<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>peonqcert09302006.txt
<TEXT>
FORM N-Q CERTIFICATIONS


I, Douglas G. Ober, certify that:

1.   I   have  reviewed this report on Form N-Q of Petroleum
& Resources Corporation;

2.  Based on my knowledge, this report does not contain  any
untrue  statement  of a material fact or  omit  to  state  a
material  fact  necessary to make the  statements  made,  in
light of the circumstances under which such statements  were
made,  not misleading with respect to the period covered  by
this report;

3.  Based  on  my  knowledge, the schedules  of  investments
included  in  this  report fairly present  in  all  material
respects the investments of the registrant as of the end  of
the fiscal quarter for which the report is filed;

4.  The registrant's other certifying officer(s) and  I  are
responsible  for  establishing  and  maintaining  disclosure
controls  and procedures (as defined in Rule 30a-3(c)  under
the  Investment  Company Act of 1940) and  internal  control
over  financial reporting (as defined in Rule 30a-3(d) under
the  Investment Company Act of 1940) for the registrant  and
have:

(a)  Designed  such disclosure controls and  procedures,  or
caused  such  disclosure  controls  and  procedures  to   be
designed  under  our  supervision, to ensure  that  material
information  relating  to  the  registrant,  including   its
consolidated  subsidiaries, is made known to  us  by  others
within  those  entities, particularly during the  period  in
which this report is being prepared;

(b) Designed such internal control over financial reporting,
or  caused such internal control over financial reporting to
be  designed  under  our supervision, 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;

(c)   Evaluated   the  effectiveness  of  the   registrant's
disclosure  controls and procedures and  presented  in  this
report  our  conclusions  about  the  effectiveness  of  the
disclosure controls and procedures, as of a date  within  90
days  prior to the filing date of this report, based on such
evaluation; and

(d)  Disclosed in this report any change in the registrant's
internal  control  over  financial reporting  that  occurred
during the registrant's most recent fiscal quarter that  has
materially  affected, or is reasonably likely to  materially
affect,  the  registrant's internal control  over  financial
reporting; and

5.  The registrant's other certifying officer(s) and I  have
disclosed  to  the  registrant's  auditors  and  the   audit
committee of the registrant's board of directors (or persons
performing the equivalent functions):

(a) All significant deficiencies and material weaknesses  in
the  design or operation of internal control over  financial
reporting  which  are reasonably likely to adversely  affect
the  registrant's ability to record, process, summarize, and
report financial information; and

(b)  Any  fraud,  whether  or not  material,  that  involves
management or other employees who have a significant role in
the registrant's internal control over financial reporting.


BY: /s/ Douglas G. Ober
        -----------------------
        Douglas G. Ober
        Chief Executive Officer
	(Principal Executive Officer)

Date:   April 25, 2007



I, Maureen A. Jones, certify that:

1.   I   have  reviewed this report on Form N-Q of Petroleum
& Resources Corporation;

2.  Based on my knowledge, this report does not contain  any
untrue  statement  of a material fact or  omit  to  state  a
material  fact  necessary to make the  statements  made,  in
light of the circumstances under which such statements  were
made,  not misleading with respect to the period covered  by
this report;

3.  Based  on  my  knowledge, the schedules  of  investments
included  in  this  report fairly present  in  all  material
respects the investments of the registrant as of the end  of
the fiscal quarter for which the report is filed;

4.  The registrant's other certifying officer(s) and  I  are
responsible  for  establishing  and  maintaining  disclosure
controls  and procedures (as defined in Rule 30a-3(c)  under
the  Investment  Company Act of 1940) and  internal  control
over  financial reporting (as defined in Rule 30a-3(d) under
the  Investment Company Act of 1940) for the registrant  and
have:

(a)  Designed  such disclosure controls and  procedures,  or
caused  such  disclosure  controls  and  procedures  to   be
designed  under  our  supervision, to ensure  that  material
information  relating  to  the  registrant,  including   its
consolidated  subsidiaries, is made known to  us  by  others
within  those  entities, particularly during the  period  in
which this report is being prepared;

(b) Designed such internal control over financial reporting,
or  caused such internal control over financial reporting to
be  designed  under  our supervision, 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;

(c)   Evaluated   the  effectiveness  of  the   registrant's
disclosure  controls and procedures and  presented  in  this
report  our  conclusions  about  the  effectiveness  of  the
disclosure controls and procedures, as of a date  within  90
days  prior to the filing date of this report, based on such
evaluation; and

(d)  Disclosed in this report any change in the registrant's
internal  control  over  financial reporting  that  occurred
during the registrant's most recent fiscal quarter that  has
materially  affected, or is reasonably likely to  materially
affect,  the  registrant's internal control  over  financial
reporting; and

5.  The registrant's other certifying officer(s) and I  have
disclosed  to  the  registrant's  auditors  and  the   audit
committee of the registrant's board of directors (or persons
performing the equivalent functions):

(a) All significant deficiencies and material weaknesses  in
the  design or operation of internal control over  financial
reporting  which  are reasonably likely to adversely  affect
the  registrant's ability to record, process, summarize, and
report financial information; and

(b)  Any  fraud,  whether  or not  material,  that  involves
management or other employees who have a significant role in
the registrant's internal control over financial reporting.


BY: /s/ Maureen A. Jones
        -----------------------
	Maureen A. Jones
        Vice President, Chief Financial Officer and Treasurer
	(Principal Financial Officer)

Date:   April 25, 2007
</TEXT>
</DOCUMENT>
