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Wilshire Confirms Approach by Parties Interested in Acquiring Real Estate Business and Entire Company

/FROM PR NEWSWIRE NEW YORK 800-776-8090/
TO BUSINESS, ENERGY AND REAL ESTATE EDITORS:

Wilshire Confirms Approach by Parties Interested in Acquiring Real Estate
Business and Entire Company

JERSEY CITY, N.J., Sept. 4 /PRNewswire-FirstCall/ -- Wilshire Enterprises,
Inc. ("Wilshire" or the "Company") (Amex: WOC) announced today that several
parties have approached the Company's investment banker, Deloitte & Touche
Corporate Finance LLC ("D&TCF"), expressing a preliminary interest in
acquiring the Company. Wilshire is engaged in the ownership and management of
real estate properties and in the exploration and development of oil and gas.
Chairman and Chief Executive Officer Sherry Wilzig Izak commented: "As a
result of the strategic review process initiated by the Board of Directors in
2002, the Company continues to evaluate all alternatives to maximize
shareholder value. D&TCF has recommended to the Board that the Company enter
into discussions with qualified parties in regard to selling all of the
outstanding stock of the Company."
Ms. Izak continued by saying: "As previously announced, the Company has
been preparing to market its oil and gas business to prospective purchasers.
While the Company has not entered into discussions with any parties interested
in all or part of the Company, we currently plan on providing detailed
information regarding the Company to qualified potential buyers commencing
during the remainder of the third quarter and the fourth quarter of 2003.
While the Company will evaluate offers for both its businesses, it does not
intend to consider the sale of its real estate business without the concurrent
sale of its oil and gas business."
Ms. Izak continued: "Currently, we cannot assure our stockholders of any
actions or timing of potential actions including the sale of the entire
Company or the oil and gas business. Our focus remains on maximizing
shareholder value and we remain committed to exploring all possible
alternatives."
In order to provide the Company's shareholders with a greater
understanding of the Company's real estate investment portfolio, additional
information is being provided in this press release. As of August 31, 2003
the Company's real estate investments are located in five states including
Arizona, Texas, Florida, Georgia and New Jersey. This diversified portfolio
includes multifamily buildings with approximately 1,800 residential units,
commercial buildings, land leases and vacant land parcels. The following
chart provides summary information on the Company's real estate investments:


Wilshire Real Estate Investments as of August 31, 2003
Location Name of Investments Description Units Area
(Sq. Ft.)

Mesa, AZ Royal Mall Plaza Retail / Medical NA 66,000
Phoenix, AZ Biltmore Residential 378 191,000
Tempe, AZ Tempe Corporate Office NA 51,000
Tucson, AZ Sunrise Residential 340 292,000
Tucson, AZ Van Buren Residential 70 81,000

San Antonio, TX Wellington Residential 228 211,000
San Antonio, TX Summercreek Residential 180 142,000

Ft. Lauderdale,
FL Palm Terrace Residential 34 24,000
Pompono Beach,
FL Pebblewood Residential/Office 22 32,000
Tamarac, FL Tamarac Office NA 27,000

Riverdale, GA Twelve Oaks Residential 72 91,000

Jefferson, NJ Jefferson Gardens Residential 22 16,000
Jersey City, NJ Jersey City
Residential
Properties Residential 252 72,000
Jersey City, NJ Jersey City
Commercial Property Retail / Office NA 23,000
Long Branch, NJ Galsworthy Arms Residential 45 40,000
Perth Amboy, NJ Bertrand Ave Residential 22 12,000
Perth Amboy, NJ Amboy Towers Office NA 75,000
Rutherford, NJ Rutherford Bank Facility NA 2,000
Sussex, NJ Alpine Village Residential 132 102,000

West Orange, NJ The Wilshire
Grand Hotel Hotel 89 Rooms 59,000
Banquet Facility NA 50,000

South Brunswick,
NJ Schalk Station Land 36.8 acres
Sussex, NJ Alpine Village Land 17.5 acres
Montville, NJ -- Land 14.9 acres
Lake Hopatcong, NJ -- Land 2.0 acres
Jersey City, NJ Oakland-Washburn Land / Other 1.8 acres
West Orange, NJ -- Land 0.6 acre


Ms. Izak concluded: "We are pleased that The Wilshire Grand Hotel opened
its hotel facility in August 2003 and is in the process of completing the
construction of its banquet, conference center and spa facilities. As
previously disclosed, Wilshire entered into a 25-year triple net lease with a
well established company to operate this property."
Wilshire is an American Stock Exchange listed corporation engaged in the
ownership and management of real estate properties in Arizona, Florida,
Georgia, New Jersey and Texas and in the exploration and development of oil
and gas in the United States and Canada. Prior to June 30, 2003, the Company
was called the Wilshire Oil Company of Texas.

Forward-Looking Statements
The non-historical statements in this press release are "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. Although the Company believes that the underlying assumptions and
expectations reflected in such forward-looking statements are reasonable, it
can give no assurance that such expectations will prove to be correct. The
Company's business and prospects are subject to a number of risks which could
cause actual results to differ materially from those reflected in such
forward-looking statements, including uncertainties inherent in any attempt to
sell one or more portions of the Company at an acceptable price, volatility of
oil & gas prices, the need to develop and replace reserves, risks involved in
exploration and drilling, uncertainties about estimates of reserves,
environmental risks relating to the Company's oil & gas and real estate
properties, competition, the substantial capital expenditures required to fund
the Company's oil & gas and real estate operations, market and economic
changes in areas where the Company holds real estate properties, interest rate
fluctuations, government regulation, and the ability of the Company to
implement its business strategy. A discussion of these and other risks and
uncertainties are disclosed in the Company's 2002 Form 10-K filed with the
Securities and Exchange Commission.

Wilshire is being advised by Deloitte & Touche Corporate Finance, LLC.

For stockholder inquiries: please contact Philip Kupperman, President,
Wilshire Enterprises, Inc. at 201-420-2796
For transaction inquiries: please contact Daniel C. Pryor of Deloitte &
Touche Corporate Finance LLC at 212-436-6545.

SOURCE Wilshire Enterprises, Inc.

/CONTACT: Stockholders - Philip Kupperman, President, WilshireEnterprises,
Inc., [phone]; or Transaction inquiries - Daniel C. Pryorof Deloitte &
Touche Corporate Finance LLC, [phone], for WilshireEnterprises, Inc./

Sep-04-2003 16:42 GMT
Symbols:
US;WOC
Source PRN PR Newswire
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