The Wiser Oil Company Provides Fourth Quarter Operations Update, Expected 2000 Results and 2001 Outlook.

Business Editors

DALLAS--(BUSINESS WIRE)--Jan. 22, 2001

The Wiser Oil Company (NYSE:WZR) today provided an update on its operations and expected financial results for the fourth quarter and year 2000, along with an outlook for 2001.

Fourth Quarter 2000 Estimated Results (unaudited)

The Company's fourth quarter production averaged approximately 8,400 BOEPD consisting of 22.4 million cubic feet of gas per day and 4,650 BOPD. The Company's estimate of cash flows from operations, before exploration expense and working capital changes, for the fourth quarter and year 2000 is approximately $7.7 million and $24.5 million, respectively. The Company's estimate of EBITDAX for the fourth quarter and year 2000 is approximately $10.9 million and $36.5 million, respectively. Capital expenditures were approximately $6 million for the fourth quarter, $20 million for the year 2000 and Wiser will start the year 2001 with a cash balance of approximately $35 million.

Outlook for 2001

The Company's preliminary capital and exploration budget for 2001 is as follows (in millions):

         U.S. Exploration            $  8.00
         Canadian Exploration           2.00
         U.S. Development               5.00
         Canadian Development           5.00
                                    ---------
         Total                       $ 20.00
                                    =========

The Company's 2001 capital and exploration budget may be increased to approximately $30 million based on the results of identified exploration and development projects. In addition to our ongoing exploration and development activities, Wiser intends to deploy our significant cash position in an acquisition of oil and gas reserves or in a strategic corporate transaction.

Based on recent NYMEX average prices of $27.65 per barrel for oil and $6.27 per MMBTU for gas for the year 2001, and assuming average 2001 production of 8,400 BOEPD, the Company's cash flow forecast for 2001, before exploration expense and working capital changes and taking into account existing hedges, is approximately $46 million. The Company's EBITDAX forecast is $59 million and our estimate of earnings is approximately $20 million or $2.25 per non-diluted share.

2001 Hedge Positions

The Company has not entered into any new hedges since our last press release in November 2000 and Wiser's hedge position at the beginning of 2001 is as follows:

                       1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
                       ----------- ----------- ----------- -----------
Swaps
  Barrels oil per day      1,750       1,750
  Price per bbl           $28.10      $28.10

Costless Collars
  Barrels oil per day      1,000       1,000
  Ceiling price per bbl   $32.00      $32.00
  Floor price per bbl     $25.00      $25.00

  MMBTU gas per day       10,000      10,000      10,000      10,000
  Ceiling price per
   MMBTU                   $6.10       $6.10       $6.10       $6.10
  Floor price per MMBTU    $4.00       $4.00       $4.00       $4.00

Key Fourth Quarter Activities in Exploration and Development

The following describes the status of current and ongoing projects:

Roche Ranch, Refugio County, Texas: The Roche Ranch No. 9 was completed in November as a Frio gas producer at a depth of 6,000 feet. The well is currently producing gas at a sustained rate of 1.0 million cubic feet per day. Wiser anticipates drilling an offset to this well in the first quarter of 2001. Wiser has a 40% working interest in the Roche Ranch No. 9.

Fitzsimmons Prospect, Jim Wells County, Texas: The Goldapp No. 1 was completed in December in the Yegua sands at a depth of 8,125 feet and is currently producing approximately 1.1 million cubic feet per day of gas with a flowing tubing pressure of 4,700 pounds per square inch. The Company plans to drill another well at the Fitzsimmons prospect in the first half of 2001. Wiser has a 40% working interest in the Goldapp No. 1.

Little Crow Prospect, Wilkinson County, Mississippi: In December, the Griffin and Griffin LLC operated MP&L No. 1 reached a total depth of 13,834 feet and is being completed as a Lower Tuscaloosa "A" sand discovery after encountering 26 feet of prospective oil pay. Wiser was carried to casing-point on this well for a 12.5% interest. Completion and testing of this well is anticipated by early February.

Sunchild Prospect, Alberta, Canada: In the Sunchild field, the 8-11 development well was brought on stream in late December producing gas at a rate of 3.3 million cubic feet per day. A subsequent development may be drilled in this field in the first half of 2001. Wiser has a 27.5% working interest in the Sunchild field.

Evi Field, Alberta, Canada: In the Evi field, a five-well Granite Wash development program was completed during the fourth quarter and oil production from the five wells was averaging 1,415 BOPD in November. The key well in this development project was the Evi 10-4 which has been producing at a sustained rate of approximately 985 BOPD for over two months. Wiser's net production from the Evi field at year end was averaging 1,400 BOPD, an increase of 44% over the third quarter rate. Wiser has an average working interest of 42% in this field and is continuing to explore for opportunities to increase its exposure in this area.

Wild River Nisku Prospect, Alberta, Canada: The Wild River 2-32, which was drilled in the third quarter 2000, flowed approximately 1.6 million cubic feet per day of sour gas at 1,000 pounds per square inch from the Bluesky formation during an extended flow test in January. This well is currently on buildup prior to tie in and there are two other shallower formations in the well that appear productive from log analysis. Wiser and ExxonMobil Canada each have a 50% working interest in this well.

In an effort to expand its U.S. exploration efforts in 2001, the Company recently entered into two exploration programs. The first program is with Ameritex Minerals, an experienced prospect generation company focused primarily on high impact projects in the gas prone region of South Texas. Wiser will have a 33 1/3% interest in this venture. The other participants in this program are Swift Energy Co. and DevX Energy, Inc. The second program is with Vision Exploration LLC. Vision will concentrate on developing both moderate and high potential prospects in the Louisiana and Mississippi Gulf Coast. Wiser will participate for a 30% interest in the Vision program.

Organized in 1905 and based in Dallas, The Wiser Oil Company is an independent energy company engaged in exploration, production and acquisition of crude oil and natural gas reserves. Domestically, Wiser has operations in west and south Texas, New Mexico, Louisiana, Mississippi and Alabama. Internationally, Wiser has operations in the province of Alberta, Canada.

Glossary of terms

BOEPD - barrels of oil equivalent per day. BOPD - barrels of oil per day. EBITDAX - earnings before interest, income taxes, depreciation,

amortization and exploration expense. MMBTU - million British thermal units.

Except for historical information contained herein, the statements in this Press Release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, and the business prospects of The Wiser Oil Company, are subject to a number of risks and uncertainties which may cause the Company's actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, volatility of oil and gas prices, product supply and demand, competition, government regulation or action, litigation, the costs and results of drilling and operations, the Company's ability to replace reserves or implement its business plans, access to and cost of capital, uncertainties about estimates of reserves, quality of technical data, and environmental risks. These and other risks are described in the Company's 10-K and 10-Q Reports and other filings with the Securities and Exchange Commission.