WOC Wilshire Enterprises,

NEWARK, N.J., Feb. 27 /PRNewswire-FirstCall/ -- Wilshire Enterprises, Inc. ("Wilshire" or the "Company") (AMEX:WOC) sent the following letter to Full Value Partners L.P., a private hedge fund operated by Phillip Goldstein, and his umbrella organization, Bulldog Investors, in response to Full Value's letter to the Company dated today: February 27, 2009 Full Value Partners L.P. Park 80 West, Plaza Two, and Suite 750 Saddle Brook, NJ 07663 Dear Sirs: Thank you for your letter. As we have said previously, if and when a tender offer is commenced specifying all of its terms and conditions, our board will review it and respond in accordance with its fiduciary duties. Sincerely, Sherry Wilzig Izak Chairman and Chief Executive Officer Forward-Looking Statements Any 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 statements. The potential risks and uncertainties include, among others, general economic conditions, industry specific conditions and the possibility that Wilshire may be adversely affected by other economic, business, and/or competitive factors, as well as other risks and uncertainties disclosed in Wilshire's 2007 Annual Report on Form 10-K and in its definitive proxy materials 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: Sherry Wilzig Izak, Chairman of Wilshire Enterprises, Inc.,+1-201-420-2796; or Agency Contact, Neil Berkman of Berkman Associates, +1-310-826-5051, for Wilshire Enterprises, Inc.

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