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WILSHIRE OIL ANNOUNCES RECORD EARNINGS; HIGHEST QUARTERLY EARNINGS IN DECADE

 WILSHIRE OIL ANNOUNCES RECORD EARNINGS;
 HIGHEST QUARTERLY EARNINGS IN DECADE
 JERSEY CITY, N.J., May 18 /PRNewswire/ -- Wilshire Oil Company of Texas (NYSE: WOC) announced today net income of $1,405,000 or 15 cents per share for the quarter ended March 31, 1992, as compared to $226,000 or 2 cents for the comparable period of 1991. The 1992 earnings represent the sharpest increase for any quarter ever and the highest quarterly earnings since 1982.
 Despite substantially lower worldwide oil and gas prices, first quarter oil and gas revenues increased to $2,116,000 as a result of higher production, following the successful completion of several new horizontally drilled wells in late 1991 and early 1992.
 The earnings for first quarter 1992 include an after-tax gain of $1.3 million from the sale of 80,000 shares of Jacobs Engineering Group, Inc. Wilshire continues to hold approximately 2 million shares of Jacobs with an unrealized gain in excess of $55 million as of March 31, 1992.
 WILSHIRE OIL COMPANY OF TEXAS
 Three months ended March 31 1992 1991
 Revenues $2,116,000 $2,058,000
 Net income 1,405,000 226,000
 Earnings per share $.15 $.02
 -0- 5/18/92
 /CONTACT: Wilshire Oil Company of Texas, 201-420-2796/
 (WOC) CO: Wilshire Oil Company of Texas ST: New Jersey IN: OIL SU: ERN


PS-CK -- NY049 -- 1337 05/18/92 12:28 EDT
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Publication:PR Newswire
Date:May 18, 1992
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