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The Wiser Oil Company Acquires Additional Working Interest in the Wellman Unit.

DALLAS--(BUSINESS WIRE)--May 1, 1998--The Wiser Oil Company (NYSE:WZR) today announced that it has acquired additional working interest in the Wellman Unit, which is located in Terry County, Texas.

The acquisition, valued at $2.8 million, represents a trade of Wiser's outside operated interests in the XIT Unit located in Cochran County, Texas plus $1.5 million in cash. In the exchange, Wiser receives an additional 27.7% working interest in the Wellman Unit, bringing Wiser's total interest in Wellman to just over 90% in the Unit.

The Wellman Unit is a Wolfcamp reef reservoir that was discovered in 1951. To date, more than 73,200,000 barrels of oil have been produced out of this field. Wiser acquired a 62.4% working interest in Wellman in 1993, and has operated the CO2 flood project since that time. Prior to this acquisition, the Wellman Unit represented approximately 14% of Wiser's Total Proved Reserves and 4% of Present Value of Total Proved Reserves at year-end 1997. The additional interest is expected to add approximately 350 net barrels of oil equivalent per day to Wiser's production. The Company plans to drill three unit wells during 1998 to maintain production at optimum levels.

Andrew J. Shoup, Jr., President and Chief Executive Officer said, "As part of Wiser's ongoing property management strategy to increase our working interest in core properties that we operate in exchange for non-strategic assets, we are particularly pleased with the Wellman Unit trade. Historically, this property has been a profitable producer for Wiser, and this trade should provide a significant production increase as well as add reserves of approximately 2.8 million net barrels of oil equivalent to Wiser's proved reserves for 1998."

Wiser is an independent energy company engaged in exploration, production and acquisition of crude oil and natural gas reserves primarily in the United States and Canada. Organized in 1905, Wiser operates on a philosophy of moderate risk exploration and strategic acquisitions.

Some matters set forth herein are forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and uncertainties include such factors as oil and gas prices, well completions and production levels within estimated ranges. Investors are directed to consider other risks and uncertainties discussed in documents filed by the Company with the Securities and Exchange Commission.

CONTACT: Wiser Oil Company

Virginia L. Cleveland, 214/360-3564
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Publication:Business Wire
Date:May 1, 1998
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