<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: December 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: 28-293_________
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:
__(signed) Christine M. Griffith Baltimore, MD_ February 14, 2000
[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.)
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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: ____84_________
Form 13F Information Table Value Total: $__558________
(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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<TABLE>
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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 2,890 170,000 SH SOLE 170,000
AMERADA HESS CORP. COM 023551104 5,675 100,000 SH SOLE 100,000
ANADARKO PETROLEUM COM 032511107 6,654 195,000 SH SOLE 195,000
APACHE CORPORATION COM 037411105 4,802 130,000 SH SOLE 130,000
ATLANTIC RICHFIELD COM 048825103 4,325 50,000 SH SOLE 50,000
ATMOS ENERGY CORP COM 049560105 4,087 200,000 SH SOLE 200,000
AVERY DENNISON CORP. COM 053611109 6,602 90,600 SH SOLE 90,600
BJ SERVICES CO. COM 055482103 8,363 200,000 SH SOLE 200,000
BP AMOCO PLC ADR'S 055622104 23,725 400,000 SH SOLE 400,000
BARRETT RESOURCES COM 068480201 2,061 70,000 SH SOLE 70,000
BOISE CASCADE CORP. COM 097383103 8,303 205,000 SH SOLE 205,000
BURLINGTON RESOURCES COM 122014103 3,968 120,000 SH SOLE 120,000
BURLINGTON RESOURCES PUT 122014953 331 10,000 PUT
CALPINE CORP. COM 131347106 2,560 40,000 SH SOLE 40,000
CALPINE CORP. PUT 131347956 640 10,000 PUT
CALPINE CAP. TRST 5.75% TIDES PFD 131346207 3,582 55,000 SH SOLE 55,000
CHEVRON CORP COM 166751107 10,395 120,000 SH SOLE 120,000
CHEVRON CORP PUT 166751957 866 10,000 PUT
COASTAL CORP COM 190441105 7,796 220,000 SH SOLE 220,000
COASTAL CORP PUT 190441955 354 10,000 PUT
COLUMBIA ENERGY GROUP COM 197648108 6,325 100,000 SH SOLE 100,000
COLUMBIA ENERGY GROUP PUT 197648958 316 5,000 PUT
CONOCO INC, CLASS B COM 208251405 7,463 300,000 SH SOLE 300,000
CONOCO INC, CLASS B PUT 208251956 249 10,000 PUT
CONSOLIDATED PAPERS COM 208759109 8,748 275,000 SH SOLE 275,000
DEVON ENERGY CORP. COM 25179M103 2,301 70,000 SH SOLE 70,000
DEVON ENERGY CORP. PUT 251799952 493 15,000 PUT
DIAMOND OFFSHORE DRILLING, INC. COM 25271C102 2,958 96,800 SH SOLE 96,800
DOVER CORP. COM 260003108 6,353 140,000 SH SOLE 140,000
EOG RESOURCES INC. COM 26875P101 5,093 290,000 SH SOLE 290,000
EL PASO ENERGY CORP. COM 283905107 7,180 185,000 SH SOLE 185,000
ENERGEN CORP COM 29265N108 6,392 353,900 SH SOLE 353,900
ENGELHARD CORP. COM 292845104 4,719 250,000 SH SOLE 250,000
ENRON CORP. $27.30 CUM CV SER J PFD 293561601 27,863 23,000 SH SOLE 23,000
ENSCO INTERNATIONAL, INC. COM 26874Q100 3,203 140,000 SH SOLE 140,000
EQUITABLE RESOURCES COM 294549100 6,024 180,500 SH SOLE 180,500
EXXON MOBIL CORP COM 30231G102 48,920 607,231 SH SOLE 607,231
EXXON MOBIL CORP. PUT 30231G952 835 10,000 PUT
FORT JAMES CORP COM 347471104 6,023 220,000 SH SOLE 220,000
FREEPORT MCMORAN COP.& GOLD A COM 35671D105 2,369 127,603 SH SOLE 127,603
GENERAL ELECTRIC CO. COM 369604103 30,950 200,000 SH SOLE 200,000
GLOBAL INDUSTRIES LTD COM 379336100 2,099 243,400 SH SOLE 243,400
HALLIBURTON CO. COM 406216101 6,038 150,000 SH SOLE 150,000
KN ENERGY INC. 8.25% DUE 2001 PEPS 482620507 4,225 130,000 SH SOLE 130,000
KERR MCGEE CORP COM 492386107 11,238 181,253 SH SOLE 181,253
KERR MCGEE CORP. CALL 492386907 620 10,000 CALL
MEAD CORP COM 582834107 9,122 210,000 SH SOLE 210,000
MURPHY OIL CORP. COM 626717102 6,311 110,000 SH SOLE 110,000
MURPHY OIL CORP PUT 626717952 574 10,000 PUT
NABORS INDUSTRIES, INC. COM 629568106 7,580 245,000 SH SOLE 245,000
NATIONAL FUEL GAS CO. COM 636180101 4,650 100,000 SH SOLE 100,000
NEW JERSEY RESOURCES COM 646025106 7,227 185,000 SH SOLE 185,000
NEWPARK RESOURCES INC. COM 651718504 2,266 370,000 SH SOLE 370,000
NOBLE AFFILIATES INC. COM 654894104 1,969 91,855 SH SOLE 91,855
NORTHWESTERN CORP. COM 668074108 4,400 200,000 SH SOLE 200,000
OCCIDENTAL PETROLEUM COM 674599105 3,784 175,000 SH SOLE 175,000
OCEAN ENERGY, INC. COM 674812201 4,824 622,450 SH SOLE 622,450
OWENS ILLINOIS INC. COM 690768403 5,012 200,000 SH SOLE 200,000
OWENS ILLINOIS INC PUT 690768953 501 20,000 PUT
PETROLEUM GEO-SVCS A/S COM 716597109 4,453 250,000 SH SOLE 250,000
PHILLIPS PETROLEUM CO COM 718507106 4,230 90,000 SH SOLE 90,000
QUESTAR CORP. COM 748356102 4,020 268,000 SH SOLE 268,000
ROYAL DUTCH PETROLEUM $1.25 GLD 780257804 51,478 850,000 SH SOLE 850,000
SANTA FE INT'L. CORP. COM G7805C108 4,658 180,000 SH SOLE 180,000
SCHLUMBERGER, LTD. COM 806857108 12,875 229,400 SH SOLE 229,400
SHELL TRANSPORT & TRADING ADR'S 822703609 11,760 240,000 SH SOLE 240,000
SOUTHDOWN, INC COM 841297104 5,163 100,000 SH SOLE 100,000
SOUTHDOWN, INC PUT 841297954 281 5,000 PUT
STONE ENERGY CORP. COM 861642106 3,634 102,000 SH SOLE 102,000
TEMPLE-INLAND, INC. COM 879868107 7,253 110,000 SH SOLE 110,000
TESORO PETROLEUM CORP. COM 881609101 3,468 300,000 SH SOLE 300,000
TEXACO, INC. COM 881694103 10,144 186,775 SH SOLE 186,775
TOSCO CORP. COM 891490302 4,758 175,000 SH SOLE 175,000
TOTAL FINA SA ADR 89151E109 9,695 140,000 SH SOLE 140,000
TRANSOCEAN SEDCO FOREX INC. COM G90078109 9,244 274,411 SH SOLE 274,411
TRANSOCEAN SEDCO FOREX INC. CALL G90076903 337 10,000 CALL
UNION PACIFIC RESOURCES COM 907834105 2,879 225,816 SH SOLE 225,816
UNOCAL CAPITAL TRUST $3.125 CV COM 91528T207 3,536 72,540 SH SOLE 72,540
UNOCAL CORP COM 985289102 5,034 150,000 SH SOLE 150,000
VALERO ENERGY CORP. COM 91913Y100 2,484 125,000 SH SOLE 125,000
VASTAR RESOURCES, INC COM 922380100 7,375 125,000 SH SOLE 125,000
WEATHERFORD INT'L. INC COM 947074100 5,551 139,000 SH SOLE 139,000
WESTERN GAS RESOURCES INC. COM 958259103 2,453 186,000 SH SOLE 186,000
WILLIAMS COMPANIES INC. COM 969457100 6,113 200,000 SH SOLE 200,000
$558,072
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