599105 4,967 175,000 SH SOLE 175,000
OCEAN ENERGY, INC. COM 67481E106 10,972 550,000 SH SOLE 550,000
PHILADELHPIA SUBURBAN CORP COM 718009608 6,191 305,000 SH SOLE 305,000
PIONEER NATURAL RESOURCES COM 723787107 5,699 235,000 SH SOLE 235,000
QUESTAR CORP. COM 748356102 6,121 268,000 SH SOLE 268,000
ROHM & HAAS COM 775371107 6,200 200,000 SH SOLE 200,000
ROYAL DUTCH PETROLEUM $1.25 GLD 780257804 26,914 670,000 SH SOLE 670,000
SCHLUMBERGER, LTD. COM 806857108 7,307 190,000 SH SOLE 190,000
SCHLUMBERGER, LTD. PUT 806857908 577 15,000 PUT
SHELL TRANSPORT & TRADING ADRS 822703609 5,358 150,000 SH SOLE 150,000
STONE ENERGY CORP. COM 861642106 3,390 104,300 SH SOLE 104,300
TECO ENERGY, INC COM 872375100 3,176 200,000 SH SOLE 200,000
TECO ENERGY, INC. CALL 872375900 675 42,500 CALL
TEMPLE-INLAND, INC. COM 879868107 4,636 120,000 SH SOLE 120,000
TOTALFINA ELF SA ADR 89151E109 8,231 125,000 SH SOLE 125,000
TRANSOCEAN INC. COM G90078109 4,160 200,000 SH SOLE 200,000
UNOCAL CAPITAL TRUST $3.125 CV COM 91528T207 3,500 72,540 SH SOLE 72,540
UNOCAL CORP COM 985289102 4,709 150,000 SH SOLE 150,000
WEATHERFORD INTL. LTD COM G05089101 7,057 190,000 SH SOLE 190,000
WEATHERFORD INTL. LTD PUT G05089950 929 25,000 PUT
WILLIAMS COMPANIES INC. COM 969457100 452 200,000 SH SOLE 200,000
WILLIAMS COMPANIES FELINE PACS 969457886 864 120,000 SH SOLE 120,000
383,611