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<SEC-DOCUMENT>0000216851-06-000014.txt : 20060228
<SEC-HEADER>0000216851-06-000014.hdr.sgml : 20060228
<ACCEPTANCE-DATETIME>20060228155438
ACCESSION NUMBER:		0000216851-06-000014
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20051231
FILED AS OF DATE:		20060228
DATE AS OF CHANGE:		20060228
EFFECTIVENESS DATE:		20060228

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:		06650945

	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>peoanswer.fil
<TEXT>
<PAGE>      PAGE  1
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012 A000001 AMERICAN STOCK TRANSFER & TRUST CO.
012 B000001 84-416
012 C010001 NEW YORK
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012 C030001 10038
013 A000001 PRICEWATERHOUSECOOPERS LLP
013 B010001 BALTIMORE
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013 B030001 21201
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015 C030001 02109
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<PAGE>      PAGE  2
020 A000001 BRIDGE TRADING CO.
020 B000001 43-1450530
020 C000001     47
020 A000002 HOWARD WEIL, LABOUISSE
020 B000002 72-0696314
020 C000002     30
020 A000003 MORGAN STANLEY & CO.
020 B000003 13-2655998
020 C000003     29
020 A000004 PETRIE PARKMAN & CO.
020 B000004 84-1108632
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020 A000005 BNY ESI & CO., INC.
020 B000005 13-3989198
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<PAGE>      PAGE  3
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022 B000006 13-2701087
022 C000006     40174
022 D000006       749
022 A000007 BROWN BROTHERS HARRIMAN & CO.
022 B000007 13-4973745
022 C000007     29765
022 D000007         0
022 A000008 COCA COLA ENTERPRISES
022 B000008 58-0503352
022 C000008     22744
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022 A000009 GMAC NCAT
022 B000009 52-2081069
022 C000009     12791
022 D000009      6415
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087 A020000 716549100
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SIGNATURE   MAUREEN JONES
TITLE       CFO

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>2
<FILENAME>peoacctlttr.txt
<TEXT>
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
Corporation) as of and for the year ended December 31, 2005,
in accordance with the standards of the Public Company
Accounting Oversight Board (United States), we considered
the Corporation's internal control over financial reporting,
including control activities for safeguarding securities, as
a basis for designing our auditing procedures for the
purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-
SAR, but not for the purpose of expressing an opinion on the
effectiveness of the Corporation's internal control over
financial reporting. Accordingly, we express no such
opinion.

The management of the Corporation is responsible for
establishing and maintaining effective internal control over
financial reporting.  In fulfilling this responsibility,
estimates and judgments by management are required to assess
the expected benefits and related costs of controls.  A
company's internal control over financial reporting is a
process designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance
with generally accepted accounting principles.  Such
internal control over financial reporting includes policies
and procedures that provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition,
use or disposition of a company's assets that could have a
material effect on the financial statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to
future periods are subject to the risk that controls may
become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may
deteriorate.

A control deficiency exists when the design or operation of
a control does not allow management or employees, in the
normal course of performing their assigned functions, to
prevent or detect misstatements on a timely basis. A
significant deficiency is a control deficiency, or
combination of control deficiencies, that adversely affects
the company's ability to initiate, authorize, record,
process or report external financial data reliably in
accordance with generally accepted accounting principles
such that there is more than a remote likelihood that a
misstatement of the company's annual or interim financial
statements that is more than inconsequential will not be
prevented or detected.  A material weakness is a control
deficiency, or combination of control deficiencies, that
results in more than a remote likelihood that a material
misstatement of the annual or interim financial statements
will not be prevented or detected.

Our consideration of the Company's internal control over
financial reporting was for the limited purpose described in
the first paragraph and would not necessarily disclose all
deficiencies in internal control over financial reporting
that might be significant deficiencies or material
weaknesses under standards established by the Public Company
Accounting Oversight Board (United States).  However, we
noted no deficiencies in the Corporation's internal control
over financial reporting and its operation, including
controls for safeguarding securities, that we consider to be
material weaknesses as defined above as of December 31,
2005.

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

/s/ PricewaterhouseCoopers LLP

January 26, 2006
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>3
<FILENAME>peoboardsize.txt
<TEXT>
On  September  8, 2005, due to the death of a director,  the
Board  of Directors voted to amend the Corporation's By-laws
to   reduce  the  size  of  the  Board  to  nine  directors.
Accordingly,  the  third sentence  of  Section  3.1  of  the
Corporation's  By-laws was amended to state: The  number  of
directors is fixed at nine. On November 10, 2005, due to the
resignation of a director and the election by the  Board  of
Directors of two new directors, the Board voted to amend the
Corporation's By-laws to increase the size of the  Board  to
ten  directors,  effective November 10, 2005.   Accordingly,
the  third sentence of Section 3.1 of the Corporation's  By-
laws  was amended to state: The number of directors is fixed
at ten.
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
