Exhibit 99.1

W&T OFFSHORE REPORTS THIRD QUARTER AND YEAR-TO-DATE

2012 FINANCIAL AND OPERATIONAL UPDATE

HOUSTON – October 30, 2012 – W&T Offshore, Inc. (NYSE: WTI) today announces financial and operational results for the third quarter of 2012. Some of the highlights include:

W&T Offshore, Inc. • Nine Greenway Plaza, Suite 300 • Houston, Texas 77046 • 713-626-8525 • www.wtoffshore.com

“Our acquisition of Gulf of Mexico properties from Newfield adds significant unrisked exploratory potential to our portfolio while also adding production, reserves, and cash flow beginning in the fourth quarter,” stated Tracy W. Krohn, Chairman and Chief Executive Officer. “In the fourth quarter, we expect to be generating much higher production that is receiving premium oil prices and improved natural gas prices, driving stronger cash flow.”

“For the balance of 2012, we will remain very active as we continue to drill our growing inventory of exploration and development projects. Similarly, we continue to evaluate the substantial acquisition opportunities currently in the market place. Our drilling program over the near-term will be focused on a variety of exploration projects, both onshore and offshore, that if successful could add reserves and production. We have identified at least five exploration wells that we may choose to commence drilling in the next few months. Additionally, to further expand our prospect inventory we have acquired a large quantity of the latest seismic data to help us better evaluate the leasehold acreage we acquired from Newfield, prospects in the recent Gulf of Mexico lease sales, and our existing property inventory. We have also expanded our exploration team and are incorporating in-house processing using the most modern techniques.”

Revenues, Production & Price: Revenues for the third quarter of 2012 were $185.9 million compared to $245.4 million in the third quarter of 2011. During the third quarter of 2012, we sold 1.4 million barrels of oil, 0.5 million barrels of NGLs and 11.4 Bcf of natural gas as compared to 1.5 million barrels of oil, 0.5 million barrels of NGLs and 14.3 Bcf of natural gas for the same period of 2011. In total, we sold 3.7 million Boe at an unhedged average realized sales price of $49.86 per Boe. During the third quarter of 2012 we experienced deferred production as a result of third-party pipeline outages and the impact of both Tropical Storm Debby and Hurricane Isaac. Fortunately, we experienced very minimal property damage as a result of the 2012 tropical storm season. When combined, the storms and pipeline outages reduced total third quarter production by approximately 0.8 million Boe. Full year production estimates were also impacted by the sale of South Timbalier 41 in the spring and the recent sanding up of the Mississippi Canyon 243 A2 ST well. These will be partially offset by the addition of the newly acquired properties from Newfield. In addition, we expect to begin drilling a sidetrack of the MC 243 A2

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well before the end of the year and hope to have it back on production in the first quarter of 2013. We expect our fourth quarter production to be significantly higher than the third quarter as indicated in our guidance later in the press release.

The lower production volumes in the third quarter of 2012 reduced revenue by approximately $31.0 million and lower prices reduced revenues by approximately $28.5 million compared to the third quarter of 2011. Realized oil prices (unhedged) were $100.68 per barrel. Our realized oil sales price was above the average daily West Texas Intermediate price of $92.17 per barrel due to higher premiums for offshore crude (the Brent crude oil price for that same time frame was $109.63 per barrel). Our realized natural gas sales price was $3.07 per Mcf, a significant drop from the $4.27 per Mcf sales price for the same period in 2011, but higher than the year-to-date average of $2.72 per Mcf. Our realized NGLs sales price was $27.66 per barrel for the third quarter.

Net Income & EPS: Our operating results for the third quarter of 2012 resulted in a net loss of $1.5 million, or ($0.02) per common share, compared to net income of $52.9 million, or $0.70 per common share for the same period in 2011. Net income for the third quarter of 2012, excluding special items, was $14.4 million, or $0.19 per common share. This compares to $42.4 million, or $0.56 per common share, reported for the third quarter of 2011, excluding special items. See the “Reconciliation of Net Income to Net Income Excluding Special Items” and related earnings per share, excluding special items in the table under “Non-GAAP Financial Information” at the back of this press release for a description of the special items.

Cash Flow from Operating Activities and Adjusted EBITDA: EBITDA and Adjusted EBITDA are non-GAAP measures and are defined in the “Non-GAAP Financial Measures” section later in this press release. Adjusted EBITDA for the third quarter of 2012 was $109.7 million, compared to $161.5 million for the third quarter of 2011. Our Adjusted EBITDA margin was 59% compared to 66% in the third quarter of 2011. Adjusted EBITDA is lower in the 2012 period primarily due to lower production volumes and lower average realized sales prices. Net cash provided by operating activities for the first nine months of 2012 was $351.5 million compared to $396.1 million for the same period of the prior year.

Lease Operating Expenses (“LOE”): For the third quarter of 2012, LOE, which includes base lease operating expenses, insurance, workovers, facilities expenses, and hurricane remediation costs net of insurance claims, decreased to $53.4 million from $58.9 million in the third quarter of 2011. Base LOE decreased $9.1 million to $28.4 million primarily due to an ad valorem tax refund, processing fees received from third parties, lower operating costs incurred at our Fairway/Yellowhammer properties, the sale of South Timbalier 41 and lower repairs, maintenance and expenses. Workover costs were up $2.3 million to $8.5 million, insurance premiums were down $0.3 million to $7.6 million and facilities expenses were up $1.1 million to $8.9 million. The increase in workover and facilities costs reflects increased activity at several of our Gulf of Mexico properties.

Depreciation, depletion, amortization and accretion (“DD&A”): On a nominal basis, DD&A decreased to $77.5 million in the third quarter of 2012 from $84.5 million in the third quarter of 2011 due to lower production volumes resulting from the temporary deferral of production caused by tropical storm activity and third party pipeline outages.

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Capital Expenditures Update: Our capital expenditures budget for 2012 was $425 million, excluding acquisitions. For the nine months ended September 30, 2012, our capital expenditures for oil and gas properties were $312.4 million and were funded with cash flow from operating activities. Capital expenditures included $178.7 million for onshore activities (split between $49.1 million for exploration and $129.6 million for development activities), $119.2 million for offshore activities (split between $10.0 million for exploration and $109.2 million for development) and $14.5 million for seismic, leasehold and other costs. Through the first nine months of 2012 we have drilled and completed 58 wells in total, with 54 wells in West Texas, one well in East Texas, and three wells in the Gulf of Mexico.

In the fourth quarter of we expect to spend approximately $66.2 million for onshore activities, $70.0 million for offshore activities, and $1.5 million for seismic, leasehold, and other costs. These estimated expenditures could change based on the timing of third party operator decisions, permitting schedules and access to equipment, post acquisition effective date adjustments, among other things. See the Operations Update below for a discussion of our planned operating activity.

Acquisition of Properties from Newfield and Funding: On October 5^th, we completed the acquisition of exploration and production properties in the Gulf of Mexico from Newfield Exploration, thereby adding production, reserves, cash flow and several hundred million barrels of unrisked exploratory potential to our portfolio. The adjusted purchase price was $208 million plus the assumption of certain plug and abandonment liabilities. The acquisition was initially funded from cash on hand and our revolving bank credit facility.

W&T acquired 78 offshore lease blocks, which includes 65 blocks in the deepwater, dramatically increasing our exposure to deepwater opportunities. The total gross acreage acquired was 432,700 acres.

The acquisition also included producing properties, six of which are in deepwater, four on the shelf and two producing overriding royalty interests in the deepwater. We expect to take over operations of approximately 90% of the production. Total proved and probable reserves acquired include 7.7 million barrels of oil equivalent (MMBoe) and 1.2 MMBoe, respectively, per third-party engineers’ estimates as of July 1, 2012. For the first 23 days of October, our average daily production from these properties was approximately 8,330 Boe per day net.

On October 17^th, we completed a $300 million debt offering of 8.5% senior notes due June 2019. The notes were issued at 106% of par resulting in a yield of 6.96% and gross proceeds of $318 million. The net proceeds were used to repay all of our outstanding indebtedness under our revolving credit facility, a portion of which was recently incurred to partially fund our acquisition of properties from Newfield, and for general corporate purposes. This issuance was under an indenture pursuant to which W&T Offshore initially issued on June 10, 2011, $600 million principal amount of its 8.5% senior notes due 2019. Per

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the amendment to our credit agreement, the borrowing base was reduced $0.25 for each additional $1.00 of unsecured debt issued until the fall 2012 redetermination. This reduces our revolving credit facility availability to $575 million. We expect our borrowing base to be redetermined upward in early November.

Operations Review and Update:

Gulf of Mexico

Wells Completed in the Third Quarter 2012

OFFSHORE DEVELOPMENT:

Mahogany Field: During the third quarter of 2012, we completed and brought on production the SS 349 A-5 ST well at our Mahogany Field, which is currently producing approximately 1,100 Boe per day net. We continue to be very active in that field and are currently drilling the A-9 ST well to further develop the P sand south of the A-5 ST. Following the A-9 ST well, we will utilize the rig for a recompletion of the Ship Shoal 349 A-2 well. We anticipate spudding the A-14 development well in early 2013. The development of the Mahogany Field will continue well into 2013. With the use of additional seismic data and well results, we anticipate adding more wells to the existing drilling program.

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Matterhorn Field: At our Mississippi Canyon 243 A-2 ST, the well sanded up following Hurricane Isaac. We plan to begin drilling a sidetrack well before the end of the year in order to restore production. This well is expected to be on production during the first quarter of 2013 and have initial production of approximately 1,000 Boe per day net.

OFFSHORE EXPLORATION:

We participated in three non-operated exploratory wells in the Gulf of Mexico during the third quarter. The West Cameron 73 #2 well has reached total depth, encountered multiple stacked pays, and we are completing this well. This well will likely be brought on production in the third quarter of 2013. Drilling operations are also underway at our deepwater exploration well, Big Bend, at Mississippi Canyon 698. The well was spud in mid-October and is expected to reach the target depth by year end. Additionally, we participated in the non-operated Main Pass 163 well, which reached total depth in October and the objective was determined to be non-commercial.

In the fourth quarter we expect to drill the Main Pass 108 B-1 ST2, an exploration shelf well. Once the MP 108 B-1 ST2 is drilled and completed, we plan to drill the Main Pass 108 B-2 ST1 well in the first quarter of 2013. We have a 100% working interest in both exploration wells. The Ship Shoal 349 A-14, a development well at our Mahogany field, which will include a deep exploratory test extending beyond the targeted development sand, is planned to commence early next year.

In regards to the recent OCS lease sale 216/222, we were awarded all 11 lease blocks where W&T was high bidder. These 11 blocks provide an additional 47,212 acres at a cost of $2.46 million and in many instances are located in close proximity to our current production and infrastructure. We are initiating the permitting process and plan to incorporate these properties into our drilling plans as early as 2013.

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Onshore

ONSHORE EXPLORATION AND DEVELOPMENT:

Yellow Rose Properties: Our Yellow Rose project is located in the West Texas portions of Andrews, Martin, Dawson and Gaines Counties. This property was acquired in May of 2011 from Opal Resources. During the third quarter, we completed 17 vertical wells and at the end of the quarter had approximately

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16 wells awaiting completion. Also during the quarter, we began our horizontal drilling program targeting the Wolfcamp formation. The first horizontal well is awaiting final completion; the second horizontal well is in flowback and; the third horizontal well is currently drilling. September production from our Yellow Rose Field averaged 2,500 Boe per day net. Production has continued to increase in the field and our daily production as of late October is approximately 3,000 Boe per day net. For the remainder of the year, we expect to continue our multi-rig program which will continue well into 2013. Our rig line-up could change depending on our ultimate evaluation of our horizontal well program and down spacing from our current 80 acres to 40 acres.

Terry County: We have an acreage position of approximately 9,500 acres in Terry County. We have continued with our exploration and delineation phase of this prospect during the quarter. During the third quarter we spud the first of two planned horizontal wells targeting the Wolfcamp. The first horizontal well reached TD in mid-October and has been frac’d. The second horizontal well, the State Travis-Henson Unit 20 #1-H is currently drilling. After we evaluate the results of these two wells, we expect to be able to provide our future development plans for this acreage. We do not currently have any reserves booked for our Terry County project.

Star Project: This is a project encompassing a six county area in East Texas comprised of 143,000 net acres. We are conducting a four well exploration program targeting the oil rich James Lime formation. The first two wells are in their test phase. During the third quarter we commenced drilling the Colwell A-8 well which is completed and we are initiating flowback. The fourth well, the McMahon A-28 is currently drilling. We expect this well to reach TD, be completed, and placed on flowback by year-end. We anticipate that the results of these four wells should provide sufficient data to delineate the project and determine future development plans.

Recompletes and Workovers: During the quarter we completed four workovers and four recompletes offshore and 50 workovers onshore. The combined cost was $8.6 million and initial production from these projects was 17.1 MMcfe per day or 2,800 Boe per day. We will continue with our recompletion and workover programs throughout the remainder of the year.

Outlook: The guidance for full year 2012 represents the Company’s best estimate of the range of likely future results, and is affected by the factors described below in “Forward-Looking Statements.”

On October 5, 2012, we updated our guidance for the full year 2012 due to the closing of the acquisition of the Newfield properties and a number of events that impacted third quarter production including; the effect of production deferral resulting from Hurricane Isaac, Tropical Storm Debbie and third-party pipeline outages; the sale of our South Timbalier 41 field and; the sanding up of our Mississippi Canyon 243 A-2 ST well.

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In the fourth quarter of 2012, we will benefit from the contribution of the properties acquired from Newfield, which are expected to contribute between 3.4 and 4.4 Bcfe to our 2012 annual guidance.

Conference Call Information: W&T will hold a conference call to discuss these financial and operational results on Wednesday, October 31, 2012, at 10:00 a.m. Eastern Time. To participate, dial (480) 629-9645 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 November 7, 2012, and may be accessed by calling (303) 590-3030 and using the pass code 4568692#.

About W&T Offshore

W&T Offshore, Inc. is an independent oil and natural gas producer focused primarily in the Gulf of Mexico and Texas. We have grown through acquisitions, exploration and development and currently hold working interests in approximately 67 producing offshore fields in federal and state waters, including the deepwater. During 2011, we expanded onshore into West Texas and East Texas where we are actively pursuing exploration and development activities. A substantial majority of our daily production is derived from wells we operate offshore. For more information on W&T Offshore, please visit our website 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

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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 W&T Offshore’s Annual Report on Form 10-K for the year ended December 31, 2011 and subsequent Form 10-Q reports found at www.sec.gov or at our website at www.wtoffshore.com under the Investor Relations section.

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W&T OFFSHORE, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(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 Excluding Special Items,” “EBITDA” and “Adjusted EBITDA.” Adjusted EBITDA margin represents the ratio of Adjusted EBITDA to total revenues. Our management uses these non-GAAP financial 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 Net Income Excluding Special Items

“Net Income Excluding Special Items” does not include the unrealized derivative (gain) loss, a litigation accrual, loss on extinguishment of debt, and associated tax effects. Net Income 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 plus income tax expense, net interest expense, depreciation, depletion, amortization, and accretion. Adjusted EBITDA excludes the unrealized gain or loss related to our derivative contracts, loss on extinguishment of debt, and a litigation accrual. 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. We believe this presentation is relevant and useful because it helps 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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