Exhibit 99.1


                     WILSHIRE OIL COMPANY OF TEXAS ANNOUNCES

                PLANS TO PURSUE SALE OF ITS OIL AND GAS BUSINESS

         (Jersey City, New Jersey; May 6, 2003). Wilshire Oil Company of Texas
(AMEX: WOC) announced today that it has authorized its investment banker to
contact those that have already expressed interest as well as other potential
purchasers for its oil and gas exploration and production business. Wilshire and
its subsidiaries operate or have interests in 915 oil and gas wells in the
United States and 563 oil and gas wells in Canada.

         In September 2002, Wilshire retained Deloitte & Touche Corporate
Finance LLC as its investment banker to explore various strategic alternatives
to maximize stockholder value. After reviewing the Company's business operations
and growth prospects, Wilshire's investment banker has recommended that it seek
purchasers for its oil and gas business. Wilshire, in turn, has at this time
concluded that if its price targets are met, the sale of its oil and gas
properties would be in the best interests of stockholders, whether the net
proceeds are invested in Wilshire's ongoing real estate business or otherwise
utilized in a manner designed to maximize stockholder value. The Company's real
estate operations have grown from $9.7 million in gross revenues in 1997 to
$14.2 million in gross revenues in 2002.

         Sherry Wilzig Izak, Chairman and CEO of Wilshire, commented "For many
years, we have benefited from the strength of our oil and gas properties. Our
intention is to offer these properties at a time when we can maximize the
potential return to Wilshire. We also continue to consider other options that
may be pursued simultaneously with our efforts to locate buyers willing to meet
our price objectives for our oil and gas business."

         "Of course, when a company seeks to sell assets, significant
negotiations must take place before a sale can be announced. I would not expect
to comment substantively on this process again unless and until we are in a
position to announce a definitive agreement. At this juncture, we cannot assure
our stockholders a result; we can only assure our stockholders that we are
focused on their interests and excited about the opportunities available to us."



         Wilshire is an American Stock Exchange listed corporation engaged in
the ownership and management of real estate properties in Arizona, Florida,
Georgia, New Jersey and Texas and in the exploration and development of oil and
gas in the United States and Canada.

         The non-historical statements 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 the
possibility that business or market factors cause the Company to vary from its
current plans, the impact of changing economic conditions, the impact of any
changes in oil and gas prices, the effect of announcements by the Company's
competitors, the uncertainty of being able to identify an adequately financed
buyer, the impact of other risks typically involved in consummating an
acquisition transaction and other risks and uncertainties disclosed in the
Company's 2002 Form 10-K filed with the Securities and Exchange Commission.

Stockholder inquiries: please contact Philip Kupperman at 201-420-2796

Oil and gas inquiries: please contact Daniel Pryor of Deloitte & Touche
Corporate Finance LLC at 212-436-6545.


                                      -2-