EXHIBIT 99.1

		NEWS RELEASE
		Contacts:
		Manuel Mondragon, Vice President of Finance
		investorrelations@wtoffshore.com
		713-297-8024
		Ken Dennard / ksdennard@drg-e.com
		Lisa Elliott / lelliott@drg-e.com
		DRG&E / 713-529-6600

W&T OFFSHORE REPORTS RECORD

SECOND QUARTER EARNINGS PER SHARE OF $1.77

AND ADJUSTED EPS OF $1.86

HOUSTON — August 5, 2008 — W&T Offshore, Inc. (NYSE: WTI) today provides financial and operational results for the second quarter 2008. Some of the highlights for the second quarter 2008 include:

Tracy W. Krohn, Chairman and Chief Executive Officer, stated, “We drilled ten wells this quarter and continue to enjoy high success rates. We are eleven of thirteen in exploration wells for the year, an 85% success rate, and one for one in development drilling. We currently have nine rigs running and expect to maintain this level of activity through the remainder of the year. We still have several high potential projects in the program and are looking forward to bringing some of our recent successes on

- 1 -

production,” continued Mr. Krohn. “The Company had its best quarter ever financially enjoying record revenues, adjusted EBITDA and net income. We are pleased with our success thus far this year.”

Revenues, Net Income and EPS: Net income for the second quarter of 2008 was $134.6 million, or $1.77 per diluted share, on revenues of $461.0 million, compared to net income for the same quarter of 2007 of $45.5 million, or $0.60 per diluted share, on revenues of $272.6 million. Net income increased in the second quarter 2008 principally due to a higher realized price of $14.89 per thousand cubic feet equivalent (“Mcfe”), a 70% increase over the $8.74 per Mcfe realized in the comparable period in 2007. Net income for the six months ended June 30, 2008 was $214.4 million, or $2.82 per diluted share, on revenues of $817.5 million, compared to net income of $58.6 million, or $0.77 per diluted share, on revenues of $519.1 million for the first six months of 2007. Operating income for the second quarter of 2008 also reflects the impact of a $10.2 million unrealized derivative loss ($6.7 million after-tax), or $0.09 per diluted share, while operating income for the second quarter of 2007 included an unrealized derivative loss of $1.1 million ($0.7 million after-tax) and the loss on extinguishment of debt of $2.8 million ($1.9 million after-tax), or $0.03 per diluted share. Without the effect of these unrealized losses, net income for the second quarter 2008 would have been $141.3 million, or $1.86 per diluted share, and net income for the corresponding quarter of 2007 would have been $48.1 million, or $0.63 per diluted share. See “Non-GAAP Information” later in this press release.

Cash Flow from Operating activities and Adjusted EBITDA: EBITDA and Adjusted EBITDA are non-GAAP measures and are defined in “Non-GAAP Information” later in this press release. Net cash provided by operating activities for the three months ended June 30, 2008 increased 89% to $305.6 million from $161.7 million in the comparable period in 2007. The increase was associated with higher sales as a result of higher realized prices. Second quarter 2008 Adjusted EBITDA was $374.1 million, which represents an 80% increase over the $207.5 million reported during the prior year’s second quarter. Adjusted EBITDA was $653.3 million for the six months ended June 30, 2008, compared to $376.2 million for the comparable period of 2007.

- 2 -

Production and Prices: We sold 17.0 billion cubic feet (“Bcf”) of natural gas at an average price of $11.53 per thousand cubic feet (“Mcf”) in the second quarter of 2008. We also sold 2.3 million barrels (“MMBbls”) of oil and natural gas liquids at an average price of $113.74 per barrel (“Bbl”) during the same time period. On a natural gas equivalent (“Bcfe”) basis, we sold 31.0 Bcfe at an average price of $14.89 per Mcfe. For the second quarter of 2007, we sold 18.3 Bcf of natural gas at an average price of $7.81 per Mcf and 2.1 MMBbls of oil and natural gas liquids at an average price of $60.44 per Bbl. On a Bcfe basis, we sold 31.2 Bcfe at an average price of $8.74 per Mcfe. The production volume decrease is primarily attributable to properties that experienced natural reservoir declines, partially offset by increased production from our successful drilling and development efforts.

For the six months ended June 30, 2008, our natural gas production totaled 34.7 Bcf and was sold at an average price of $10.09 per Mcf while our oil and liquids production totaled 4.5 MMBbls, which was sold at an average price of $103.46 per Bbl. On a combined basis our production was 61.8 Bcfe sold at an average price of $13.23 per Mcfe. For the comparable 2007 period, we produced 38.7 Bcf of natural gas that was sold at an average price of $7.49 per Mcf and 4.1 MMBbls of oil and liquids production sold at an average price of $55.94 per Bbl. On a combined basis our production was 63.3 Bcfe sold at an average price of $8.20 per Mcfe.

Lease Operating Expenses: LOE for the second quarter of 2008 was up slightly to $54.3 million, or $1.75 per Mcfe, from $53.9 million, or $1.73 per Mcfe, in the second quarter of 2007. The increase in LOE is due to an increase in operating costs and workover expenditures offset by a decrease in major maintenance expenses.

LOE for the six months ended June 30, 2008 decreased to $104.2 million or $1.69 per Mcfe, compared to $117.5 million or $1.86 per Mcfe for the same period in 2007 in part due to the completion of our major maintenance expenses related to hurricane remediation that was completed by the end of 2007.

- 3 -

Depreciation, depletion, amortization and accretion: DD&A increased to $153.8 million, or $4.97 per Mcfe, in the second quarter of 2008 from $126.0 million, or $4.04 per Mcfe, in the same period of 2007. DD&A increased due to capital expenditures, increased future development costs and higher estimated asset retirement obligations, partially offset by the addition of reserves resulting from increasing our interest in Ship Shoal 349 field from 59% to 100% and reserves added as a result of our successful drilling efforts. DD&A for the six months ended 2008 was $299.3 million or $4.85 per Mcfe, compared to DD&A of $250.2 million, or $3.95 per Mcfe, for the same period in 2007.

Capital Expenditures and Operations Update: During the second quarter of 2008, the Company was 80% successful in the drilling of seven conventional shelf and two deep shelf exploration wells and one conventional shelf development well. For the quarter ended June 30, 2008, capital expenditures for oil and gas properties was $153.3, million, $59.2 million for development activities, $85.7 million for exploration, and $8.4 million for other capital items.

For the first half of 2008, our capital expenditures for oil and gas properties were $399.2 million, including $133.6 million for development activities, $127.0 million for exploration, $116.6 million for the acquisition of an additional interest in SS349 “Mahogany” and $22.0 million for seismic, capitalized interest and other leasehold costs.

The Company is revising its 2008 well count from 50 to a range of between 30 to 35 wells. A revised capital expenditures budget will be provided in an operations update before the end of the month.

Tracy W. Krohn, Chairman and Chief Executive Officer stated, “During the second quarter our drilling activity increased but we are revising our well count for 2008 due to

- 4 -

equipment delays, revisions to outside operators’ drilling programs and further technical evaluation, including reviews of seismic information. A majority of the wells removed from the 2008 program will be moved into the 2009 program.”

Drilling Highlights: In the second quarter of 2008, the Company drilled or participated in the drilling of the following successful wells:

The Company also drilled or participated in the drilling of two non-commercial wells, as follows:

After the close of the quarter, the Company drilled or participated in the drilling of two commercially successful wells:

After the close of the quarter, the Company also drilled or participated in the drilling of one non-commercial exploration well:

- 5 -

Outlook: Guidance for the third quarter and revised full year 2008 is shown in the table below, which represents the Company’s best estimate of likely future results, and is affected by the factors described below in “Forward-Looking Statements.”

Third Quarter and Full-Year 2008 Production and Cost Guidance:

- 6 -

Conference Call Information: W&T will hold a conference call to discuss financial and operational results on Tuesday August 5, 2008 at 9:00 a.m. Eastern Time / 8:00 a.m. Central Time. To participate, dial (303) 205-0033 a few minutes before the call begins. The call will also be broadcast live over the Internet from the Company’s website at www.wtoffshore.com. A replay of the conference call will be available approximately two hours after the end of the call until Tuesday, August 12, 2008, and may be accessed by calling (303) 590-3000 and using the pass code 11117572.

About W&T Offshore

Founded in 1983, W&T Offshore is an independent oil and natural gas company focused primarily in the Gulf of Mexico, including exploration in the deepwater and deep shelf regions, where it has developed significant technical expertise. W&T has grown through acquisition, exploitation and exploration and now holds working interests in over 155 fields in federal and state waters and a majority of its daily production is derived from wells it operates. For more information on W&T Offshore, please visit its Web site at www.wtoffshore.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements reflect our current views with respect to future events, based on what we believe are reasonable assumptions. No assurance can be given, however, that these events will occur. These statements are subject to risks and uncertainties that could cause actual results to differ materially including, among other things, market conditions, oil and gas price volatility, uncertainties inherent in oil and gas production operations and estimating reserves, unexpected future capital expenditures, competition, the success of our risk management activities, governmental regulations, uncertainties and other factors discussed in our Annual Report on 10-K for the year ended December 31, 2007 (www.sec.gov).

- 7 -

W&T OFFSHORE, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(Unaudited)

- 8 -

W&T OFFSHORE, INC. AND SUBSIDIARIES

Condensed Operating Data

(Unaudited)

- 9 -

W&T OFFSHORE, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(Unaudited)

- 10 -

W&T OFFSHORE, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(Unaudited)

- 11 -

W&T OFFSHORE, INC. AND SUBSIDIARIES

Non-GAAP Information

Certain financial information included in our financial results are not measures of financial performance recognized by accounting principles generally accepted in the United States, or GAAP. These non-GAAP financial measures are “Adjusted Net Income,” “EBITDA,” and “Adjusted EBITDA.” Our management uses these non-GAAP measures in its analysis of our performance. These disclosures may not be viewed as a substitute for results determined in accordance with GAAP and are not necessarily comparable to non-GAAP performance measures, which may be reported by other companies.

Reconciliation of Net Income to Adjusted Net Income

“Adjusted Net Income” does not include the unrealized derivative (gain) loss and associated tax effects. Adjusted Net Income is presented because the timing and amount of the derivative items cannot be reasonably estimated and affect the comparability of operating results from period to period, and current periods to prior periods.

Reconciliation of Net Income to Adjusted EBITDA

We define EBITDA as net income plus income tax expense, net interest expense (which includes interest income), and depreciation, depletion, amortization and accretion. Adjusted EBITDA also excludes the loss on extinguishment of debt and the unrealized loss related to our derivative contracts. Although not prescribed under GAAP, we believe the presentation of EBITDA and Adjusted EBITDA provide useful information regarding our ability to service debt and fund capital expenditures and they help our investors understand our operating performance and make it easier to compare our results with those of other companies that have different financing, capital and tax structures. EBITDA and Adjusted EBITDA should not be considered in isolation from or as a substitute for net income, as an indication of operating performance or cash flows from operating activities or as a measure of liquidity. EBITDA and Adjusted EBITDA, as we calculate them, may not be comparable to EBITDA and Adjusted EBITDA measures reported by other companies. In addition, EBITDA and Adjusted EBITDA do not represent funds available for discretionary use.

The following table presents a reconciliation of our consolidated net income to consolidated EBITDA and Adjusted EBITDA.

- 12 -