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WILSHIRE OIL ANNOUNCES HUGE SUCCESS: 100 PERCENT INTEREST IN HIGHLY PRODUCTIVE WELL

 WILSHIRE OIL ANNOUNCES HUGE SUCCESS:
 100 PERCENT INTEREST IN HIGHLY PRODUCTIVE WELL
 JERSEY CITY, N.J., July 28 /PRNewswire/ -- Wilshire Oil Company of Texas (NYSE: WOC) announced today the discovery of a major oil find in Laramie County, Wyo. Wilshire owns 100 percent of this outstanding well. This success comes right on top of another excellent Wilshire find announced by the company on July 23, 1992.
 During the four-hour test on a 3/4-inch choke with a flowing tubing pressure of 325 pounds per square inch, the No. 1-26H Wilshire- McConnaughey flowed 371 barrels of oil or the equivalent of over 2,200 barrels of oil per day.
 S. M. Wilzig, chairman of Wilshire, stated, "This is the largest single oil venture Wilshire has undertaken in the last 10 years and we are extremely pleased with the great results. Presently, our 100 percent interest in a well of this magnitude makes this well more significant to Wilshire than any other well in our 40-year history."
 Wilshire plans to drill several more wells in the area, including at least two direct offsets to this extraordinary find.
 Wilshire Oil Company of Texas is a diversified corporation primarily engaged in oil and gas exploration and production with interests in over 1,500 producing oil and gas wells in the United States and Canada.
 Of considerable interest, Wilshire's investment division holds approximately 2 million shares of Jacobs Engineering Group, Inc. (NYSE: JEC). Wilshire currently has an unrealized gain of over $40 million on this investment.
 -0- 7/28/92
 /CONTACT: Wilshire Oil Company of Texas public relations, 201-420-2796/
 (WOC) CO: Wilshire Oil Company of Texas ST: New Jersey, Wyoming IN: OIL SU: DSC


GK-SH -- NY069 -- 4165 07/28/92 14:38 EDT
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Publication:PR Newswire
Date:Jul 28, 1992
Words:288
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