Douglas G. Ober Plan for Retirement from Petroleum & Resources Corp., Within the Next Eighteen Months
June 15, 2012 at 10:25 am EDT
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Douglas G. Ober, the Chairman of the Board, Chief Executive Officer, and long-time lead portfolio manager for Petroleum & Resources Corp., has informed the Board of Directors that he plans to retire within the next eighteen months. Mr. Ober, 66, joined the Corporation's management team in 1986, having been a research analyst at The Adams Express Company, the Corporation's non-controlling affiliate, since 1980. He has been the lead portfolio manager at Petroleum & Resources since April 1, 1991. During his 21-year tenure as the lead portfolio manager, the Corporation has provided to its stockholders, on an annual basis, a total return based on net asset value, with dividends and capital gains reinvested, of 9.76% and an annualized total return of 9.55% based on market value, through March 31, 2012.
Adams Natural Resources Fund, Inc. (the Fund) is a non-diversified investment company. The Fund is an internally managed closed-end fund specializing in energy and other natural resources stocks. The Fund's investment objectives are preservation of capital, the attainment of reasonable income from investments, and an opportunity for capital appreciation. The Fund invests at least 80% of its assets in petroleum or natural resources industries or industries connected with, serving and/or supplying the petroleum or natural resources industries. The Fund has broad flexibility to invest in stocks of varying capitalizations, and primarily invests in stocks found in the S&P 500 Energy and S&P 500 Materials sectors. The Fund invests at least 25% of its assets in petroleum and petroleum-related industries. The Fund may invest up to 25% of its assets in commodities related to petroleum, minerals and related products, including swaps. The Fund may invest up to 10% of its assets in real property.
ADAMS NATURAL RESOURCES FUND, INC. 
