WOC Wilshire Enterprises,

NEWARK, N.J., Feb. 28 /PRNewswire-FirstCall/ -- Wilshire Enterprises, Inc. ("Wilshire" or the "Company") (AMEX:WOC) announced today that it has reviewed a letter from Mercury Real Estate Advisors dated February 27, 2006, according to which Mercury Real Estate Advisors is "prepared to pursue an acquisition of all of the outstanding common shares of the Company for $8.50 per share in cash" subject to various conditions. As previously announced, Wilshire has engaged an investment bank to conduct a strategic review regarding alternatives to maximize shareholder value. This review is in process, and will include an analysis of Mercury's proposal. The Company will report publicly once the Board of Directors has determined an appropriate course of action. About Wilshire Enterprises Wilshire is 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 investment banking process) 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 statements. Such risks and uncertainties include uncertainties inherent in any analysis of transactional alternatives, including the impact of market, economic and competitive conditions on the Company and other real estate companies, the possibility that business or market factors may cause the Company to vary from its current plans and other risks and uncertainties disclosed in the Company's 2004 Form 10-K filed with the Securities and Exchange Commission. Company Contact: Sherry Wilzig Izak, Chairman, 201-420-2796 Agency Contact: Neil Berkman, Berkman Associates, 310-826-5051 First Call Analyst: FCMN Contact: mdavis@wilshirewoc.com DATASOURCE: Wilshire Enterprises, Inc. CONTACT: Sherry Wilzig Izak, Chairman of Wilshire Enterprises, Inc., +1-201-420-2796; or Neil Berkman of Berkman Associates, +1-310-826-5051

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