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WILSHIRE REPORTS MAJOR OIL FIND; COMPANY HAS $57 MILLION IN UNREALIZED GAIN ON STOCK IN JACOBS ENGINEERING

 WILSHIRE REPORTS MAJOR OIL FIND; COMPANY HAS $57 MILLION IN
 UNREALIZED GAIN ON STOCK IN JACOBS ENGINEERING
 JERSEY CITY, N.J., April 9 /PRNewswire/ -- Wilshire Oil Company of Texas (NYSE: WOC) announced today the discovery of a major oil find in the Silo area in Laramie County, Wyo. Wilshire owns close to 20 percent of this outstanding well.
 During an initial 1-hour test, the No. 1-H McConnaughey 41-27 flowed 40 barrels of oil or the equivalent of almost 1,000 barrels of oil per day. However, while the well is clearly capable of being produced at this much higher level, the flowing rate has been purposely held back on a restricted choke to maximize the overall production of the well. On the restricted 14/64-inch choke, the No. 1-H McConnaughey 41-27 is now flowing at an average of 300 barrels of oil and 125 MCF gas per day, with a flowing tubing pressure of 500-550 pounds per square inch.
 Based on the excellent pressure, flow rates and potential of this well, three additional wells are in Wilshire's plans for the area including a direct offset to this sizeable find in which the company has a 50 percent interest.
 While Wilshire continues to develop its strategy to maximize stockholder value on its Jacobs investment, the company just announced it had sold 80,000 shares of Jacobs in March 1992. The sale, which resulted in a profit of approximately $2.4 million, was made in order to take advantage of Wilshire's tax loss carryforward. The company continues to hold approximately 2 million shares of Jacobs with a current unrealized profit of approximately $57 million.
 -0- 4/9/92
 /CONTACT: Wilshire Oil Company of Texas public relations, 201-420-2796/
 (WOC) CO: Wilshire Oil Company of Texas ST: New Jersey, Wyoming IN: OIL SU: DSC


GK-KW -- NY071 -- 6845 04/09/92 13:56 EDT
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Publication:PR Newswire
Date:Apr 9, 1992
Words:309
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