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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000216851-10-000006.txt : 20100301
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<ACCEPTANCE-DATETIME>20100301153123
ACCESSION NUMBER:		0000216851-10-000006
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20091231
FILED AS OF DATE:		20100301
DATE AS OF CHANGE:		20100301
EFFECTIVENESS DATE:		20100301

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:		10644150

	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
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SIGNATURE   BRIAN S. HOOK
TITLE       TREASURER

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<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>2
<FILENAME>peoacctlttr.htm
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<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">Report of Independent Registered Public Accounting Firm</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
</B>

<P ALIGN="JUSTIFY">&nbsp;</P>
<P>To the Board of Directors and Stockholders of <BR>
&#9;Petroleum &amp; Resources Corporation</P>
<P ALIGN="JUSTIFY"></P>

<P>In planning and performing our audit of the financial statements of Petroleum &amp; Resources Corporation ("the Corporation")</FONT><FONT SIZE=2> </FONT><FONT FACE="Arial" SIZE=2>as of and for the year ended December 31, 2009, 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 controls over 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 do not express an opinion on the effectiveness of the Corporation's internal control over financial reporting.</P>

<P>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.  A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the corporation; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with</FONT> <FONT FACE="Arial" SIZE=2>generall
y accepted accounting principles, and that receipts and expenditures of the corporation are being made only in accordance with authorizations of management and directors of the corporation; and (3)</FONT><FONT FACE="Arial" SIZE=2 COLOR="#ff0000"> </FONT><FONT FACE="Arial" SIZE=2> 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.</P>

<P>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.</P>

<P>A deficiency in internal control over financial reporting 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 material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Corporation's annual or interim financial statements will not be prevented or detected on a timely basis.  </P>

<P>Our consideration of the Corporation'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 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 over safeguarding securities, that we consider to be material weaknesses as defined above as of December 31, 2009.</P>

<P>This report is intended solely for the information and use of management and the Board of Directors of Petroleum &amp; 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.</P>

<P>/s/ PricewaterhouseCoopers LLP<BR>
Baltimore, Maryland<BR>
February 12, 2010</P></FONT></BODY>
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