WILSHIRE ENTERPRISES, INC.                                FOR IMMEDIATE RELEASE
ANNOUNCES NEW CHIEF FINANCIAL OFFICER                     AMEX: WOC


JERSEY CITY, N.J., June 22, 2004 -- Wilshire Enterprises, Inc. ("Wilshire" or
the "Company") (Amex: WOC) announced today that it has hired a new chief
financial officer, Seth Ugelow. Mr. Ugelow has 30 years of experience in
financial reporting including, most recently, serving as Senior Vice President
and Comptroller for The Trust Company of New Jersey from 2003 to 2004. Mr.
Ugelow is a Certified Public Accountant and a Member of the American Institute
of Certified Public Accountants.

Sherry Wilzig Izak stated, "As we streamline the number of personnel in our
finance department, we are extremely pleased to have Seth join our management
team. Seth has a strong background in running accounting and operations
departments, improving department procedures, and evaluating financial controls
and has an excellent understanding of accounting policies and procedures. In
light of current and pending Sarbanes Oxley financial reporting and internal
controls requirements, we expect him to be a key member of our senior management
team."

ABOUT WILSHIRE ENTERPRISES:
Wilshire is an American Stock Exchange listed corporation engaged primarily in
the acquisition, ownership and management of real estate investments in the
United States including Arizona, Florida, Georgia, New Jersey and Texas.

FORWARD-LOOKING STATEMENT:

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, and other risks and uncertainties disclosed in
the Company's 2003 Form 10-K filed with the Securities and Exchange Commission.

For stockholder inquiries: please contact Dan Pryor at 201-420-2796.
SOURCE: Wilshire Enterprises (WOC)