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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Rs3PID5rkNdOCR01KEPIcgODj4cz81/jMbYRPOuLOsHIS6gOdOqJpEWAigrV9mVl
 nc6SE+IcljcHu9tdFf5u+w==

<SEC-DOCUMENT>0000216851-04-000012.txt : 20040226
<SEC-HEADER>0000216851-04-000012.hdr.sgml : 20040226
<ACCEPTANCE-DATETIME>20040226163302
ACCESSION NUMBER:		0000216851-04-000012
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20031231
FILED AS OF DATE:		20040226
EFFECTIVENESS DATE:		20040226

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PETROLEUM & RESOURCES CORP
		CENTRAL INDEX KEY:			0000216851
		IRS NUMBER:				135506797
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		NSAR-B
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-02736
		FILM NUMBER:		04631106

	BUSINESS ADDRESS:	
		STREET 1:		SEVEN ST PAUL ST
		STREET 2:		STE 1140
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21202
		BUSINESS PHONE:		4107525900

	MAIL ADDRESS:	
		STREET 1:		7 ST PAUL STREET
		STREET 2:		STE 1140
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21202
</SEC-HEADER>
<DOCUMENT>
<TYPE>NSAR-B
<SEQUENCE>1
<FILENAME>answer.fil
<TEXT>
<PAGE>      PAGE  1
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001 A000000 PETROLEUM & RESOURCES CORPORATION
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<PAGE>      PAGE  2
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<PAGE>      PAGE  3
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SIGNATURE   MAUREEN JONES
TITLE       CFO


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2 BYLAWS
<SEQUENCE>2
<FILENAME>bylaws.txt
<TEXT>
On December 11, 2003, the Board of Directors amended the
Corporations By-laws to increase the size of the Board to
thirteen directors. The By-laws had previously provided
that the size of the Board shall be a range from nine to
twelve directors, and that the number of directors was
fixed at eleven. Accordingly, the third sentence of Section
3.1 of the Corporations By-laws was amended to state:
The number of directors that shall constitute the entire
Board of Directors shall be a minimum of nine and a maximum
of thirteen, as shall be fixed by the Board of Directors by
resolution from time to time. The number of directors is
fixed at thirteen.



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q2 ITEM 405
<SEQUENCE>3
<FILENAME>ex77q2.txt
<TEXT>

Section 16(a) Beneficial Ownership Reporting Compliance

W. Perry Neff, Director

Two late Form 4 reports, the first for a sale of shares of
common stock of the Corporation on June 20, 2003, and the
second for two sales of shares on September 26, 2003. The
transactions were reported on a Form 4 filed by Mr. Neff on
February 6, 2004.

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>4
<FILENAME>acctlttr.txt
<TEXT>



Report of Independent Accountants

To the Board of Directors and Shareholders
of Petroleum and Resources Corporation:


In planning and performing our audit of the financial statements
of Petroleum and Resources Corporation (the Company) for the
year ended December 31, 2003, we considered its internal control,
including control activities for safeguarding securities, in
order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply
with the requirements of Form N-SAR, not to provide assurance on
internal control.

The management of the Company is responsible for establishing and
maintaining internal control.  In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls.  Generally,
controls that are relevant to an audit pertain to the entitys
objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted
accounting principles.  Those controls include the safeguarding
of assets against unauthorized acquisition, use or disposition.

Because of inherent limitations in internal control, errors or
fraud may occur and not be detected.  Also, projection of any
evaluation of internal control to future periods is subject to
the risk that controls may become inadequate because of changes
in conditions or that the effectiveness of their design and
operation may deteriorate.

Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute
of Certified Public Accountants.  A material weakness is a
condition in which the design or operation of one or more of the
internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing
their assigned functions.  However, we noted no matters involving
internal control and its operation, including controls for
safeguarding securities, that we consider to be material
weaknesses as defined above as of December 31, 2003.

This report is intended solely for the information and use of the
Board of Directors, management and the Securities and Exchange
Commission and is not intended to be and should not be used by
anyone other than these specified parties.



 January 8, 2004

2

2


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
