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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: September 30, 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: 28-293_________
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:
__(singed) Christine M. Griffith Baltimore, MD October 27, 1999
[Signature] [City, State] [Date]
Report Type (Check only one.):
[ ] 13F HOLDINGS REPORT. (Check here if all holdings of this
reporting manager are reported in this report.)
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[ ] 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: ______________
Form 13F Information Table Entry Total: ____86_________
Form 13F Information Table Value Total: $__540________
(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.
[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-____________ ________________________
[Repeat as necessary.
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FORM 13F INFORMATION TABLE
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COL. 6 COLUMN 7 COLUMN 8
- ------------------------------- ------------- ---------- -------- ------------------ ------- -------- ----------------------
VALUE INVSTMT OTHER
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) DSCRETN MANAGERS
<S> <C> <C> <C> <C> <C>
SHARES/ SH/P PUT/ VOTING AUTHORITY
PRN AMT RN CALL
<C> <C> <C>
SOLE SHARED NONE
<C> <C> <C>
AGL RESOURCES INC. COM 001204106 2,763 170,000 SH SOLE 170,000
AMERADA HESS CORP. COM 023551104 5,512 90,000 SH SOLE 90,000
AMERADA HESS CORP. PUT 023551954 613 10,000 PUT
ANADARKO PETROLEUM COM 032511107 5,501 180,000 SH SOLE 180,000
ANADARKO PETROLEUM PUT 032511957 458 15,000 PUT
APACHE CORPORATION COM 037411105 5,183 120,000 SH SOLE 120,000
APACHE CORPORATION PUT 037411955 432 10,000 PUT
ATLANTIC RICHFIELD COM 048825103 4,431 50,000 SH SOLE 50,000
ATMOS ENERGY CORP COM 049560105 4,825 200,000 SH SOLE 200,000
AVERY DENNISON CORP. COM 053611109 4,779 90,600 SH SOLE 90,600
AVERY DENNISON CORP PUT 053611959 633 12,000 PUT
BJ SERVICES CO. COM 055482103 6,362 200,000 SH SOLE 200,000
BP AMOCO PLC ADR'S 055622104 24,489 220,999 SH SOLE 220,999
BARRETT RESOURCES COM 068480201 4,447 120,400 SH SOLE 120,400
BOISE CASCADE CORP. COM 097383103 7,470 205,000 SH SOLE 205,000
BURLINGTON RESOURCES COM 122014103 2,021 55,000 SH SOLE 55,000
BURLINGTON RESOURCES PUT 122014953 551 15,000 PUT
CHEVRON CORP COM 166751107 9,762 110,000 SH SOLE 110,000
CHEVRON CORP PUT 166751957 888 10,000 PUT
COASTAL CORP COM 190441105 9,006 220,000 SH SOLE 220,000
COLUMBIA ENERGY GROUP COM 197648108 5,537 100,000 SH SOLE 100,000
COLUMBIA ENERGY GROUP PUT 197648958 554 10,000 PUT
CONOCO INC, CLASS B COM 208251405 7,391 270,000 SH SOLE 270,000
CONOCO INC, CLASS A PUT 208251956 388 15,000 PUT
CONSOLIDATED PAPERS COM 209759109 7,391 275,000 SH SOLE 275,000
DIAMOND OFFSHORE DRILLING, INC. COM 25271C102 3,231 96,800 SH SOLE 96,800
DOVER CORP. COM 260003108 5,723 140,000 SH SOLE 140,000
EOG RESOURCES INC. COM 26875P101 6,162 290,000 SH SOLE 290,000
EL PASO ENERGY CORP. COM 283905107 6,843 170,000 SH SOLE 170,000
ENERGEN CORP COM 29265N108 7,166 353,900 SH SOLE 353,900
ENGELHARD CORP. COM 292845104 4,563 250,000 SH SOLE 250,000
ENRON CORP. $27.30 CUM CV SER J PFD 293561601 28,025 25,000 SH SOLE 25,000
ENSCO INTERNATIONAL, INC. COM 26874Q100 2,529 140,000 SH SOLE 140,000
EQUITABLE RESOURCES COM 294549100 6,050 160,000 SH SOLE 160,000
EXXON CORP COM 302290101 25,080 330,000 SH SOLE 330,000
FORT JAMES CORP COM 347471104 5,871 220,000 SH SOLE 220,000
FREEPORT MCMORAN COP.& GOLD A COM 35671D105 1,770 127,603 SH SOLE 127,603
GENERAL ELECTRIC CO. COM 369604103 23,713 200,000 SH SOLE 200,000
GLOBAL INDUSTRIES LTD COM 379336100 1,978 243,400 SH SOLE 243,400
HALLIBURTON CO. COM 406216101 6,150 150,000 SH SOLE 150,000
KN ENERGY INC. 8.25% DUE 2001 PEPS 482620507 4,745 130,000 SH SOLE 130,000
KERR MCGEE CORP COM 492386107 9,980 181,253 SH SOLE 181,253
MEAD CORP COM 582834107 7,219 210,000 SH SOLE 210,000
MOBIL CORP. COM 607059102 24,180 240,000 SH SOLE 240,000
MURPHY OIL CORP. COM 626717102 5,947 110,000 SH SOLE 110,000
MURPHY OIL CORP PUT 626717952 541 10,000 PUT
NABORS INDUSTRIES, INC. COM 629568106 6,125 245,000 SH SOLE 245,000
NATIONAL FUEL GAS CO. COM 636180101 4,719 100,000 SH SOLE 100,000
NEW JERSEY RESOURCES COM 646025106 7,400 185,000 SH SOLE 185,000
NEWPARK RESOURCES INC. COM 651718504 3,255 420,000 SH SOLE 420,000
NOBLE AFFILIATES INC. COM 654894104 2,664 91,855 SH SOLE 91,855
NORTHWESTERN CORP. COM 668074107 4,550 200,000 SH SOLE 200,000
OCCIDENTAL PETROLEUM COM 674599105 4,047 175,000 SH SOLE 175,000
OCEAN ENERGY, INC. COM 674812201 6,341 622,450 SH SOLE 622,450
OWENS ILLINOIS INC. COM 690768403 3,963 200,000 SH SOLE 200,000
OWENS ILLINOIS INC PUT 690768953 396 20,000 PUT
PETROLEUM GEO-SVCS A/S COM 716597109 4,766 250,000 SH SOLE 250,000
PHILLIPS PETROLEUM CO COM 718507106 4,388 90,000 SH SOLE 90,000
QUESTAR CORP. COM 748356102 4,857 268,000 SH SOLE 268,000
ROYAL DUTCH PETROLEUM $1.25 GLD 780257804 50,203 850,000 SH SOLE 850,000
ROYAL DUTCH PETROLEUM $1.25 CALL 780257904 590 10,000 CALL
SANTA FE INT'L. CORP. COM G7805C108 2,588 120,000 SH SOLE 120,000
SANTA FE INT'L. CORP PUT G7805C958 323 15,000 PUT
SCHLUMBERGER, LTD. COM 806857108 14,294 229,400 SH SOLE 229,400
SHELL TRANSPORT & TRADING ADR'S 822703609 10,920 240,000 SH SOLE 240,000
SOUTHDOWN, INC COM 841297104 5,350 100,000 SH SOLE 100,000
SOUTHDOWN, INC PUT 841297954 535 10,000 PUT
STONE ENERGY CORP. COM 861642106 5,202 102,000 SH SOLE 102,000
STONE ENERGY CORP PUT 861642956 510 10,000 PUT
TEMPLE-INLAND, INC. COM 879868107 6,100 100,000 SH SOLE 100,000
TEMPLE-INLAND, INC PUT 879868957 610 10,000 PUT
TESORO PETROLEUM CORP. COM 881609101 4,950 300,000 SH SOLE 300,000
TEXACO, INC. COM 881694103 11,790 186,775 SH SOLE 186,775
TOSCO CORP. COM 891490302 4,419 175,000 SH SOLE 175,000
TOTAL FINA SA ADR 89151E109 8,881 140,000 SH SOLE 140,000
TRANSOCEAN OFFSHORE INC. COM G90076103 7,044 230,000 SH SOLE 230,000
UNION PACIFIC RESOURCES COM 907834105 3,670 225,816 SH SOLE 225,816
UNOCAL CAPITAL TRUST $3.125 CV PFD 91528T207 3,899 72,540 SH SOLE 72,540
UNOCAL CORP COM 915289102 5,559 150,000 SH SOLE 150,000
VALERO ENERGY CORP. COM 91913Y100 2,406 125,000 SH SOLE 125,000
VASTAR RESOURCES, INC. COM 922380100 7,820 125,000 SH SOLE 125,000
VASTAR RESOURCES, INC CALL 922380900 313 5,000 CALL
WEATHERFORD INT'L. INC. COM 947074100 4,448 139,000 SH SOLE 139,000
WEATHERFORD INT'L. INC PUT 947074950 480 15,000 PUT
WESTERN GAS RESOURCES INC. COM 958259103 3,476 186,000 SH SOLE 186,000
WILLIAMS COMPANIES INC. COM 969457100 7,525 200,000 SH SOLE 200,000
540,229
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