WOC Wilshire Enterprises,

NEWARK, N.J., May 26 /PRNewswire-FirstCall/ -- Wilshire Enterprises, Inc. ("Wilshire" or the "Company") (AMEX:WOC) announced today that shareholders approved the reelection of Milton Donnenberg and S. Wilzig Izak to the Board of Directors at the Company's annual meeting held yesterday. Mr. Donnenberg and Ms. Izak each received approximately 77% of the votes cast. Approximately 94% of total shares eligible to vote were represented at the meeting. Sherry Wilzig Izak, Chairman and Chief Executive Officer, commented, "We are grateful for the continued strong support from the Company's shareholders. As we have reported in our annual reports and press releases, for the past several years our strategy has been to increase shareholder value by redeveloping or repositioning certain properties and selling non-core assets. I believe that our performance demonstrates that this strategy has been an outstanding success. "Reflecting this success, earlier this month we were pleased to announce an extraordinary cash distribution of $3.00 per share. This distribution is payable on June 29, 2006, to stockholders of record as of the close of business on May 25, 2006. The ex-dividend date is June 30, 2006. We see this as just the latest installment in our value maximization program. "Our goal is to deliver even more value in just the next few months. We have identified several properties in our portfolio whose value we believe can be quickly enhanced through relatively modest investments in renovation, permitting and the like. We also believe the value of certain other assets can be maximized most readily through individual sale transactions rather than as part of a larger company transaction. "These steps will be followed later this year by an aggressive exploration of opportunities to sell or merge our business. While we cannot assure stockholders that we will be successful in these efforts, and no final determination regarding this process will be made until all of our alternatives have been carefully analyzed in concert with our investment banker, Friedman, Billings, Ramsey & Co., Inc., we believe that this path is likely the best way to maximize stockholder value." About Wilshire 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. Safe Harbor 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: Company: Sherry Wilzig Izak, Chairman of Wilshire Enterprises, Inc., +1-201-420-2796; or Agency: Neil Berkman of Berkman Associates, +1-310-826-5051, for Wilshire Enterprises, Inc.

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