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WILSHIRE OIL REPORTS NINE MONTHS EARNINGS; DRILLING OFFSET TO MAJOR FIND

WILSHIRE OIL REPORTS NINE MONTHS EARNINGS; DRILLING OFFSET TO MAJOR FIND
 JERSEY CITY, N.J., Nov. 18 /PRNewswire/ -- Wilshire Oil Company of Texas (NYSE: WOC) today reported the company's income for both the nine months and the quarter ended Sept. 30, 1991.
 Net income for the quarter ended Sept. 30 was $235,000 or $.03 per share for 1991 compared to $296,000 or $.03 per share for 1990. Net income for the nine months was $785,000 or $.09 per share for 1991 compared to $667,000 or $.07 per share for the prior year.
 Third quarter revenues were $2,067,000 for 1991 as compared to $2,484,000 for the same period of 1990. Revenues for the nine months ended Sept. 30, 1991 were $5,588,000 as compared to $7,065,000 for the prior year.
 Revenues were affected by this year's lower price for oil compared to last year's higher prices during the Gulf Crisis. The third quarter results did not include any sales from the company's recent significant discoveries.
 Wilshire recently announced the completion of a major find in Texas' Austin Chalk trend, the Nance No. 1-H. On a 48/64th" choke the Nance No. 1-H in Karnes County, Texas made over 3,600 barrels of oil on a 24- hour test. A direct offset to this discovery is currently being drilled.
 Unrelated to the Texas activity, Wilshire is also presently drilling in the Silo Field in Laramie County, Wyo., in acreage directly offsetting a sizable Exxon success. The well is being drilled using the horizontal drilling method, the same technique successfully utilized in Wilshire's prolific Austin Chalk finds.
 S.M. Wilzig, chairman of Wilshire stated, "Available production data from these areas provide a solid basis for our belief that these wells will significantly enhance Wilshire's reserve base and revenues."
 Wilshire owns 2,100,000 shares of Jacobs Engineering Group, Inc. (NYSE: JEC). The market price for this stock, which Wilshire purchased for $2.25 per share, has increased to $24.25 per share giving Wilshire a gain of $46 million on its investment.
 -0- 11/18/91
 /CONTACT: S.M. Wilzig, chairman of Wilshire Oil Company of Texas, 201-420-2796/
 (WOC JEC) CO: Wilshire Oil Company of Texas ST: New Jersey IN: OIL SU: ERN FC-OS -- NY084 -- 4612 11/18/91 16:27 EST
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Publication:PR Newswire
Date:Nov 18, 1991
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