WOC Wilshire Enterprises,

NEWARK, N.J., Oct. 25 /PRNewswire-FirstCall/ -- Wilshire Enterprises, Inc. ("Wilshire" or the "Company") (AMEX:WOC) announced today that it entered into a definitive agreement to sell the Wilshire Grand Hotel and Banquet Facility (the "Wilshire Hotel"), located in West Orange, New Jersey, to an investor group (the "Acquirer") for $12.75 million. The Company also listed for sale Wellington Estates and Summercreek Apartments, two multi-family assets located in San Antonio, Texas. The Company also entered into contracts to sell, subject to customary due diligence and conditions of closing, two New Jersey assets, Galsworthy Arms Condominiums and the Rutherford Bank Branch. The Wilshire Hotel: The sale of the Wilshire Hotel is expected to close by December 29, 2005. The Acquirer may extend the closing date until March 28, 2006 by increasing the deposit from the initial $1.0 million deposit, which has been received by the Seller, to $1.2 million. The deposits are non- refundable except if the transaction fails to close due to a default by the Seller. The Acquirer is an investor group with which Wilshire had no prior relationship. No assurance can be given, however, that the sale of the Wilshire Hotel will be completed. The Company, as the Managing Member of WO Grand Hotel, LLC (the "Seller"), and Acquirer also entered into an agreement providing for the lease of the catering facility of the Wilshire Hotel to the Acquirer until the closing of the Wilshire Hotel purchase transaction. As a leasehold tenant of the catering facility, the Acquirer is obligated to pay for certain operating expenses (such as common area charges, property taxes, utilities, and insurance) and, subject to certain reimbursement-sharing arrangements, to complete certain improvements to the property, including repairing the roof, installing a new kitchen for the catering premises, and paving certain sections of the Wilshire Hotel's parking lot. The previous operator of the Wilshire Hotel (the "Hotel Operator") defaulted on its lease payments to Wilshire in January 2005. As previously reported, on June 2, 2005, Wilshire completed a restructuring effort which included the termination of two operating leases that existed with the Hotel Operator and the contribution of the Wilshire Hotel by the Company to a newly formed limited liability company, WO Grand Hotel, LLC. The leasehold mortgagor contributed its loan receivable of $11.9 million in exchange for an equity partnership in the WO Grand Hotel, LLC. Wilshire currently expects that it should receive approximately $5.25 million, after the payment of expenses and retirement of debt, in net proceeds resulting from the sale of the Wilshire Hotel and that the Company will report a gain on the sale based on its current $4.9 million book value for the property. The Company believes that $5.25 million in net proceeds compares favorably to the cumulative lease payments of $2.1 million for the five-year period of 2005-2009 as set forth in the operating leases with the previous Hotel Operator. The Hotel Operator ceased making lease payments in January 2005. Sale of Texas Assets: The Company recently listed for sale its San Antonio, Texas assets, Wellington Estates (228 units) and Summercreek Apartments (180 units), for $8.25 million and $7.0 million, respectively. The properties are being sold as a portfolio or individually and are listed with a national real estate brokerage firm, Grubb & Ellis. Scott Rosales, the listing agent for Grubb & Ellis, stated, "The Wellington and Summercreek properties both have attractive San Antonio locations and strong occupancy percentages. Importantly, both properties are in great physical condition reflecting the significant capital improvements made to the properties over the past three years." No assurance can be given, however, that the buyers will meet the Company's asking price. Sale of New Jersey Assets: As previously disclosed, the Company listed for sale most of its New Jersey assets, including Alpine Village (132 units in Sussex), 17.5 acres located adjacent to Alpine Village, Galsworthy Arms Condominiums (41 units), Jefferson Gardens Condominiums (18 units), the Rutherford Bank Branch, 1.8 acres located on the shore of Lake Hopatcong, and 0.5 acre located in West Orange. The Company has signed contracts to sell the Galsworthy Arms Condominiums and the Rutherford Bank Branch with two separate buyers. (Both contracts contain customary due diligence terms, including providing for a thirty-day period during which the buyers may elect, at their sole discretion, not to buy the applicable property without forfeiting their respective deposit.) The Company is pursuing the sale of its remaining New Jersey properties. Again, no assurance can be given that these or any New Jersey properties will be sold. Sale of Several Condominium Units: The Company recently divested several of its condominium units at Galsworthy Arms and Jefferson Gardens as part of its previously announced strategy of establishing an improved market valuation for its investment in the condominium complexes. The Company sold a one- bedroom unit at Galsworthy Arms for 248,500 in September 2005 and expects to close on the sale of a two-bedroom Galsworthy Arms condominium for $287,000 in the fourth quarter of 2005. The Company sold a two-bedroom Jefferson Gardens condominium for $186,000 in August 2005. Sherry Wilzig Izak, Chairman and Chief Executive Officer, commented, "The actions announced today are indicative of the Company's previously stated objective to optimize the valuation of its diverse asset base. Over the past year, the Company has been investing in and repositioning select assets in anticipation of a potential divestiture of these assets at an improved valuation. As we continue to improve and then sell non-core assets, and potentially reinvest proceeds in assets located in our core markets, we hope to transform the Company's real estate portfolio from a diverse array of assets in many markets to a geographically concentrated portfolio of premium assets." ABOUT WILSHIRE ENTERPRISES: Wilshire is an American Stock Exchange listed corporation engaged primarily in the ownership and management of real estate investments in the United States including the sunbelt states of Arizona, Florida, and Texas. FORWARD-LOOKING STATEMENT: The non-historical statements (including the statements regarding the Company's plans to divest portions of its real estate portfolio and its overall strategies) in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to several risks and uncertainties that could cause actual results to differ materially from such projections. Such risks and uncertainties include uncertainties inherent in any attempt to purchase or sell one or more real estate properties at an acceptable price, environmental risks relating to the Company's real estate properties, competition, the substantial capital expenditures required to maintain the Company's real estate operations, market and economic changes in areas where the Company holds real estate properties, interest rate fluctuations, the possibility that business or market factors may cause the Company to vary from its current plans, the impact of changing economic conditions, the risk that the Company may realize in any sale substantially less than its asking price and other risks and uncertainties disclosed in the Company's 2004 Form 10-K filed with the Securities and Exchange Commission. For stockholder inquiries: please contact Dan Pryor at 201-420-2796. DATASOURCE: Wilshire Enterprises, Inc. CONTACT: Dan Pryor, +1-201-420-2796, for Wilshire Enterprises, Inc.

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