In addition to patching, it is likely a very good time to consider upgrading. WLS (and Forms/Reports) 11.1.x is no longer entitled to support. Running obsolete versions will limit your ability to obtain future standard bug fixes and more importantly, new Security Updates. The latest release is 220.127.116.11.
Critical Patch Updates
Lifetime Support Policies (LSP)
I will move this to the WebLogic area because patching WLS issues will be best handled there.