Exhibit 99.1

W&T OFFSHORE REPORTS THIRD QUARTER RESULTS

HOUSTON — November 2, 2010 — W&T Offshore, Inc. (NYSE: WTI) today provides financial and operational results for the third quarter 2010. Some of the highlights for the third quarter 2010 include:

Tracy W. Krohn, Chairman and Chief Executive Officer, commented, “We had another very good quarter with higher oil production, higher average realized sales prices and much lower lease operating expenses as compared to the last quarter. Our adjusted EPS

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was $0.43 and exceeded both second quarter this year and last year’s third quarter. In addition, we are excited about the results of the Main Pass 108 E-3 well, which we finished drilling shortly after the end of the third quarter. This successful conventional shelf well has discovered over 300 feet of gas condensate in six sands. Furthermore, our liquidity continues to gain strength, positioning us to take advantage of acquisition opportunities that we are seeing more frequently both offshore and onshore. We added to our oil hedge positions recently to allow us better price support when and if a financing requirement arises.”

Revenues, Net Income/Loss and Earnings Per Share (“EPS”): Net income for the third quarter of 2010 was $27.2 million, or $0.36 per common share, on revenues of $169.6 million, compared to a net loss for the same quarter of 2009 of ($1.3) million, or ($0.02) per share, on revenues of $167.0 million. Net income for the nine months ended September 30, 2010 was $97.4 million, or $1.30 per common share, on revenues of $518.8 million, compared to a net loss of ($251.9) million, or ($3.35) per share, on revenues of $434.9 million for the first nine months of 2009. Included in revenues for the three and nine months ended September 30, 2010 are approximately $4.8 million and $24.9 million, respectively, related to the recoupment of royalties paid to the Bureau of Ocean Energy Management (the “BOEM” and formerly the Minerals Management Service) in prior periods. Volumes associated with this adjustment were 0.5 Bcfe and 3.0 Bcfe for the three months and nine months ended September 30, 2010, respectively. Also included in revenues for the three and nine months ended September 30, 2010 is a charge of $4.7 million for royalty relief originally recognized in 2009 on deepwater production transported through our subsea pipeline system that has been partially disallowed by the BOEM. We are contesting this adjustment.

Net income for the third quarter of 2010 excluding special items was approximately $32.0 million, or $0.43 per common share. Excluding special items for the corresponding quarter of 2009, our net loss was approximately ($2.6) million, or ($0.04) per common share. Net income for the nine months ended September 30, 2010 excluding special items was approximately $87.1 million, or $1.17 per common share, compared to

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a net loss excluding special items of ($109.0) million, or ($1.45) per common share, in the corresponding period of 2009. 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.

Cash Flow from Operating Activities and Adjusted EBITDA: Net cash provided by operating activities for the three months ended September 30, 2010 increased 227% to $148.6 million from $45.5 million for the three months ended September 30, 2009. Net cash provided by operating activities for the nine months ended September 30, 2010 increased 328% to $392.9 million from $91.9 million for the nine months ended September 30, 2009. The increase was primarily a result of higher prices, lower expenses and net changes in working capital, which included the receipt of $99.8 million in tax reimbursements and $46.9 million in insurance reimbursements.

EBITDA and Adjusted EBITDA are non-GAAP measures and are hereinafter defined in “Non-GAAP Information” later in this press release. For the quarter ended September 30, 2010, EBITDA was $112.2 million versus $95.4 million during the corresponding quarter of 2009, or an 18% increase. For the nine months ended September 30, 2010, EBITDA increased 57% to $353.3 million from $225.4 million during the nine months ended September 30, 2009. Third quarter 2010 Adjusted EBITDA was $117.9 million compared to $93.4 million during third quarter 2009, or a 26% increase. Adjusted EBITDA increased 45% to $328.6 million for the nine months ended September 30, 2010 from $226.3 million for the comparable period of 2009.

Production and Prices: On a natural gas equivalent (“Bcfe”) basis, we sold 21.6 Bcfe at an average price of $8.02 per Mcfe in the third quarter of 2010, of which 51% was from oil and natural gas liquids. This compares to 25.7 Bcfe sold at an average price of $6.30 per Mcfe in the third quarter of 2009, of which 45% was from oil and natural gas liquids. For the nine months ended September 30, 2010, we sold 64.4 Bcfe with an average realized price of $8.12 per Mcfe. For the comparable 2009 period, we sold 71.9 Bcfe with an average realized price of $5.98 per Mcfe. The sales volume decrease for both the

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quarter and year to date periods is primarily attributable to the downtime experienced at our MP 108 field, which has been impacted by a third-party pipeline outage since early June 2010.

Lease Operating Expenses (“LOE”): LOE for the third quarter of 2010 decreased to $34.4 million, or $1.59 per Mcfe, from $53.8 million, or $2.10 per Mcfe, in the third quarter of 2009. LOE is made up of base LOE, insurance premiums, workovers, facilities maintenance and hurricane remediation costs, net. Base LOE is lower due to the property divestitures that occurred in 2009, partially offset by increases associated with the Matterhorn and Virgo fields we purchased in the second quarter of 2010. Insurance costs are lower with the policy renewal that occurred on June 1, 2010, while workover costs are lower with reduced activity. Facilities maintenance increased with work performed on the new platforms and repairs and refurbishments on other platforms primarily involving sandblasting and painting. Hurricane remediation costs, net, were down approximately $11.1 million due to insurance reimbursements exceeding expenditures on hurricane repairs.

LOE for the nine months ended September 30, 2010 decreased to $122.2 million, or $1.90 per Mcfe, compared to $158.1 million, or $2.20 per Mcfe for the same period in 2009. LOE for the nine months ended September 30, 2010 decreased as hurricane remediation costs, net, a component of LOE, decreased $30.6 million compared to the first nine months of 2009 as insurance reimbursements exceeded costs incurred. LOE was also lower as a result of the property divestitures that occurred in 2009. These decreases in LOE were partially offset by increases associated with the Matterhorn and Virgo fields we purchased in the second quarter of 2010 and increases from Green Canyon 646 (Daniel Boone), which began production in late September 2009.

Depreciation, depletion, amortization and accretion (“DD&A”): DD&A decreased to $75.3 million, or $3.48 per Mcfe, in the third quarter of 2010 from $88.1 million, or $3.43 per Mcfe, in the third quarter of 2009. DD&A decreased primarily as a result of lower production volumes. DD&A for the nine months ended September 30, 2010 was $220.5 million, or $3.42 per Mcfe, compared to DD&A of $264.2 million, or $3.68 per Mcfe, for the same period in 2009.

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Liquidity: Our cash balance at September 30, 2010 was $180.5 million. Also, we had no amounts outstanding under our committed revolving loan facility, which was recently reaffirmed by our lenders and has an availability of $405.2 million.

Capital Expenditures and Operations Update: For the three months ended September 30, 2010, our capital expenditures for oil and natural gas properties was $37.7 million, comprised of $20.1 million for exploration activities, $14.7 million for development activities and $2.9 million for seismic, capitalized interest and other leasehold costs. Our development and exploration capital expenditures consisted of $26.5 million on the conventional shelf, $5.5 million onshore, $1.6 million in the deepwater and $1.2 million on other projects.

For the first nine months of 2010, our capital expenditures for oil and natural gas properties were $244.0 million, including $116.6 million for acquisitions, $68.6 million for exploration activities, $40.5 million for development activities and $18.3 million for seismic, capitalized interest and other leasehold costs. Our development and exploration capital expenditures consisted of $93.8 million on the conventional shelf, $5.5 million onshore, $6.4 million in the deepwater and $3.4 million on other projects. Our capital expenditures were funded from cash from operating activities and cash on hand.

Drilling Highlights: In the third quarter of 2010, the Company participated in the drilling of two non-commercial wells, both of which were onshore.

Non-Commercial Wells

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After the close of the third quarter, the Company successfully drilled one exploration well on the conventional shelf:

Commercial Well

Outlook: The table below provides our guidance for the fourth quarter and full year 2010 and represents our current estimate of likely future results, and is affected by the factors described below in “Forward-Looking Statements.”

Fourth Quarter and Full-Year 2010 Production and Revised Cost Guidance:

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Conference Call Information: W&T will hold a conference call to discuss financial and operational results on Tuesday November 2, 2010 at 11:00 a.m. Eastern Time / 10:00 a.m. Central Time. To participate, dial (480) 629-9822 at least ten 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, November 9, 2010. You may access the replay by calling (303) 590-3030 and using the pass code 4376899.

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 acquisitions, exploitation and exploration and currently holds working interests in approximately 72 producing fields in federal and state waters. The majority of the Company’s 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 Form 10-K for the year ended December 31, 2009 (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 “Net Income (Loss) Excluding Special Items,” “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 (Loss) to Net Income (Loss) Excluding Special Items

“Net Income (Loss) Excluding Special Items” does not include the unrealized derivative (gain) loss, the impairment of oil and natural gas properties and associated tax effects. 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 and accretion and impairment of oil and natural gas properties. Adjusted EBITDA excludes the unrealized gain or loss related to our commodity derivative contracts, loss on extinguishment of debt, royalty relief recoupment and adjustments related to transportation allowance for deepwater production. Although not prescribed under generally accepted accounting principles, 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. 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.

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