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W&T Offshore Reports Record Second Quarter Earnings Per Share of $1.77 And Adjusted EPS of $1.86

HOUSTON, Aug. 5 /PRNewswire-FirstCall/ -- 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:

  • Revenues increased 69% to a record $461.0 million from $272.6 million in second quarter 2007
  • Adjusted earnings per share increased 195% to an all time record of $1.86 per share, compared to adjusted earnings per share of $0.63 in second quarter 2007
  • Adjusted EBITDA increased 80% to a record $374.1 million from $207.5 million in second quarter 2007
  • Production was 5.2 million barrels of oil equivalent ("BOE"), consisting of 2.3 MMBbls of oil and 17.0 Bcf of natural gas, or 31.0 billion cubic feet equivalent ("Bcfe"), achieving a 2.4% growth sequentially
  • Revising 2008 well count from 50 wells to between 30 and 35 wells

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 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.

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.

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 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:



                                                       Working
    Lease Name/Well                Category           Interest %

    Eugene Island 175 H-5     Exploration/Shelf          25%
    Eugene Island 175 I-2ST   Exploration/Shelf          25%
    High Island 110/111 A-11  Exploration/Shelf          62%
    High Island A-376         Exploration/Shelf          30%
    Main Pass Area            Exploration/Shelf          75%
    Ship Shoal 224 E-18       Exploration/Deep Shelf     47%
    Ship Shoal 314 A-2ST      Exploration/Shelf          75%
    Ship Shoal 224 E-19       Development/Shelf          67%

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


                                                       Working
    Lease Name/Well                Category           Interest %

    High Island 38 #2         Exploration/Deep Shelf     53%
    Ship Shoal 317 #1         Exploration/Shelf          75%

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


                                                       Working
    Lease Name/Well                Category           Interest %

    MP-283 A-1ST              Exploration/Shelf          75%
    ST-230 A-7ST              Development/Shelf         100%

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


                                                       Working
    Lease Name/Well                Category           Interest %

    MP 266 A-5                Exploration/Shelf          50%

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:

    Estimated          Third Quarter    Prior Full-Year  Revised Full-Year
     Production             2008             2008              2008

    Crude oil (MMBbls)   2.0 - 2.2        8.1 - 9.9         8.6 - 9.3
    Natural gas (Bcf)   14.9 - 16.1      66.2 - 80.6       63.6 - 69.1
    Total (MMBoe)        4.5 - 4.9       19.2 - 23.3       19.2 - 20.8
    Total (Bcfe)        26.9 - 29.2     115.0 - 140.0     115.0 - 125.0

    Operating         Third Quarter    Prior Full-Year    Revised Full-Year
     Expenses              2008             2008              2008
     ($ in millions,
     except as noted)

    Lease operating
     expenses           $56 - $66        $204 - $243       $212 - $232
    Gathering,
     transportation
     & production
     taxes               $9 - $11         $27 - $33         $35 - $39
    General and
     administrative     $11 - $13         $45 - $52         No Change
    Income tax rate,
     % deferred          34%, 40%          34%, 60%          34%, 40%

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).

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, INC. AND SUBSIDIARIES
                 Condensed Consolidated Statements of Income
                                 (Unaudited)

                                     Three Months Ended    Six Months Ended
                                         June 30,              June 30,
                                     2008        2007      2008        2007
                                     (In thousands, except per share data)

    Revenues                        $461,015   $272,563   $817,510   $519,102

    Operating costs and expenses:
     Lease operating expenses (1)     54,329     53,887    104,151    117,527
     Gathering, transportation
      costs and production taxes       7,925      4,586     16,746      8,843
     Depreciation, depletion and
      amortization                   143,908    120,588    279,877    239,342
     Asset retirement obligation
      accretion                        9,927      5,456     19,446     10,903
     General and administrative
      expenses (1)                    11,062      7,381     23,637     19,288
     Derivative loss                  23,767        302     36,071     12,273
      Total costs and expenses       250,918    192,200    479,928    408,176
      Operating income               210,097     80,363    337,582    110,926
    Interest expense:
     Incurred                         12,461     15,683     26,839     33,442
     Capitalized                      (4,762)    (6,265)   (10,435)   (13,093)
    Loss on extinguishment of debt         -      2,806          -      2,806
    Other income                       2,691        528      5,131        941
     Income before income taxes      205,089     68,667    326,309     88,712
    Income taxes                      70,479     23,146    111,893     30,162
     Net income                     $134,610    $45,521   $214,416    $58,550

    Earnings per common share:
     Basic                             $1.77      $0.60      $2.82      $0.77
     Diluted                            1.77       0.60       2.82       0.77

    Weighted average shares
    outstanding:
     Basic                            75,910     75,786     75,907     75,787
     Diluted                          76,124     75,974     76,059     75,890

    Consolidated Cash Flow Information
     Net cash provided by operating
      activities                    $305,563   $161,717   $547,962   $308,378
     Capital expenditures-oil and
      gas properties                 153,322     63,571    399,156    197,847

    Other Financial Information
     EBITDA                         $363,932   $203,601   $636,905   $358,365
     Adjusted EBITDA                 374,142    207,510    653,300    376,162


    (1) The amounts for 2007 reflect a reclassification of certain industry
        related reimbursements for overhead expenses from joint interest
        owners from lease operating expenses to general and administrative
        expenses in order to better match the underlying reimbursement with
        the actual cost recorded.  The effect of this reclassification had no
        impact on net income.


                     W&T OFFSHORE, INC. AND SUBSIDIARIES
                           Condensed Operating Data
                                 (Unaudited)

                                          Three Months Ended Six Months Ended
                                               June 30,          June 30,
                                            2008     2007     2008     2007
    Net sales:
     Natural gas (MMcf)                    16,980   18,343   34,663   38,745
     Oil (MBbls)                            2,331    2,140    4,519    4,094
     Total natural gas and oil (MBoe) (1)   5,161    5,198   10,297   10,551
     Total natural gas and oil (MMcfe) (2) 30,963   31,186   61,780   63,308

    Average daily equivalent sales
     (MBoe/d)                                56.7     57.1     56.6     58.3
    Average daily equivalent sales
     (MMcfe/d)                              340.3    342.7    339.4    349.8

    Average realized sales prices (Unhedged):
     Natural gas ($/Mcf)                   $11.53    $7.81   $10.09    $7.49
     Oil ($/Bbl)                           113.74    60.44   103.46    55.94
     Barrel of oil equivalent ($/Boe)       89.32    52.44    79.38    49.19
     Natural gas equivalent ($/Mcfe)        14.89     8.74    13.23     8.20

    Average realized sales prices
    (Hedged): (3)
     Natural gas ($/Mcf)                   $11.53    $7.85   $10.09    $7.52
     Oil ($/Bbl)                           108.33    60.44    99.35    56.26
     Barrel of oil equivalent ($/Boe)       86.87    52.59    77.58    49.45
     Natural gas equivalent ($/Mcfe)        14.48     8.77    12.93     8.24

    Average per Boe ($/Boe):
     Lease operating expenses (4)          $10.53   $10.37   $10.12   $11.14
     Gathering and transportation costs and
      production taxes                       1.54     0.88     1.63     0.84
     Depreciation, depletion, amortization
      and accretion                         29.81    24.25    29.07    23.72
     General and administrative
      expenses (4)                           2.14     1.42     2.30     1.83
     Net cash provided by operating
      activities                            59.21    31.11    53.22    29.23
     Adjusted EBITDA                        72.49    39.92    63.45    35.65

    Average per Mcfe ($/Mcfe):
     Lease operating expenses (4)           $1.75    $1.73    $1.69    $1.86
     Gathering and transportation costs and
      production taxes                       0.26     0.15     0.27     0.14
     Depreciation, depletion, amortization
      and accretion                          4.97     4.04     4.85     3.95
     General and administrative
      expenses (4)                           0.36     0.24     0.38     0.30
     Net cash provided by operating
      activities                             9.87     5.19     8.87     4.87
     Adjusted EBITDA                        12.08     6.65    10.57     5.94


    (1) One million barrels of oil equivalent (MMBoe), one thousand barrels of
        oil equivalent (Mboe) and one barrel of oil equivalent (Boe) are
        determined using the ratio of one Bbl of crude oil, condensate or
        natural gas liquids to six Mcf of natural gas (totals may not add due
        to rounding).
    (2) One billion cubic feet equivalent (Bcfe), one million cubic feet
        equivalent (MMcfe) and one thousand cubic feet equivalent (Mcfe) are
        determined using the ratio of six Mcf of natural gas to one Bbl of
        crude oil, condensate or natural gas liquids (totals may not add due
        to rounding).
    (3) Data for 2008 and 2007 includes the effects of our commodity
        derivative contracts that do not qualify for hedge accounting.
    (4) The amounts for 2007 reflect a reclassification of certain industry
        related reimbursements for overhead expenses from joint interest
        owners from lease operating expenses to general and administrative
        expenses in order to better match the underlying reimbursement with
        the actual cost recorded.  The effect of this reclassification had no
        impact on net income.



                     W&T OFFSHORE, INC. AND SUBSIDIARIES
                    Condensed Consolidated Balance Sheets
                                 (Unaudited)

                                              June 30,      December 31,
                                                2008           2007(1)
                                          (In thousands, except share data)
                        Assets
    Current assets:
     Cash and cash equivalents                $424,397         $314,050
     Receivables                               247,472          161,998
     Prepaid expenses and other assets          56,969           43,645
      Total current assets                     728,838          519,693
     Property and equipment - at cost:
      Oil and gas properties and
       equipment (full cost method, of
       which $238,419 at June 30, 2008
       and $278,947 at December 31, 2007
       were excluded from amortization)      4,244,512        3,805,208
      Furniture, fixtures and other             12,294           10,267
       Total property and equipment          4,256,806        3,815,475
      Less accumulated depreciation,
       depletion and amortization            1,832,621        1,552,744
       Net property and equipment            2,424,185        2,262,731
     Restricted deposits for asset
      retirement obligations and other
      assets                                    29,427           29,780
       Total assets                         $3,182,450       $2,812,204

         Liabilities and Shareholders' Equity
    Current liabilities:
     Current maturities of long-term debt      $ 3,000          $ 3,000
     Accounts payable                          195,854          159,973
     Undistributed oil and gas proceeds         57,362           47,911
     Asset retirement obligations               38,787           19,749
     Accrued liabilities                        47,457           65,328
     Income taxes                               49,611           12,975
      Total current liabilities                392,071          308,936
    Long-term debt, less current
     maturities - net of discount              650,965          651,764
    Asset retirement obligations, less
     current portion                           462,700          438,932
    Deferred income taxes                      305,838          255,097
    Other liabilities                            4,751            6,135
    Commitments and contingencies
    Shareholders' equity:
     Common stock, $0.00001 par value;
      118,330,000 shares authorized; issued
      and outstanding 76,355,879 and
      76,175,159 shares at June 30, 2008 and
      December 31, 2007, respectively                1                1
     Additional paid-in capital                370,440          365,667
     Retained earnings                         996,638          786,803
     Accumulated other comprehensive loss         (954)          (1,131)
      Total shareholders' equity             1,366,125        1,151,340
      Total liabilities and shareholders'
       equity                               $3,182,450       $2,812,204

    (1) Certain reclassifications have been made to the December 31, 2007
        balance sheet to conform to our current reporting practices.


                     W&T OFFSHORE, INC. AND SUBSIDIARIES
               Condensed Consolidated Statements of Cash Flows
                                 (Unaudited)

                                                   Six Months Ended
                                                       June 30,
                                                  2008          2007
                                                    (In thousands)

    Operating activities:
    Net income                                  $214,416       $58,550
    Adjustments to reconcile net income to
    net cash provided by operating
    activities:
     Depreciation, depletion, amortization
      and accretion                              299,323       250,245
     Amortization of debt issuance costs
      and discount on indebtedness                 1,316         5,261
     Loss on extinguishment of debt                    -         2,806
     Share-based compensation related to
      restricted stock issuances                   3,098         1,585
     Unrealized derivative loss                   16,395        14,991
     Deferred income taxes                        48,602          (776)
     Other                                           272            54
     Changes in operating assets and liabilities (35,460)      (24,338)
      Net cash provided by operating activities  547,962       308,378

    Investing activities:
    Acquisition of property interest            (116,551)            -
    Investment in oil and gas properties
     and equipment, net                         (282,605)     (197,482)
    Purchases of furniture, fixtures and
     other, net                                   (2,302)       (1,194)
     Net cash used in investing activities      (401,458)     (198,676)

    Financing activities:
    Borrowings of long-term debt                       -       908,000
    Repayments of long-term debt                  (1,500)     (945,000)
    Dividends to shareholders                    (34,577)       (4,563)
    Debt issue cost                                    -        (5,284)
    Other                                            (80)            -
     Net cash used in financing activities       (36,157)      (46,847)
     Increase in cash and cash equivalents       110,347        62,855
    Cash and cash equivalents, beginning
     of period                                   314,050        39,235
    Cash and cash equivalents, end of period    $424,397      $102,090


                     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

                                     Three Months Ended    Six Months Ended
                                           June 30,            June 30,
                                       2008       2007     2008        2007
                                    (In thousands, except per share amounts)
                                                   (Unaudited)

    Net Income                        $134,610   $45,521   $214,416   $58,550
    Unrealized derivative loss          10,210     1,103     16,395    14,991
    Loss on extinguishment of debt           -     2,806          -     2,806
    Income tax adjustment for above
     items                              (3,509)   (1,318)    (5,622)   (6,051)
    Adjusted net income               $141,311   $48,112   $225,189   $70,296

    Adjusted earnings per share-
     diluted                             $1.86     $0.63      $2.96     $0.93

"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.


                                    Three Month Ended      Six Months Ended
                                         June 30,              June 30,
                                     2008       2007       2008        2007
                                                 (In thousands)
                                                  (Unaudited)

    Net Income                      $134,610    $45,521   $214,416    $58,550
    Income taxes                      70,479     23,146    111,893     30,162
    Net interest expense               5,008      8,890     11,273     19,408
    Depreciation, depletion,
     amortization and accretion      153,835    126,044    299,323    250,245
    EBITDA                           363,932    203,601    636,905    358,365

    Adjustments:
    Unrealized derivative loss        10,210      1,103     16,395     14,991
    Loss on extinguishment of debt         -      2,806          -      2,806
    Adjusted EBITDA                 $374,142   $207,510   $653,300   $376,162

SOURCE W&T Offshore, Inc. 08/05/2008 CONTACT: Manuel Mondragon, Vice President of Finance of W&T Offshore Inc., +1-713-297-8024, investorrelations@wtoffshore.com; or Ken Dennard ksdennard@drg-e.com, or Lisa Elliott, lelliott@drg-e.com, both of DRG&E +1-713-529-6600, for W&T Offshore, Inc. /Web site: http://www.wtoffshore.com (WTI)