EXHIBIT 99.1

W&T OFFSHORE REPORTS FOURTH QUARTER AND FULL

YEAR 2009 FINANCIAL AND OPERATIONAL RESULTS

HOUSTON — February 25, 2010 — W&T Offshore, Inc. (NYSE: WTI) today announces financial and operational results for the fourth quarter and full year 2009. Some of the highlights include:

Tracy W. Krohn, Chairman and Chief Executive Officer, commented, “In 2009, we focused on analyzing the best investment opportunities, be it drilling, joint ventures or acquisitions, while implementing a profitability initiative and divesting certain non-core assets to improve our margins. As a result, we have identified over 160 prospects that we are tracking in our prospect inventory database, and we significantly reduced both

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operating costs and long-term asset retirement obligations. We are better able to take advantage of rising energy prices with a lower cost structure. We enter 2010 as a leaner, more efficient company with internally identified opportunities, the ability to capitalize on acquisitions and/or joint ventures and a Capital Budget of $450 million, which represents a 63% increase over our capital expenditures in 2009.”

Revenues, Net Income and EPS: Net income for the fourth quarter of 2009 was $64.0 million, or $0.84 per common share, on revenues of $176.1 million, compared to a net loss for the same quarter of 2008 of $851.4 million, or $11.21 per common share, on revenues of $108.3 million. Net income increased in the fourth quarter of 2009, principally due to the $1.2 billion ceiling test impairment in 2008, $38.4 million in additional tax benefits related to new tax legislation in 2009, higher production volumes in 2009 and an increase in our average realized unhedged price to $7.67 per thousand cubic feet equivalent (“Mcfe”) in 2009 from $6.68 per Mcfe in 2008. Production was higher during the fourth quarter of 2009 compared to the corresponding period in 2008 due to the deferral of production caused by Hurricane Gustav in late August 2008 and Hurricane Ike in early September 2008. The Worker, Homeownership and Business Assistance Act of 2009, which extended the net operating loss carryback period from two years to five years, resulted in additional tax benefits to us.

Net income for the fourth quarter of 2009 excluding special items would have been approximately $27.1 million, or $0.36 per common share. The net loss excluding special items for the corresponding quarter of 2008 was approximately $84.3 million, or $1.11 per common share. See the “Reconciliation of Net Income (Loss) to Net Income (Loss) Excluding Special Items” table at the back of this press release for a description of the special items.

The net loss for the year ended December 31, 2009 was $187.9 million, or $2.51 per common share, on revenues of $611.0 million, compared to a net loss of $558.8 million, or $7.36 per common share, on revenues of $1.2 billion for 2008. Excluding special items, the net loss for 2009 would have been $81.5 million, or $1.09 per common share,

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compared to net income excluding special items of $200.9 million, or $2.63 per common share, in the 2008 period. The net loss, before special items, for the year 2009 compared to net income, before special items, in 2008 resulted from lower average commodity prices throughout a majority of 2009 and lower production volumes. This decrease was partially offset by lower lease operating expenses (“LOE”), gathering and transportation costs, production taxes, depreciation, depletion, amortization and accretion (“DD&A”) and general and administrative expenses (“G&A”).

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. Adjusted EBITDA for the fourth quarter of 2009 was $113.9 million, compared to $22.2 million during the prior year’s fourth quarter. Net cash provided by (used in) operating activities for the fourth quarter of 2009 increased to $64.4 million from ($157.8) million in 2008, respectively. Adjusted EBITDA and cash flow from operating activities for the fourth quarter of 2009 were significantly higher than for the corresponding period in the previous year due to the deferral of production caused by Hurricane Gustav in late August 2008 and Hurricane Ike in early September 2008.

For the year ended December 31, 2009, adjusted EBITDA was $342.2 million, compared to $883.9 million for the year 2008. Net cash provided by operating activities for the full year of 2009 decreased to $156.3 million from $882.5 million in 2008. Cash flow from operating activities and adjusted EBITDA were lower for the year ended December 31, 2009 compared to the prior year due to lower realized prices on sales of our oil and natural gas production, lower production volumes and a significant increase in working capital requirements, primarily to fund accounts payable, plugging and abandonment work and accounts receivable balances.

Production and Prices: During the fourth quarter of 2009, we sold, on a natural gas equivalent (“Bcfe”) basis, 22.9 Bcfe at an average price of $7.67 per Mcfe, compared to 16.2 Bcfe sold at an average price of $6.68 per Mcfe in the comparable 2008 period.

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Higher production volumes during the fourth quarter of 2009 versus 2008 were largely due to deferred production from Hurricanes Gustav and Ike during 2008.

For the year ended December 31, 2009, we sold, on a natural gas equivalent basis, 94.8 Bcfe at an average price of $6.39 per Mcfe, compared to 97.9 Bcfe sold at an average price of $12.42 per Mcfe for the 2008 period. The decline in production is largely attributable to divestitures completed in 2009 as well as natural reservoir declines, partially offset by deferred production from Hurricane Gustav and Ike that came back online during 2009.

Lease Operating Expenses: LOE for the fourth quarter of 2009 decreased to $45.8 million from $73.2 million in the fourth quarter of 2008. This LOE decline was due to lower base lease operating expenditures as a result of the divestitures, our cost reduction efforts and lower hurricane remediation expenditures.

LOE for the year ended December 31, 2009 was $203.9 million, or $2.15 per Mcfe, compared to $229.7 million, or $2.35 per Mcfe, in 2008. LOE on a nominal basis decreased due to our cost reduction efforts, the sale of certain non-core assets and decreased expenditures on our facilities for maintenance, partially offset by higher insurance costs and increased workover activity. Included in lease operating expenses for 2009 and 2008 are $18.4 million and $17.7 million, respectively, of hurricane remediation costs related to Hurricanes Ike and Gustav that were either not yet approved by our insurance underwriters’ adjuster or were not covered by insurance.

Depreciation, depletion, amortization and accretion: DD&A decreased to $78.3 million, or $3.42 per Mcfe, in the fourth quarter of 2009 from $108.6 million, or $6.69 per Mcfe, in the same period of 2008. DD&A for the year ended 2009 was $342.5 million, or $3.61 per Mcfe, compared to DD&A of $521.8 million, or $5.33 per Mcfe, for the same period in 2008. The decrease is primarily attributable to a lower depreciable base (resulting from ceiling test impairments of $1.2 billion and $218.9 million recognized in the fourth quarter of 2008 and the first quarter of 2009, respectively, and a

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net reduction of our asset retirement obligations of $199.1 million from the sale of certain non-core assets, revisions to our estimates and other items), partially offset by lower oil and natural gas reserves.

Capital Expenditures and Operations Update: For the year ended December 31, 2009, our capital expenditures were $276.1 million, consisting of $90.6 million for exploration activities, $162.1 million for development activities and $23.4 million for acquisitions, seismic, capitalized interest and other leasehold costs. Our capital expenditures were funded by operating cash flow and cash on hand. Capital expenditures and acquisitions in 2008 were $774.9 million.

In 2009, the Company made discoveries and successfully completed drilling on eight of 10 exploration wells, for a success rate of 80%, which included seven out of nine conventional shelf wells, and one well in the marshlands of southern Louisiana. Additionally, the Company successfully drilled and completed two of three development wells, both of which were on the conventional shelf. For the 13 wells drilled in 2009, the Company achieved a success rate of 77%.

Drilling Highlights: In the fourth quarter of 2009, the Company was 100% successful in the drilling of two exploration wells. One of the wells was located onshore in South Louisiana while the other was on the conventional shelf.

Commercial Wells:

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After the close of the first quarter, the Company drilled one non-commercial well:

Non-commercial Wells:

Reserves: As of December 31, 2009, total proved reserves were 371.0 Bcfe, compared to proved reserves of 491.1 Bcfe as of December 31, 2008. This decline in reserves was primarily due to production, the divestiture of certain non-core assets, the use of average prices versus end of year prices, and downward revisions because of the de-booking of proved undeveloped reserves (“PUDs”) as a result of the SEC’s new five-year limitation on the life of PUDs from the date they were initially recorded. Partially offsetting this decline were discoveries and extensions from our drilling, recomplete and workover programs. Year-end 2009 proved reserves are comprised of 45% natural gas and 55% oil and natural gas liquids. In accordance with guidelines established by the SEC, our proved reserves as of December 31, 2009 were determined to be economically producible under existing economic conditions, which requires the use of the 12-month average price for each product, calculated as the unweighted arithmetic average of the first-day-of-the-month price for the period January 2009 through December 2009. The present value of our total proved reserves discounted at 10% (referred to as “PV-10”*), which includes the impact of estimated asset retirement obligations, is $890 million. This is based on average prices of $3.87 per Mcf for natural gas and $57.65 per Bbl for oil and natural gas liquids, adjusted by lease for quality, transportation fees and regional price differentials. The estimate of proved reserves is based on a reserve report prepared by Netherland, Sewell & Associates, Inc., the Company’s independent petroleum consultant.

* The PV-10 value is a non-GAAP measure and defined in the “Non-GAAP Information” later in this press release.

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The Company’s proved reserves are summarized in the table below.

2009 Reserve Reconciliation:

2010 Capital Expenditures Budget: Our total capital expenditure budget for 2010 is $450 million and is expected to be funded with internally generated cash flow and cash on hand. The budget included seven conventional shelf exploration wells. It also included other capital items such as well recompletions, facilities capital, seismic and leasehold items. We have recently added three wells to the plan and continue to evaluate the expected costs associated with the original seven wells. Our plan now includes ten wells plus the other capital items budgeted at $153 million. The balance of the $450 million budget will be allocated to acquisitions, additional drilling opportunities from the Company’s prospect inventory, joint venture projects and/or other drilling ventures. WTI is determined to remain as flexible as possible and believes this strategy holds the best promise for value creation and growth.

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Outlook: The guidance for first quarter and full year 2010 represents the Company’s best estimate of likely future results, and is affected by the factors described below in “Forward-Looking Statements.”

Guidance for the first quarter and full year 2010 are shown in the table below. Production guidance includes the planned build up from our original seven wells and does not reflect any build up from the remainder of our capital budget.

2010 Production and Cost Guidance:

* Exclusive of valuation allowance adjustments.

Conference Call Information: W&T will hold a conference call to discuss financial and operational results on Thursday, February 25, 2010 at 10:00 a.m. Eastern Time / 9:00 a.m. Central Time. To participate, dial (480) 629-9819 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 Thursday, March 4, 2010, and may be accessed by calling (303) 590-3030 and using the pass code 4206518.

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About W&T Offshore

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 holds working interests in approximately 82 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, 2008 (www.sec.gov).

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W&T OFFSHORE, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Income (Loss)

(Unaudited)

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W&T OFFSHORE, INC. AND SUBSIDIARIES

Condensed Operating Data

(Unaudited)

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W&T OFFSHORE, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(Unaudited)

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W&T OFFSHORE, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(Unaudited)

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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,” “Adjusted EBITDA,” and “PV-10.” 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 (Loss) to Net Income (Loss) Excluding Special Items

“Net Income (Loss) Excluding Special Items” does not include the unrealized derivative (gain) loss, the loss on extinguishment of debt, the impairment of oil and gas properties and associated tax effects and tax impact of the new tax legislation. Net Income (Loss) excluding special items is presented because the timing and amount of these items cannot be reasonably estimated and affect the comparability of operating results from period to period, and current periods to prior periods.

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Reconciliation of Net Income to Adjusted EBITDA

We define EBITDA as net income (loss) plus income tax expense (benefit), net interest expense, depreciation, depletion, amortization, accretion and impairment of oil and gas properties. We believe the presentation of EBITDA and Adjusted EBITDA provide useful information regarding our ability to service debt and to fund capital expenditures and 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. Adjusted EBITDA excludes the loss on extinguishment of debt and the unrealized gain or loss related to our open derivative contracts. Although not prescribed under generally accepted accounting principles, we believe the presentation of EBITDA and Adjusted EBITDA are relevant and useful because 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 (loss) to consolidated EBITDA and Adjusted EBITDA

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Price Sensitivities

In addition to the SEC Case proved reserves, our independent petroleum consultant also prepared estimates of our year-end proved reserves using two alternative commodity price assumptions. The following table summarizes our total proved reserves as of December 31, 2009 under each of the three cases:

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