That is a valid wildcard mask. It will match any IP with the format 10.(160-191).1.(0-255). Whether or not this is intended, or good design, is unknown.
Wildcard masks are just "do-we-care" bitwise masks used when looking at an IP -- a value of 0 means "do-care", and 1 means "don't-care".
In this case, 0.31.0.255 translates to:
00000000 00011111 00000000 1111111
So the IP listed in the ACL (10.160.1.0) will have a binary value of
00001010 10100000 00000001 00000000
Testing an IP (10.190.1.200):
00001010 10111110 00000001 11001000 (10.190.1.200)
00001010 10100000 00000001 00000000 (10.160.1.0)
^^^^^^^^ ^^^ ^^^^^^^^ (0.31.0.255)
The carets represent the wildcard mask, showing which bits MUST match. Since they do, 10.190.1.200 would match this ACL statement.