FOR IMMEDIATE RELEASE
AMEX: WOC

Wilshire Enterprises, Inc. Announces Financial Results for the Third Quarter and First Nine Months of 2006

NEWARK, N.J., November 16, 2006 -- Wilshire Enterprises, Inc. (“Wilshire” or the “Company”) (Amex: WOC) today announced financial results for the third quarter and first nine months of 2006.

"As we reported last quarter, we have reviewed each of the properties in our portfolio in connection with the implementation of our strategy to maximize value for our shareholders.  Our strategy calls for the redevelopment or repositioning of certain properties and the sale of non-core assets, followed by the possible sale or merger of our business.  Since we are no longer actively marketing individually certain multi-family properties previously classified as discontinued operations, certain of our properties were reclassified as continuing operations during the second quarter of this year.  These reclassifications are thus reflected in our financial results for the third quarter and nine months ended September 30, 2006, and previous periods have been restated accordingly," said Chairman and Chief Executive Officer Sherry Wilzig Izak. 

Third Quarter Results: Net income for the three months ended September 30, 2006 was $62,000 or $0.01 per diluted share, reflecting a loss from continuing operations of $187,000 and net income from discontinued operations of $249,000.  This compares to a restated net loss for the third quarter of 2005 of $48,000, or $0.00 per diluted share, reflecting a loss from continuing operations of $249,000 and net income from discontinued operations of $201,000. Net income from discontinued operations in the third quarter of 2006 reflects the sale of the Twelve Oaks apartment complex in Riverdale, Georgia for gross proceeds of $2.2 million, resulting in an after tax gain of $381,000.

Reflecting the reclassification, depreciation expense for this year's third quarter increased to $558,000 compared to $227,000 for the third quarter of 2005.

General and administrative expenses for the third quarter of 2006 declined to $396,000 compared to $602,000 for the third quarter of 2005, reflecting a decline in personnel costs. 

The results of discontinued operations reflect gains from the sale of real estate properties and the operating results of discontinued real estate and oil and gas operations.

Nine Month Results: Net income for the first nine months of 2006 was $2,557,000, or $0.32 per diluted share, which included a loss from continuing operations of $762,000 and net income from discontinued operations of $3,319,000.  This compares to a net loss for the first nine months of 2005 of $1,127,000, or $0.14 per diluted share, which included a loss from continuing operations of $654,000 and a loss from discontinued operations of $473,000. 

Wilshire received $22.7 million in gross proceeds from asset sales in the first nine months of 2006.  Since 2002, and inclusive of the first nine months of 2006, the Company has received approximately $95 million in gross proceeds from asset sales (including the sale of its oil and gas properties). 

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 in this press release (including the statements regarding the possible sale or merger of the Company) 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.