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WILSHIRE OIL COMPANY REPORTS DRAMATIC RISE IN EARNINGS

 JERSEY CITY, N.J., April 14 /PRNewswire/ -- Wilshire Oil Company of Texas (NYSE: WOC) reported the highest levels of revenues, net income, and earnings per share in over five years.
 Revenues for the year ended Dec. 31 increased from $7,344,000 in 1991 to $11,407,000 in 1992. Net income for the same period increased from a loss of ($3,409,000) in 1991 to profits of $3,523,000 in 1992 and earnings per share increased from a loss of ($.36) per share in 1991 to earnings of $.37 per share in 1992.
 S.M. Wilzig, chairman of Wilshire, stated, "This has been a remarkable year for Wilshire and we are extremely proud of the factors contributing to the company's 1992 results. The 67 percent increase in Wilshire's domestic oil production in 1992 over 1991 demonstrates the positive turnaround in the company's oil and gas operations as a result of our successful horizontal oil drilling program.
 Second, our acquisition of income producing real estate properties contributed $2.6 million in revenues to 1992 and this figure should be substantially higher in 1993 as a result of our acquisition of four additional properties at year end.
 While Wilshire took significant profits in 1992 in the sale of some of its holdings in Jacobs Engineering Group, Inc. (NYSE: JEC), the company still retains a substantial investment in Jacobs. Wilshire currently has an unrealized gain of approximately $44 million on this investment."
 WILSHIRE OIL COMPANY
 Year ended Dec. 31 Quarter ended Dec. 31
 1992 (A) 1991 1992 (A) 1991
 Revenues 11,407,000 7,344,000 2,952,000 1,756,000
 Net income (loss) 3,523,000 (3,409,000) 1,053,000 (3,860,000)
 Earnings (loss)
 per share .37 (.36) .11 (.41)
 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 Sates and Canada.
 (A) The year and quarter ended Dec. 31, 1992 include real estate revenues of $2,604,000 and $882,000 respectively, and net income for the same periods include an after tax gain of $5,017,000 and $1,747,000, respectively, from gain on the sale of marketable securities.
 -0- 4/14/93
 /CONTACT: Wilshire Oil Company of Texas public relations, 201-420-2796/
 (WOC)


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

KD-KW -- NY072 -- 5768 04/14/93 13:38 EDT
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Publication:PR Newswire
Date:Apr 14, 1993
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