<PAGE> PAGE 1
000 B000000 12/31/1999
000 C000000 0000216851
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 PETROLEUM & RESOURCES CORPORATION
001 B000000 811-02736
001 C000000 4107525900
002 A000000 7 ST. PAUL STREET, SUITE 1140
002 B000000 BALTIMORE
002 C000000 MD
002 D010000 21202
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
019 B000000 0
020 A000001 PAINE WEBBER INC.
020 B000001 13-2638166
020 C000001 43
020 A000002 S.W. RYAN & CO., INC.
020 B000002 23-2509528
020 C000002 36
020 A000003 PETRIE PARKMAN & CO.
020 B000003 84-1108632
020 C000003 28
020 A000004 SIMMONS & CO., INT'L
020 B000004 76-0266412
020 C000004 20
020 A000005 HOWARD, WEIL, LABOUISSE, FRIEDRICH
020 B000005 72-0696314
020 C000005 19
020 A000006 GOLDMAN SACHS & CO.
020 B000006 13-5108880
020 C000006 12
<PAGE> PAGE 2
020 A000007 SALOMON SMITH BARNEY, INC.
020 B000007 11-2418191
020 C000007 12
020 A000008 PRUDENTIAL SECURITIES
020 B000008 22-2347336
020 C000008 12
020 A000009 SCHRODER & CO., INC.
020 B000009 13-2697272
020 C000009 11
020 A000010 AUTRANET, INC.
020 B000010 13-2961507
020 C000010 10
021 000000 220
022 A000001 GENERAL ELECTRIC CAPITAL CORP.
022 B000001 13-1500700
022 C000001 83860
022 D000001 0
022 A000002 CHEVRON OIL FINANCE CORP.
022 B000002 25-1215010
022 C000002 81018
022 D000002 0
022 A000003 FORD MOTOR CREDIT CORP.
022 B000003 38-1612444
022 C000003 56204
022 D000003 0
022 A000004 BANK OF NEW YORK
022 B000004 13-4941102
022 C000004 34000
022 D000004 0
022 A000005 TEXACO, INC.
022 B000005 74-1383447
022 C000005 26227
022 D000005 0
022 A000006 M. STERNBURG & CO.
022 B000006 06-1153426
022 C000006 20545
022 D000006 0
022 A000007 C.S. FIRST BOSTON CORP.
022 B000007 13-5659485
022 C000007 3445
022 D000007 1211
022 A000008 MERRILL LYNCH, PIERCE, FENNER & SNITH, INC.
022 B000008 13-5674085
022 C000008 3300
022 D000008 0
022 A000009 SALOMON SMITH BARNEY, INC.
022 B000009 11-2418191
022 C000009 0
022 D000009 2369
022 A000010 HOWARD, WEIL, LABOUISSE, FRIEDRICH
022 B000010 72-0696314
<PAGE> PAGE 3
022 C000010 88
022 D000010 0
023 C000000 308686
023 D000000 3580
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
028 A010000 0
028 A020000 0
028 A030000 0
028 A040000 0
028 B010000 0
028 B020000 0
028 B030000 0
028 B040000 0
028 C010000 0
028 C020000 0
028 C030000 0
028 C040000 0
028 D010000 0
028 D020000 0
028 D030000 0
028 D040000 0
028 E010000 0
028 E020000 0
028 E030000 0
028 E040000 0
028 F010000 0
028 F020000 0
028 F030000 0
028 F040000 0
028 G010000 0
028 G020000 0
028 G030000 0
028 G040000 0
028 H000000 0
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
035 000000 0
036 B000000 0
038 000000 0
<PAGE> PAGE 4
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
048 000000 0.000
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
061 000000 0
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
<PAGE> PAGE 5
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 N
066 D000000 N
066 E000000 Y
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
071 A000000 67842
071 B000000 60969
071 C000000 512605
071 D000000 12
072 A000000 12
072 B000000 1707
072 C000000 10373
072 D000000 0
072 E000000 0
072 F000000 0
072 G000000 0
072 H000000 1342
072 I000000 72
072 J000000 45
072 K000000 42
072 L000000 119
072 M000000 187
072 N000000 27
072 O000000 48
072 P000000 0
072 Q000000 0
072 R000000 47
072 S000000 27
072 T000000 0
072 U000000 0
072 V000000 65
072 W000000 252
072 X000000 2273
072 Y000000 0
072 Z000000 9807
072AA000000 22804
072BB000000 0
072CC010000 75426
072CC020000 0
072DD010000 9966
072DD020000 0
072EE000000 22285
<PAGE> PAGE 6
073 A010000 0.7200
073 A020000 0.0000
073 B000000 1.6100
073 C000000 0.0000
074 A000000 43
074 B000000 0
074 C000000 11880
074 D000000 7807
074 E000000 31399
074 F000000 512469
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 3095
074 K000000 0
074 L000000 699
074 M000000 45981
074 N000000 613373
074 O000000 1197
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 197
074 R040000 46904
074 S000000 0
074 T000000 565075
074 U010000 14314
074 U020000 0
074 V010000 39.48
074 V020000 0.00
074 W000000 0.0000
074 X000000 6734
074 Y000000 5967
075 A000000 0
075 B000000 527665
076 000000 32.25
077 A000000 Y
077 B000000 Y
080 A000000 FEDERAL INSURANCE CO.
080 C000000 3750
081 A000000 Y
081 B000000 1
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 N
<PAGE> PAGE 7
SIGNATURE MAUREEN A. JONES
TITLE VICE PRES. & TREAS.
PRICEWATERHOUSECOOPERS (LOGO)
- ---------------------------------------------------------------
PRICEWATERHOUSECOOPERS LLP
250 WEST PRATT STREET
BALTIMORE MD 21201-2304
TEL: 410-783-7600
FAX: 410-783-7680
REPORT OF INDEPENDENT ACCOUNTANTS
_______
To the Board of Directors of
Petroleum & Resources Corporation:
In planning and performing our audit of the financial
statements and financial highlights of Petroleum & Resources
Corporation (hereafter referred to as the "Corporation") for
the year ended December 31, 1999, we considered its internal
control, including control activities for safeguarding
securities, in order to determine our auditing procedures
for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-
SAR, not to provide assurance on internal control.
The management of the Corporation is responsible for
establishing and maintaining internal control. In
fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls. Generally, controls that are
relevant to an audit pertain to the entity's objective of
preparing financial statements and financial highlights for
external purposes that are fairly presented in conformity
with generally accepted accounting principles. Those
controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors
or fraud may occur and not be detected. Also, projection of
any evaluation of internal control to future periods is
subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be
material weaknesses under standards established by the
American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or
operation of one or more of the internal control components
does not reduce to a relatively low level the risk that
misstatements caused by error or fraud in amounts that would
be material in relation to the financial statements and
financial highlights being audited may occur and not be
detected within a timely period by employees in the normal
course of performing their assigned functions. However, we
noted no matters involving internal control and its
operation, including controls for safeguarding securities,
that we consider to be material weaknesses as defined above
as of December 31, 1999.
This report is intended solely for the information and use
of the Board of Directors and management of Petroleum
Commission.
/s/ PricewaterhouseCoopers LLP
Baltimore, Maryland
January 7, 2000
