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, 2000
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_ May 12, 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.)
[ ] 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.]
Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: ______________
Form 13F Information Table Entry Total: ____78_________
Form 13F Information Table Value Total: $__603________
(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.
<TABLE>
<CAPTION>
FORM 13F INFORMATION TABLE
</CAPTION>
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>
AMERADA HESS CORP. COM 023551104 6,463 100,000 SH SOLE 100,000
ANADARKO PETROLEUM COM 032511107 7,544 195,000 SH SOLE 195,000
APACHE CORPORATION COM 037411105 6,468 130,000 SH SOLE 130,000
ATLANTIC RICHFIELD COM 048825103 4,250 50,000 SH SOLE 50,000
ATLANTIC RICHFIELD PUT 048825953 850 10,000 PUT
ATMOS ENERGY CORP COM 049560105 3,275 200,000 SH SOLE 200,000
AVERY DENNISON CORP. COM 053611109 6,106 100,000 SH SOLE 100,000
AVERY DENNISON CORP PUT 053611959 611 10,000 PUT
BJ SERVICES CO. COM 055482103 14,775 200,000 SH SOLE 200,000
BJ SERVICES CO. CALL 055482953 739 10,000 PUT
BP AMOCO PLC ADRS 055622104 21,225 400,000 SH SOLE 400,000
BOISE CASCADE CORP. COM 097383103 7,123 205,000 SH SOLE 205,000
BURLINGTON RESOURCES COM 122014103 4,810 130,000 SH SOLE 130,000
CALPINE CORP. COM 131347106 3,760 40,000 SH SOLE 40,000
CALPINE CORP. CALL 131347906 1,880 20,000 CALL
CALPINE CORP. PUT 131347956 1,410 15,000 PUT
CALPINE CAP. TRST 5.75% TIDES PFD 131346207 8,028 87,500 SH SOLE 87,500
CHEVRON CORP COM 166751107 12,017 130,000 SH SOLE 130,000
CHEVRON CORP PUT 166751957 866 10,000 PUT
COASTAL CORP COM 190441105 10,120 220,000 SH SOLE 220,000
COLUMBIA ENERGY GROUP COM 197648108 5,925 100,000 SH SOLE 100,000
CONOCO INC, CLASS B COM 208251405 7,688 300,000 SH SOLE 300,000
CONOCO INC, CLASS B PUT 208251956 256 10,000 PUT
DEVON ENERGY CORP. COM 25179M103 3,399 70,000 SH SOLE 70,000
DIAMOND OFFSHORE DRILLING, INC. COM 25271C102 3,866 96,800 SH SOLE 96,800
DOVER CORP. COM 260003108 6,702 140,000 SH SOLE 140,000
EOG RESOURCES INC. COM 26875P101 6,144 290,000 SH SOLE 290,000
EL PASO ENERGY CORP. COM 283905107 4,441 110,000 SH SOLE 110,000
ENERGEN CORP COM 29265N108 5,640 353,900 SH SOLE 353,900
ENGELHARD CORP. COM 292845104 3,781 250,000 SH SOLE 250,000
ENRON CORP. $27.30 CUM CV SER J PFD 293561601 47,014 23,000 SH SOLE 23,000
ENSCO INTERNATIONAL, INC. COM 26874Q100 4,335 120,000 SH SOLE 120,000
EQUITABLE RESOURCES COM 294549100 8,089 180,500 SH SOLE 180,500
EXXON MOBIL CORP COM 30231G102 47,250 607,231 SH SOLE 607,231
FORT JAMES CORP COM 347471104 5,500 250,000 SH SOLE 250,000
FORT JAMES CORP PUT 347471954 330 15,000 PUT
FREEPORT MCMORAN COP.& GOLD A COM 35671D105 1,419 127,603 SH SOLE 127,603
GENERAL ELECTRIC CO. COM 369604103 29,486 190,000 SH SOLE 190,000
GENERAL ELECTRIC CO. CALL 369604903 1,552 10,000 CALL
GLOBAL INDUSTRIES LTD COM 379336100 3,560 243,400 SH SOLE 243,400
HALLIBURTON CO. COM 406216101 6,150 150,000 SH SOLE 150,000
KINDER MORGAN 8.25% PEPS 482620507 6,143 130,000 SH SOLE 130,000
KERR MCGEE CORP COM 492386107 10,467 181,253 SH SOLE 181,253
MEAD CORP COM 582834107 7,337 210,000 SH SOLE 210,000
MURPHY OIL CORP. COM 626717102 6,339 110,000 SH SOLE 110,000
NABORS INDUSTRIES, INC. COM 629568106 9,509 245,000 SH SOLE 245,000
NATIONAL FUEL GAS CO. COM 636180101 4,456 100,000 SH SOLE 100,000
NEW JERSEY RESOURCES COM 646025106 7,909 185,000 SH SOLE 185,000
NEWPARK RESOURCES INC. COM 651718504 2,960 370,000 SH SOLE 370,000
NOBLE AFFILIATES INC. COM 654894104 3,014 91,855 SH SOLE 91,855
NORTHWESTERN CORP. COM 668074108 4,125 200,000 SH SOLE 200,000
OCCIDENTAL PETROLEUM COM 674599105 3,631 175,000 SH SOLE 175,000
OCEAN ENERGY, INC. COM 674812201 7,906 550,000 SH SOLE 550,000
OWENS ILLINOIS INC. COM 690768403 3,797 225,000 SH SOLE 225,000
PETROLEUM GEO-SVCS A/S COM 716597109 4,328 250,000 SH SOLE 250,000
PHILLIPS PETROLEUM CO COM 718507106 2,775 60,000 SH SOLE 60,000
QUESTAR CORP. COM 748356102 4,975 268,000 SH SOLE 268,000
ROYAL DUTCH PETROLEUM $1.25 GLD 780257804 48,928 850,000 SH SOLE 850,000
SANTA FE INT'L. CORP. COM G7805C108 6,660 180,000 SH SOLE 180,000
SCHLUMBERGER, LTD. COM 806857108 17,549 229,400 SH SOLE 229,400
SHELL TRANSPORT & TRADING ADRS 822703609 11,775 240,000 SH SOLE 240,000
SOUTHDOWN, INC COM 841297104 5,900 100,000 SH SOLE 100,000
STONE ENERGY CORP. COM 861642106 5,137 104,300 SH SOLE 104,300
TEMPLE-INLAND, INC. COM 879868107 5,479 110,000 SH SOLE 110,000
TESORO PETROLEUM CORP. COM 881609101 3,450 300,000 SH SOLE 300,000
TEXACO, INC. COM 881694103 10,015 186,775 SH SOLE 186,775
TOSCO CORP. COM 891490302 5,327 175,000 SH SOLE 175,000
TOTAL FINA SA ADR 89151E109 9,203 125,000 SH SOLE 125,000
TRANSOCEAN SEDCO FOREX INC. COM G90078109 14,081 274,411 SH SOLE 274,411
UNION PACIFIC RESOURCES COM 907834105 3,274 225,816 SH SOLE 225,816
UNOCAL CAPITAL TRUST $3.125 CV COM 91528T207 3,845 72,540 SH SOLE 72,540
UNOCAL CORP COM 985289102 4,463 150,000 SH SOLE 150,000
VALERO ENERGY CORP. COM 91913Y100 3,828 125,000 SH SOLE 125,000
VASTAR RESOURCES, INC COM 922380100 9,289 125,000 SH SOLE 125,000
VASTAR RESOURCES, INC. PUT 922380950 297 4,000 PUT
WEATHERFORD INT'L. INC COM 947074100 8,192 139,000 SH SOLE 139,000
WESTERN GAS RESOURCES INC. COM 958259103 2,953 186,000 SH SOLE 186,000
WILLIAMS COMPANIES INC. COM 969457100 8,788 200,000 SH SOLE 200,000
$602,951
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