EXHIBIT 99.1


WILSHIRE ENTERPRISES, INC.                          FOR IMMEDIATE RELEASE
REPORTS SIGNIFICANT INCREASE                               AMEX: WOC
IN INCOME FROM OPERATIONS

         Jersey City, New Jersey, August 18, 2003 - Wilshire Enterprises, Inc.,
("Wilshire"), formerly known as Wilshire Oil Company of Texas, reported today
its results for the quarter ended June 30, 2003.

         Net income for the three months ended June 30, 2003 increased from
$207,000 or 3 cents per share in 2002 to $277,000 or 4 cents per share. Revenues
for the second quarter increased from $4,844,000 in 2002 to $6,510,000 for 2003
and net income from operations increased from $424,000 in 2002 to $1,252,000 for
2003.

         The positive increases in both revenues and income from operations from
2002 to 2003 were mainly due to the increased natural gas production from the
Medicine Hat-Hilda drilling program in Canada, the increased prices for both oil
and gas in North America and an overall increase in real estate income.

         For the six months ended June 30, 2003, Wilshire reported that its
revenues increased from $9,861,000 in 2002 to $12,660,000 for 2003 and its net
income from operations increased from $1,430,000 to $2,206,000 for 2003.

         Net income for the six months ended June 30, 2000 increased from
$657,000 or 8 cents per share in 2002 to $1,321,000 or 17 cents per share in
2003.

         Ms. S. Wilzig Izak, Chairman of the Board and Chief Executive Officer,
commented, "I am pleased with Wilshire's second quarter financial performance
which resulted in a 34% increase in revenues and almost a 200% increase in
income from operations over those of the prior year's comparative quarter. The
positive second quarter 2003 earnings which were primarily derived from our core
operations (and did not include insurance proceeds that occurred in the first
quarter of 2003), demonstrates Wilshire's current strong financial potential and
bodes positively for the future."

         As of June 30, 2003, the company's assets included $13.3 million in
cash and marketable securities and $2.8 million in mortgage notes receivable.
For the six months 2003, Wilshire's current ratio improved from 1.5 to 1.9:1. In
discussing Wilshire's strong liquidity position, Ms. Izak stated, "During the
third quarter of 2003 Wilshire has sold marketable securities generating net
proceeds of approximately $3.3 million and gains of approximately $724,000. The
proceeds have been used to reduce Wilshire's current and long-term debt and
further improve our strong liquidity position."

          Ms. Izak concluded by also stating, "Wilshire is currently in
discussions or under contracts to sell several properties that are expected to
generate net proceeds of approximately $6.6 million during the third and fourth
quarter of this year."



            Wilshire is an American Stock Exchange listed corporation
   engaged in oil and gas exploration and real estate investment operations.




The projections in this press release are "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995. Although
the Company believes that the underlying assumptions and expectations reflected
in such forward-looking statements are reasonable, it can give no assurance that
such expectations will prove to be correct. The Company's business and prospects
are subject to a number of risks which could cause actual results to differ
materially from those reflected in such forward-looking statements, including
uncertainties inherent in any attempt to sell one or more portions of the
Company at an acceptable price, volatility of oil & gas prices, the need to
develop and replace reserves, risks involved in exploration and drilling,
uncertainties about estimates of reserves, environmental risks relating to the
Company's oil & gas and real estate properties, competition, the substantial
capital expenditures required to fund the Company's oil & gas and real estate
operations, market and economic changes in areas where the Company holds real
estate properties, interest rate fluctuations, government regulation, and the
ability of the Company to implement its business strategy. A discussion of these
and other risks and uncertainties are disclosed in the Company's 2002 Form 10-K
filed with the Securities and Exchange Commission.

   WILSHIRE ENTERPRISES, INC 921 Bergen Avenue, Jersey City, New Jersey 07306
                              Tel: (201) 420-2796