WOC Wilshire Enterprises,

NEWARK, N.J., March 31 /PRNewswire-FirstCall/ -- Wilshire Enterprises, Inc. ("Wilshire" or the "Company") (AMEX:WOC) today announced financial results for the year ended December 31, 2005, and restated financial results for 2004. Net income for 2005 increased to $6,891,000, or $0.87 per diluted share, reflecting a loss from continuing operations of $715,000 and income from discontinued operations of $7,606,000. In 2005 the Company incurred a charge of $1,029,000 for terminating the consulting agreement of its former President and purchasing his outstanding stock options at $7.00 per share. For 2004, restated net income was $2,027,000, or $0.25 per diluted share, reflecting a loss from continuing operations of $718,000 and income from discontinued operations of $2,745,000. Results for 2004 have been restated to correct an overstatement of previously reported income tax benefits of $637,000, and a change in the accounting for foreign currency translation gains arising from the Company's Canadian oil and gas operations, which increased previously reported net income by $26,000. Wilshire received $22.1 million in gross proceeds from asset sales in 2005. Since 2002, and inclusive of the first quarter of 2006, the Company has received $80.4 million in gross proceeds from assets sales (including the sale of all of its oil and gas properties), and has pending sales of $12.8 million. Discontinued operations comprise the results of operations from and the sale of the Company's oil and gas properties, as well as the operating results and the gain from real estate properties held for sale that were sold during the period. At December 31, 2005, the Company's residential apartment complexes known as Alpine Village (New Jersey), Twelve Oaks (Georgia), Summercreek (Texas) and Wellington Estates (Texas), its condominium units at Galsworthy Arms (New Jersey) and Jefferson Gardens (New Jersey), its office buildings known as Amboy Towers (New Jersey) and Rutherford (New Jersey), the Wilshire Grand Hotel and Banquet Facility (New Jersey) and several parcels of undeveloped land in New Jersey were classified as discontinued operations. In January 2006, Wilshire announced the sale of its condominiums at Galsworthy Arms (New Jersey) and its bank branch building in Rutherford, New Jersey. Wilshire said that it expects to consummate the previously announced sale of the Wilshire Grand Hotel and Banquet Facility in West Orange, New Jersey in April 2006. The Company added that it expects to complete the previously announced purchase of The Village at Gateway Pavilions in Avondale, Arizona, a 240 unit apartment complex, in April 2006, pending finalization of certain business terms. The Company cannot provide any assurance that these transactions will be completed. 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 future purchases and sales) 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 business transactions, including the impact of market, economic and competitive conditions on the Company and others, as well as other risks and uncertainties disclosed in the Company's 2005 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 DATASOURCE: Wilshire Enterprises, Inc. CONTACT: Sherry Wilzig Izak, Chairman of Wilshire Enterprises, +1-201-420-2796; or Neil Berkman of Berkman Associates, +1-310-826-5051, for Wilshire Enterprises

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