<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 March 31, 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. May 7, 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: ____85______
Form 13F Information Table Value Total: $__476_________
(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 3,512 200,000 SH SOLE 200,000
AMERADA HESS CORP. COM 023551104 2,289 45,000 SH SOLE 45,000
AMERADA HESS CORP PUT 023551954 763 15,000 PUT
ANADARKO PETROLEUM CORP. COM 032511107 6,795 180,000 SH SOLE 180,000
APACHE CORP. COM 037411105 2,548 97,783 SH SOLE 97,783
ASHLAND INC. COM 044204105 4,747 115,950 SH SOLE 115,950
ATLANTIC RICHFIELD CO. COM 048825103 5,850 80,000 SH SOLE 80,000
ATLANTIC RICHFIELD CO. CALL 048825903 731 10,000 CALL
ATMOS ENERGY CORP. COM 049560105 4,812 200,000 SH SOLE 200,000
BJ SERVICES CO. COM 055482103 4,650 200,000 SH SOLE 200,000
BP AMOCO PLC ADRS 055622104 22,321 220,999 SH SOLE 220,999
BARRETT RESOURCES CORP. COM 068480201 3,018 120,400 SH SOLE 120,400
BOISE CASCADE CORP. COM 097383103 6,450 200,000 SH SOLE 200,000
BOISE CASCADE CORP. PUT 097383953 806 25,000 PUT
BURLINGTON RESOURCES INC. COM 122014103 2,197 55,000 SH SOLE 55,000
CHEVRON CORP COM 166751107 9,762 110,000 SH SOLE 110,000
COASTAL CORP. COM 190441105 7,260 220,000 SH SOLE 220,000
COASTAL CORP PUT 190441955 330 10,000 PUT
CONOCO, INC. COM 208251306 2,554 104,000 SH SOLE 104,000
CONSOLIDATED NATURAL GAS CO. COM 209615103 3,652 75,000 SH SOLE 75,000
CONSOLIDATED PAPERS, INC. COM 209759109 6,039 257,000 SH SOLE 257,000
CONSOLIDATED PAPERS, INC. PUT 209759959 235 10,000 PUT
DEERE & CO. COM 244199105 4,635 120,000 SH SOLE 120,000
DIAMOND OFFSHORE DRILLING INC. COM 25271C102 3,061 96,800 SH SOLE 96,800
DOVER CORP. COM 260003108 6,588 200,400 SH SOLE 200,400
E.I. DUPONT DENEMOURS & CO. COM 263534109 4,645 80,000 SH SOLE 80,000
EL PASO ENERGY CORP. COM 283905107 5,557 170,000 SH SOLE 170,000
EL PASO ENERGY CORP. PUT 283905957 490 15,000 PUT
ENERGEN CORP. COM 29265N108 5,286 353,900 SH SOLE 353,900
ENRON CORP. $13.65 CONV. SER J PFD 293561601 21,925 25,000 SH SOLE 25,000
ENRON OIL & GAS CO. COM 293562104 4,821 290,000 SH SOLE 290,000
ENSCO INTERNATIONAL, INC. COM 26874Q100 1,864 140,000 SH SOLE 140,000
EQUITABLE RESOURCES INC. COM 294549100 4,170 160,000 SH SOLE 160,000
EQUITABLE RESOURCES INC. PUT 294549950 391 15,000 PUT
EXXON CORP. COM 302290101 23,286 330,000 SH SOLE 330,000
FORT JAMES CORP. COM 347471104 6,971 220,000 SH SOLE 220,000
FORT JAMES CORP. PUT 347471954 317 10,000 PUT
FREEPORT-MCMORAN COPPER & GOLD CL A COM 35671D105 1,308 127,603 SH SOLE 127,603
GENERAL ELECTRIC CO. COM 369604103 22,125 200,000 SH SOLE 200,000
GLOBAL INDUSTRIES, LTD. COM 379366100 2,464 243,400 SH SOLE 243,400
HALLIBURTON CO. COM 406216101 5,775 150,000 SH SOLE 150,000
KN ENERGY INC. 8.25% UNITS PEPS 482620507 4,428 130,000 SH SOLE 130,000
KERR MCGEE CORP COM 492386107 5,947 181,253 SH SOLE 181,253
LOEWS CORP 3.125% EXCH SUB DUE 2007 DEBS 540424AL2 1,267 1,500,000 PRN SOLE 1,500,000
MEAD CORP. COM 582834107 6,458 210,000 SH SOLE 210,000
MEAD CORP. PUT 582834957 461 15,000 PUT
MOBIL CORP. COM 607059102 21,120 240,000 SH SOLE 240,000
MURPHY OIL CORP. COM 626717102 4,565 110,000 SH SOLE 110,000
NABORS INDUSTRIES, INC. COM 629568106 4,456 245,000 SH SOLE 245,000
NATIONAL FUEL GAS CO. COM 636180101 3,925 100,000 SH SOLE 100,000
NEW JERSEY RESOURCES, INC. COM 646025106 6,579 185,000 SH SOLE 185,000
NEWPARK RESOURCES, INC. COM 651718504 3,045 420,000 SH SOLE 420,000
NOBLE AFFILIATES, INC. COM 654894104 2,664 91,855 SH SOLE 91,855
NORTHWESTERN CORP. COM 668074107 5,188 200,000 SH SOLE 200,000
OCCIDENTAL PETROLEUM CORP. COM 674599105 3,150 175,000 SH SOLE 175,000
OCCIDENTAL PEO CORP $3.00 CV EXCH PFD 674599790 1,485 30,000 SOLE 30,000
OCEAN ENERGY, INC. COM 674812102 4,240 622,450 SH SOLE 622,450
PETROLEUM GEO-SVCS ASA ADR 716597109 2,288 150,000 SH SOLE 150,000
PETROLEUM GEO-SVCS PUT 716597109 92 16,000 PUT
PHILLIPS PETROLEUM CO. COM 718207106 4,253 90,000 SH SOLE 90,000
QUESTAR CORP. COM 748356102 4,539 268,000 SH SOLE 268,000
ROYAL DUTCH PETROLEUM CO. GLDR 1.25 780257804 45,136 868,000 SH SOLE 868,000
SANTA FE INT'L. CORP. COM G7805C108 2,243 120,000 SH SOLE 120,000
SCHLUMBERGER, LTD. COM 806857108 13,807 229,400 SH SOLE 229,400
SHELL TRANS. & TRAD. CO. PLC ADR 822703609 9,750 240,000 SH SOLE 240,000
SOUTHDOWN, INC. COM 841297104 5,369 100,000 SH SOLE 100,000
TEMPLE-INLAND, INC. COM 879868107 6,275 100,000 SH SOLE 100,000
TEMPLE-INLAND, INC. PUT 879868957 628 10,000 PUT SOLE
TESORO PETROLEUM CORP. COM 881609101 3,300 300,000 SH SOLE 300,000
TEXACO, INC. COM 881694103 10,599 186,775 SH SOLE 186,775
TEXACO, INC. PUT 881694953 568 10,000 PUT
TOSCO CORP. COM 891490302 4,342 175,000 SH SOLE 175,000
TOTAL, S.A. ADR 89151E109 8,540 140,000 SH SOLE 140,000
TRANSOCEAN OFFSHORE INC. COM 893817106 6,627 230,000 SH SOLE 230,000
UNION PACIFIC RESOURCES GROUP COM 907834105 2,682 225,816 SH SOLE 225,716
UNITED WATER RESOURCES, INC. COM 913190104 5,188 250,000 SH SOLE 250,000
UNOCAL CORP. COM 915289102 5,531 150,000 SH SOLE 150,000
UNOCAL CAP. TRUST $3.125 CONV. PFD 91528T207 3,881 72,540 SH SOLE 72,540
VALERO ENERGY CORP COM 91913Y107 3,109 125,000 SH SOLE 125,000
VASTAR RESOURCES, INC COM 922380100 5,969 125,000 SH SOLE 125,000
WASHINGTON GAS LIGHT CO.476. COM 938837101 2,263 100,000 SH SOLE 100,000
WEATHERFORD INT'L. COM 947074100 3,631 139,000 SH SOLE 139,000
WESTERN GAS RESOURCES INC. COM 958259103 1,395 186,000 SH SOLE 186,000
WILLIAMS COMPANIES INC. COM 969457100 7,900 200,000 SH SOLE 200,000
WILLIAMS COMPANIES INC. PUT 969457950 593 15,000 PUT SOLE
476,476
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