<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended JUNE 3O, 1999
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: 28-596______________
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. Griffith___________________
Title: _Assistant Treasurer______________________
Phone: (410) 752-5900___________________________
Signature, Place, and Date of Signing:
(signed) Christine M. Griffith Baltimore, Md. August 5, 1999
[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.]
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Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: _____0________
Form 13F Information Table Entry Total: ____88______
Form 13F Information Table Value Total: $__549_________
(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. None
[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- NONE_________ ________________________
[Repeat as necessary.
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FORM 13F INFORMATION TABLE
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COL. 6 COLUMN 7 COLUMN 8
- ------------------------------- --------- ---------- -------- COLUMN 5 ------- --------
VALUE INVSTMT OTHER
NAME OF ISSUER TITLE OF CUSIP (x$1000) DSCRETN MANAGERS
<S> CLASS <C> <C> <C>
<C> <C>
VOTING AUTHORITY
SHARES/ SH/ PUT/
PRN AMT. PRN CALL
<C> <C> <C>
SOLE SHA NONE
<C> RED <C>
<C>
AGL RESOURCES, INC. COM 001204106 3,687 200,000 SH SOLE 200,000
AMERADA HESS CORP. COM 023551104 3,272 55,000 SH SOLE 55,000
AMERADA HESS CORP PUT 023551954 893 15,000 PUT
ANADARKO PETROLEUM CORP. COM 032511107 6,626 180,000 SH SOLE 180,000
APACHE CORP. COM 037411105 3,814 97,783 SH SOLE 97,783
ATLANTIC RICHFIELD CO. COM 048825103 6,685 80,000 SH SOLE 80,000
ATLANTIC RICHFIELD CO. CALL 048825903 836 10,000 CALL
ATMOS ENERGY CORP. COM 049560105 5,000 200,000 SH SOLE 200,000
AVERY DENNISON CORP. COM 053611109 2,717 45,000 SH SOLE 45,000
BJ SERVICES CO. COM 055482103 5,888 200,000 SH SOLE 200,000
BP AMOCO PLC ADRS 055622104 23,978 220,999 SH SOLE 220,999
BARRETT RESOURCES CORP. COM 068480201 4,620 120,400 SH SOLE 120,400
BOISE CASCADE CORP. COM 097383103 8,789 205,000 SH SOLE 205,000
BOISE CASCADE CORP. PUT 097383953 643 15,000 PUT
BURLINGTON RESOURCES INC. COM 122014103 2,379 55,000 SH SOLE 55,000
BURLINGTON REOUSRCES INC. PUT 122104953 649 15,000 PUT
CHEVRON CORP COM 166751107 10,457 110,000 SH SOLE 110,000
CHEVRON CORP PUT 166751957 951 10,000 PUT
COASTAL CORP. COM 190441105 8,855 220,000 SH SOLE 220,000
COASTAL CORP PUT 190441955 403 10,000 PUT
COLUMBIA ENERGY GROUP COM 197648108 3,761 60,000 SH SOLE 60,000
COLUMBIA ENERGY GROUP PUT 197648958 439 7,000 PUT
CONOCO, INC. CLASS A COM 208251306 2,899 104,000 SH SOLE 104,000
CONSOLIDATED NATURAL GAS CO. COM 209615103 4,556 75,000 SH SOLE 75,000
CONSOLIDATED PAPERS, INC. COM 209759109 7,356 275,000 SH SOLE 275,000
CONSOLIDATED PAPERS, INC. PUT 209759959 268 10,000 PUT
DIAMOND OFFSHORE DRILLING INC. COM 25271C102 2,747 96,800 SH SOLE 96,800
DOVER CORP. COM 260003108 7,014 200,400 SH SOLE 200,400
E.I. DUPONT DENEMOURS & CO. COM 263534109 5,465 80,000 SH SOLE 80,000
EL PASO ENERGY CORP. COM 283905107 5,981 170,000 SH SOLE 170,000
EL PASO ENERGY CORP. PUT 283905957 528 15,000 PUT
ENERGEN CORP. COM 29265N108 6,591 353,900 SH SOLE 353,900
ENGELHARD COM 292845104 4,751 210,000 SH SOLE 210,000
ENRON CORP. $13.65 CONV. SER J PFD 293561601 27,897 25,000 SH SOLE 25,000
ENRON OIL & GAS CO. COM 293562104 5,872 290,000 SH SOLE 290,000
ENRON OIL & GAS CO PUT 293562954 304 15,000 PUT
ENSCO INTERNATIONAL, INC. COM 26874Q100 2,791 140,000 SH SOLE 140,000
EQUITABLE RESOURCES INC. COM 294549100 6,040 160,000 SH SOLE 160,000
EXXON CORP. COM 302290101 25,451 330,000 SH SOLE 330,000
FORT JAMES CORP. COM 347471104 8,333 220,000 SH SOLE 220,000
FREEPORT-MCMORAN COPPER & GOLD CL A COM 35671D105 2,137 127,603 SH SOLE 127,603
GENERAL ELECTRIC CO. COM 369604103 22,600 200,000 SH SOLE 200,000
GLOBAL INDUSTRIES, LTD. COM 379366100 3,119 243,400 SH SOLE 243,400
HALLIBURTON CO. COM 406216101 6,788 150,000 SH SOLE 150,000
KN ENERGY INC. 8.25% UNITS PEPS 482620507 3,364 130,000 SH SOLE 130,000
KERR MCGEE CORP COM 492386107 9,097 181,253 SH SOLE 181,253
MEAD CORP. COM 582834107 8,768 210,000 SH SOLE 210,000
MEAD CORP. PUT 582834957 626 15,000 PUT
MOBIL CORP. COM 607059102 23,700 240,000 SH SOLE 240,000
MURPHY OIL CORP. COM 626717102 5,369 110,000 SH SOLE 110,000
NABORS INDUSTRIES, INC. COM 629568106 5,972 245,000 SH SOLE 245,000
NATIONAL FUEL GAS CO. COM 636180101 4,850 100,000 SH SOLE 100,000
NEW JERSEY RESOURCES, INC. COM 646025106 6,926 185,000 SH SOLE 185,000
NEWPARK RESOURCES, INC. COM 651718504 3,728 420,000 SH SOLE 420,000
NOBLE AFFILIATES, INC. COM 654894104 2,589 91,855 SH SOLE 91,855
NORTHWESTERN CORP. COM 668074107 4,838 200,000 SH SOLE 200,000
OCCIDENTAL PETROLEUM CORP. COM 674599105 3,697 175,000 SH SOLE 175,000
OCCIDENTAL PEO CORP $3.00 CV EXCH PFD 674599790 1,738 30,000 SH SOLE 30,000
OCEAN ENERGY, INC. COM 674812102 5,991 622,450 SH SOLE 622,450
OWENS-ILLINOIS, INC. COM 690768403 3,040 93,000 SH SOLE 93,000
OWENS-ILLINOIS, INC. PUT 690768953 327 10,000 PUT
PETROLEUM GEO-SVCS ASA ADR 716597109 3,124 210,000 SH SOLE 210,000
PETROLEUM GEO-SVCS PUT 716597109 298 20,000 PUT
PHILLIPS PETROLEUM CO. COM 718207106 4,528 90,000 SH SOLE 90,000
QUESTAR CORP. COM 748356102 5,125 268,000 SH SOLE 268,000
ROYAL DUTCH PETROLEUM CO. GLDR 1.25 780257804 52,297 868,000 SH SOLE 868,000
SANTA FE INTL. CORP. COM G7805C108 2,760 120,000 SH SOLE 120,000
SCHLUMBERGER, LTD. COM 806857108 14,610 229,400 SH SOLE 229,400
SHELL TRANS. & TRAD. CO. PLC ADR 822703609 11,130 240,000 SH SOLE 240,000
SOUTHDOWN, INC. COM 841297104 6,425 100,000 SH SOLE 100,000
TEMPLE-INLAND, INC. COM 879868107 6,863 100,000 SH SOLE 100,000
TEMPLE-INLAND, INC. PUT 879868957 686 10,000 PUT
TESORO PETROLEUM CORP. COM 881609101 4,781 300,000 SH SOLE 300,000
TEXACO, INC. COM 881694103 11,650 186,775 SH SOLE 186,775
TEXACO, INC. PUT 881694953 624 10,000 PUT
TOSCO CORP. COM 891490302 4,539 175,000 SH SOLE 175,000
TOTAL, S.A. ADR 89151E109 9,021 140,000 SH SOLE 140,000
TRANSOCEAN OFFSHORE INC. CAYMAN ISL. COM 893817106 6,038 230,000 SH SOLE 230,000
UNION PACIFIC RESOURCES GROUP COM 907834105 3,684 225,816 SH SOLE 225,816
UNITED WATER RESOURCES, INC. COM 913190104 5,672 250,000 SH SOLE 250,000
UNOCAL CORP. COM 915289102 5,944 150,000 SH SOLE 150,000
UNOCAL CAP. TRUST $3.125 CONV. PFD 91528T207 4,044 72,540 SH SOLE 72,540
VALERO ENERGY CORP COM 91913Y107 2,680 125,000 SH SOLE 125,000
VASTAR RESOURCES, INC COM 922380100 6,555 125,000 SH SOLE 125,000
WEATHERFORD INTL. COM 947074100 5,091 139,000 SH SOLE 139,000
WESTERN GAS RESOURCES INC. COM 958259103 2,976 186,000 SH SOLE 186,000
WILLIAMS COMPANIES INC. COM 969457100 8,512 200,000 SH SOLE 200,000
WILLIAMS COMPANIES INC. PUT 969457950 638 15,000 PUT
-------
549,745
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