Printer Friendly

WILSHIRE OIL COMPANY OF TEXAS EXPECTS HIGHER PROFITS; RESUMES CASH DIVIDEND, FIRST SINCE 1985

 JERSEY CITY, N.J., June 11 /PRNewswire/ -- Wilshire Oil Company of Texas (NYSE: WOC) announced today at its annual stockholders meeting, that the board of directors declared a cash dividend, the first since 1985. In addition, the board declared a 3 percent stock distribution.
 S.M. Wilzig, chairman of Wilshire spoke of the successful 1992 results of all three of the company's operations as well as the company's plans to further enhance shareholder value. The company's 1992 revenues, net income and earnings per share were the highest level in the last seven years. "Based on this performance and the favorable outlook for 1993, your board has declared both a 5 cents per common share dividend and a 3 percent stock distribution," stated the chairman (A).
 The chairman credited the company's entrance into "Horizontal Drilling" for the 67 percent increase in Wilshire's domestic oil production in 1992. Wilshire's successful "Horizontal Drilling" program continues in 1993. Just this week, the company completed two oil wells in the Silo area of Wyoming. Wilshire has interests in these two wells of 25 percent and 50 percent. In addition, the company also expects to benefit from the recent upturn in the price of natural gas.
 Wilzig also elaborated in Wilshire's investment in Jacobs Engineering Group, Inc. (NYSE: JEC). The company currently holds 1.7 million shares of Jacobs and has a $40 million unrealized gain on its investment.
 Wilshire Oil Company of Texas is a diversified corporation primarily engaged in oil and gas exploration and production, real estate operations and select investment activities.
 NOTE: (A) -- The record date for both the cash dividend and stock distribution is July 30, 1993. The cash dividend will be payable on Aug. 27, 1993 and the stock distribution will be payable on Sept. 10, 1993.
 -0- 6/11/93
 /CONTACT: Wilshire Oil Company of Texas, 201-420-2796/
 (WOC)


CO: Wilshire Oil Company of Texas ST: New Jersey IN: OIL SU: DIV

WB-LR -- NY038 -- 1072 06/11/93 12:44 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 11, 1993
Words:330
Previous Article:TRANSCANADA PIPELINES DECLARES DIVIDENDS
Next Article:NEW PHONE SERVICE, IDEAL FOR RENTAL PROPERTIES, LIMITS OUTGOING CALLS
Topics:


Related Articles
ENEX RESOURCES ANNOUNCES CASH DIVIDEND
WILSHIRE OIL COMPANY DECLARES STOCK DIVIDEND
ENEX RESOURCES CORPORATION ANNOUNCES25 PERCENT INCREASE IN CASH DIVIDEND
ENEX RESOURCES CORPORATION ANNOUNCES FIRST SEMI-ANNUAL CASH DIVIDEND
ENEX RESOURCES CORPORATION ANNOUNCES SEMI-ANNUAL CASH DIVIDEND
WILSHIRE TO BUY BACK ITS SHARES; INCREASES CASH DIVIDEND
ENEX RESOURCES CORPORATION ANNOUNCES SEMI-ANNUAL CASH DIVIDEND
WILSHIRE INCREASES CASH DIVIDEND: ANNOUNCES EXPANSION PLANS
Enex Resources Corporation Announces Semi-Annual Cash Dividend and Purchase of Treasury Stock
Cross Timbers Oil Announces Three-For-Two Stock Split and Dividend Increase.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters