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W&T Offshore Reports Third Quarter 2005 Financial and Operational Results
Provides Guidance for Full Year 2005

HOUSTON, Nov 10, 2005 /PRNewswire-FirstCall via COMTEX News Network/ -- W&T Offshore, Inc. (NYSE: WTI) today announced financial and operational results for the third quarter 2005.

* Net income increased 40% over third quarter 2004, and 16% over second quarter 2005
* 100% successful in drilling three exploration wells and two development wells during the third quarter of 2005
* 83% drilling success year to date -- 15 of 18 in exploration drilling and 5 of 6 in development drilling

"We are pleased to have achieved this solid growth, both on a year over year basis as well as sequentially, despite the dramatic disruption of this year's hurricanes," said Tracy W. Krohn, Chairman and Chief Executive Officer. "Our accomplishments this quarter are testimony to our ability to generate increasing cash flow and an attractive return on investment from operations in the Gulf of Mexico."

Net Income: Net income for the three months ended September 30, 2005 was $53.1 million, or $0.80 per diluted share, on revenue of $153.4 million, compared to net income of $38.1 million, or $0.58 per diluted share, on revenue of $120.5 million for the third quarter of 2004. Net income for the nine months ended September 30, 2005 was $138.2 million, or $2.09 per diluted share, on revenue of $432.3 million, compared to net income of $110.8 million or $1.68 per diluted share, on revenue of $369.9 million for the same period during 2004.

Cash Provided from Operations and EBITDA: Net cash provided by operating activities increased 65% to $145.3 million during the third quarter 2005 from $88.0 million during the prior year's third quarter. The increase in cash provided by operating activities was primarily attributable to the effect of higher commodity prices realized on our production as compared to last year. Third quarter 2005 EBITDA was $126.1 million, compared to $94.9 million during the prior year's third quarter. Net cash provided by operating activities for the nine months ended September 30, 2005 increased 32% to $343.9 million from $259.8 million in 2004. EBITDA was $350.7 million for the nine months ended September 30, 2005, compared to $293.1 million for the prior year period. Please refer to the attached schedule later in this release for a reconciliation of net income to EBITDA.

Production and Prices: Total production in the third quarter of 2005 was 11.5 billion cubic feet ("Bcf") of natural gas at an average price of $8.64 per thousand cubic feet ("Mcf") and 1.0 million barrels ("MMBbls") of oil and liquids at an average price of $54.39 per Bbl, or 17.5 billion cubic feet of natural gas equivalent ("Bcfe") at an average price of $8.79 per Mcfe. This compares to production of 12.6 Bcf of natural gas at an average price of $5.90 per Mcf and 1.2 MMBbls of oil and liquids at an average price of $38.34 per Bbl, or 19.8 Bcfe at an average price of $6.08 per Mcfe in the third quarter of 2004. The Company estimates that approximately 5.3 Bcfe of production was deferred in the third quarter of 2005 due to hurricanes Katrina and Rita, and that approximately 11.7 Bcfe will be deferred in the fourth quarter due to the storms. Without this deferral, we believe we would have met our previously announced guidance for the third quarter 2005 and the full year 2005. There were no hedges in place during the third quarter of 2005 or 2004.

For the nine months ended September 30, 2005, total production was 37.1 Bcf of natural gas at an average price of $7.31 per Mcf and 3.4 MMBbls of oil and liquids at an average price of $47.38 per Bbl, or 57.4 Bcfe at an average price of $7.52 per Mcfe. This compares to 40.3 Bcf of natural gas at an average price of $5.92 per Mcf and 3.7 MMBbls of oil and liquids at an average price of $34.99 per Bbl, or 62.7 Bcfe at an average price of $5.89 per Mcfe for the same period in 2004.

Lease Operating Expenses ("LOE"): LOE for the third quarter of 2005 increased to $18.2 million, or $1.04 per Mcfe, from $17.1 million, or $0.87 per Mcfe, in the third quarter of 2004. The increase in LOE was due to higher expenses associated with increased interest in one of our properties and some pipeline repair work. The per unit increase reflects the impact of lower production volumes primarily caused by the hurricanes. If third quarter deferred production of 5.3 Bcfe were included in the calculation, the Company's LOE would have been $0.80/mcfe for the third quarter. Lease operating expenses for the nine months ended September 30, 2005 was $52.3 million, or $0.91 per Mcfe, compared to $53.0 million, or $0.85 per Mcfe in 2004 with the dollar decrease in the 2005 being attributable to lower operating cost at properties acquired in 2003, but offset by higher workover expenses and maintenance projects.

Depreciation, depletion, amortization and accretion ("DD&A"): DD&A increased to $45.6 million, or $2.61 per Mcfe, in the third quarter of 2005 from $36.0 million, or $1.82 per Mcfe, in the same period of 2004. DD&A for the nine months ended September 30, 2005 was $138.8 million or $2.42 per Mcfe, compared to DD&A of $121.1 million, or $1.93 per Mcfe, for the same period in 2004 because of the Company's higher depletable costs associated with our increased drilling activities.

Capital Expenditures and Operations Update: During the third quarter of 2005, W&T achieved 100% drilling success in the drilling of three exploration wells and two development wells in the Gulf of Mexico. During the third quarter of 2005, W&T spent $60.9 million for development, $15.1 million for exploration and $6.5 million for other capital items, including acquisitions. For the nine months ended September 30, 2005, capital expenditures of $229.6 million included $122.5 million for development activities, $84.8 million for exploration, $22.0 million for acquisition and other leasehold activity and $0.3 million for other capital items. These expenditures do not include any amount of capitalized salaries or capitalized interest but do include dry hole costs of $11.3 million.

Of the drilling, completion and facilities expenditures budgeted for 2005, this year the Company has spent $82.8 million in the deepwater, $22.6 million on the deep shelf and $101.9 million on the conventional shelf and onshore projects. Additionally, W&T has spent $10.6 million on expensed workovers and major maintenance projects and $13.6 million for plug and abandonment expenses.

Drilling Highlights: W&T continues to have success with its exploration and development program. The Company achieved 100% success in drilling three exploration wells and two development wells during the third quarter. Nine successful wells and one unsuccessful well have been drilled since the end of the second quarter.

Field Name/Well                   Category       Working Interest %

      Drilled in 3rd Quarter
      Eugene Island 349 B-13ST          Development          29.0%
      Ewing Bank 989                    Exploration         100.0%
      High Island A443 A-5ST            Exploration          92.0%
      Main Pass 185                     Exploration          33.3%
      Ship Shoal 359 A-12               Development          59.0%

      Drilled after 3rd Quarter
      Eugene Island 107 A-3             Development          25.0%
      High Island A443 A-2ST            Exploration          84.0%
      Western Gulf Area Well            Exploration          50.0%
      Ship Shoal 177 A-4ST              Development          75.0%

    One development well was unsuccessful, as follows:

      Field Name/Well                   Category       Working Interest %

      Drilled after 3rd Quarter
      High Island A572 C-23ST           Development          4.8%

The Company plans to have drilled or be actively drilling more than 27 exploration and seven development wells in 2005. W&T believes it will achieve most of its original drilling program for 2005, despite the interruptions caused by hurricanes Katrina and Rita.

Lease Sale: At the MMS - OCS Oil and Gas Lease Sale 196, Western Gulf of Mexico, held on August 17, 2005, W&T was the high bidder on Garden Banks Area, Block 152, located in approximately 541 feet of water. Subsequently, the MMS has awarded W&T the lease. The Company's cost for this lease was $430,000, with W&T owning a 100% working interest.

Dividends: On September 30, 2005, the Company's board of directors declared a cash dividend of $0.02 per common share, payable on November 1, 2005 to shareholders of record on October 14, 2005. On August 1, 2005, W&T paid a cash dividend of $0.02 per common share to shareholders of record on July 15, 2005.

Hurricane Update: W&T is currently producing approximately 160 million cubic feet of gas equivalent (MMcfe) net per day, which represents 84% of the Company's pre-Hurricane Rita and 65% pre-Hurricane Katrina production. Currently, the Company still estimates that 20 MMcfe per day additional net production is shut-in at Mississippi Canyon 718 ("Pluto") because of Hurricane Katrina. The Company expects to defer between 16.5 bcfe and 17.5 bcfe of production in 2005 due to the hurricanes.

While several platforms had some damage, only 5 of 104 gross operated platforms had significant physical damage, including East Cameron 338 A and Eugene Island 397 A. Net daily production associated with these platforms prior to the hurricane was 11.6 million cubic feet of natural gas equivalent (MMcfe). The Company anticipates Eugene Island 397A platform will be back online in 60 days, resulting in incremental net daily production of 5.8 MMcfe.

W&T expects additional production to return online before the end of the year, as further field repairs are completed and third party processing plants and pipelines are brought back online. Based on the Company's estimates and those from third party operators, W&T expects its exit rate to be approximately 185 to 195 MMcfe/day at year-end, which represents approximately 78% of pre-Katrina and 100% of pre-Rita production. The Company expects to return to pre-Katrina production levels in second quarter 2006.

W&T does carry insurance for physical damage to producing and drilling wells, platforms and pipelines. The Company has notified its insurance provider and is working with adjusters to process claims from both storms. The insurance program utilizes a self-insured retention of $5 million and insured losses are expected to exceed this figure.

Tracy Krohn added, "We have been operating successfully in the Gulf of Mexico for over 20 years and know that managing the impact of hurricanes is part of the process. Although the third quarter of 2005 offered unprecedented challenges, our staff performed exceptionally well and achieved remarkable results. Prior to Katrina we were drilling four wells on properties operated by W&T. Despite having to evacuate twice, immediately following Rita we brought back all of those rigs except for one. Although we lost about two weeks of drilling time, we drilled three exploration and two development wells during the third quarter, all of which were successful. Our drilling program remains on track for the balance of the year.

"We have continued to find that the Gulf of Mexico offers an attractive return on our investment and see significant opportunity ahead. Our debt free balance sheet, significant cash position and an un-hedged production profile at a time of record high commodity prices, positions W&T to aggressively pursue our growth strategy as desirable properties become available."

Outlook:  Certain factors affecting these forward-looking statements are
listed in this news release.  W&T anticipates operating expenses on a Mcfe
basis to increase due to lower production because of deferred production and
costs incurred to repair damages from the hurricanes.  Guidance has been
revised to reflect information gathered by the Company and third party sources
about the progress of storm repairs.  Guidance on performance for the fourth
quarter, full year of 2005, and previous full year guidance are shown in the
table below.


                             Fourth         Estimate for    Prior Estimate for
    Estimated Production     Quarter       Full-Year 2005     Full-Year 2005

    Crude oil (MMBbls)       0.7 - 0.8       4.10 - 4.14       5.2 - 5.5
    Natural gas (Bcf)        7.3 - 7.7       44.5 - 44.9      51.7 - 54.4
    Total (Bcfe)            11.7 - 12.3      69.1 - 69.7      83.1 - 87.4


    Expenses                 Fourth         Estimate for    Prior Estimate for
     ($ in millions,         Quarter       Full-Year 2005     Full-Year 2005
     except as noted)

    Lease operating
     expenses             $21.2 - $23.2     $73.5 - $75.5    $75.0 - $78.0
    Gathering,
     transportation
     & production taxes     $1.8 - $2.3     $12.0 - $12.5    $15.0 - $16.0
    General and
     administrative        $8.8 - $10.8     $28.0 - $30.0    $26.0 - $30.0

Depending on how quickly the Company is able to get production back online in the 1st quarter 2006, it expects to produce approximately 85.0 to 90.0 Bcfe in full year 2006.

Conference Call Information: W&T will hold a conference call to discuss financial and operational results on Thursday, November 10, 2005 at 10:00 a.m. Eastern Time / 9:00 a.m. Central Time. To participate, dial (303) 262-2137 a few minutes before the call begins. The call will also be broadcast live over the Internet from the Company's website at http://www.wtoffshore.com. A replay of the conference call will be available approximately two hours after the end of the call until Thursday, November 17, 2005, and may be accessed by calling (303) 590-3000 and using the pass code 11042777.

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, where it has developed significant technical expertise. W&T has grown through acquisition, exploitation and exploration and now holds working interests in over 100 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 http://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 and other factors discussed in our Annual Report on 10-K for the year ended December 31, 2004 (http://www.sec.gov).

W&T OFFSHORE, INC.
                      Consolidated Statements of Income
                   (In thousands, except per share amounts)
                                 (Unaudited)

                                       Three Months Ended  Nine Months Ended
                                            Sept. 30            Sept. 30
                                         2005      2004      2005      2004
    Revenues:
        Oil and natural gas            $153,355  $120,381  $431,744  $368,908
        Other                                70       153       532       952
            Total revenues              153,425   120,534   432,276   369,860
    Expenses:
        Lease operating                  18,226    17,147    52,253    52,956
        Gathering, transportation
         costs and production taxes       2,551     3,907    10,186    10,465
        Depreciation, depletion, and
         amortization                    43,403    33,663   131,967   114,299
        Asset retirement obligation
         accretion                        2,203     2,345     6,829     6,830
        General and administrative        6,524     4,552    19,187    13,316
            Total operating expenses     72,907    61,614   220,422   197,866

    Income from operations               80,518    58,920   211,854   171,994

    Net interest income (expense)           581      (378)      468    (1,524)

    Income before income taxes           81,099    58,542   212,322   170,470

    Income tax expense                   27,997    20,489    74,156    59,664

    Net income                           53,102    38,053   138,166   110,806

    Less: Preferred stock dividends         -         300       -         600

    Net income applicable to common
     and common equivalent shares       $53,102   $37,753  $138,166  $110,206

    Earnings per common share:
        Basic                             $0.80     $0.72     $2.14     $2.10
        Diluted                           $0.80     $0.58     $2.09     $1.68

    Weighted average shares outstanding:
        Basic                            65,970    52,612    64,649    52,601
        Diluted                          65,970    65,950    65,968    65,939

    Consolidated Cash Flow Information
    Net cash provided by operating
     activities                        $145,342   $88,001  $343,894  $259,789
    Capital expenditures                $82,488   $52,596  $229,599  $173,590

    Other Financial Information
    EBITDA                             $126,124   $94,928  $350,650  $293,123

We define EBITDA as net income plus income tax expense, net interest expense, depreciation, depletion, amortization and accretion. Although not prescribed under GAAP, we believe the presentation of EBITDA is relevant and useful because it helps our investors understand our operating performance and makes it easier to compare our results with those of other companies that have different financing, capital or tax structures. 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, as we calculate it, may not be comparable to EBITDA measures reported by other companies. In addition, EBITDA does not represent funds available for discretionary use.

The following table presents a reconciliation of our consolidated net income to consolidated EBITDA:

Three Months Ended   Nine Months Ended
                                            Sept. 30            Sept. 30
                                          2005     2004      2005      2004

    Net income                          $53,102  $38,053  $138,166  $110,806
    Income tax expense                   27,997   20,489    74,156    59,664
    Net interest (income) expense          (581)     378      (468)    1,524
    Depreciation, depletion,
     amortization and accretion          45,606   36,008   138,796   121,129

    EBITDA                             $126,124  $94,928  $350,650  $293,123



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

                                             Three Months    Nine Months
                                                Ended           Ended
                                               Sept. 30        Sept. 30
                                             2005    2004    2005    2004
    Net sales:
        Natural gas (MMcf)                  11,498  12,625  37,150  40,263
        Oil (MBbls)                            993   1,198   3,379   3,733
        Total natural gas and oil (MMcfe)   17,456  19,810  57,421  62,658

    Average daily equivalent sales
     (MMcfe/d)                               189.7   215.3   210.3   228.7

    Average realized sales price:
        Natural gas ($/Mcf)                  $8.64   $5.90   $7.31   $5.92
        Oil ($/Bbl)                          54.39   38.34   47.38   34.99
        Natural gas equivalent ($Mcfe)        8.79    6.08    7.52    5.89

    Average per Mcfe data ($/Mcfe):
        Lease operating expenses             $1.04   $0.87   $0.91   $0.85
        Gathering, transportation cost and
         production taxes                     0.15    0.20    0.18    0.17
        Depreciation, depletion,
         amortization and accretion           2.61    1.82    2.42    1.93
        General and administrative            0.37    0.23    0.33    0.21
        Net cash provided by operating
         activities                           8.33    4.44    5.99    4.15
        EBITDA                                7.23    4.79    6.11    4.68



                              W&T OFFSHORE, INC.
                         Consolidated Balance Sheets
                                (In thousands)
                                 (Unaudited)

                                                 September 30,   December 31,
                                                     2005            2004
                         Assets
    Current assets:
     Cash & equivalents                             $140,510        $64,975
     Accounts receivable                              43,576         71,714
     Prepaid expenses and other                        9,820          9,293
       Total current assets                          193,906        145,983

    Property and equipment - at cost               1,379,571      1,147,367
    Less accumulated depreciation,
     depletion and amortization                      675,120        543,154
       Net property and equipment                    704,451        604,213

    Other assets                                      13,221         10,589
         Total assets                               $911,577       $760,784

               Liabilities and Shareholders' Equity
    Current liabilities:
     Accounts payable                               $119,626       $107,220
     Asset retirement obligations                     26,080         27,489
     Accrued liabilities and other                    30,373         21,738
       Total current liabilities                     176,080        156,447

    Long-term debt                                         -         35,000
    Asset retirement obligations, less
    current portion                                  113,985        114,937
    Deferred income taxes                            124,610         92,093
    Other liabilities                                  2,429          2,429
    Shareholders' equity:
     Preferred stock                                       -         45,435
     Common stock                                          1              -
     Additional paid-in capital                       52,303          6,478
     Retained earnings                               442,171        307,965
      Total shareholders' equity                     494,475        359,878
        Total liabilities and shareholders' equity  $911,578       $760,783



                              W&T OFFSHORE, INC.
                    Consolidated Statements of Cash Flows
                                (In thousands)
                                 (Unaudited)

                                                       Nine Months Ended
                                                         September 30,
                                                       2005          2004
    Operating activities:
     Net income                                     $138,166       $110,806
     Adjustments to reconcile net income
      to net cash provided by operating activities:
       Depreciation, depletion, amortization
        and accretion                                138,796        121,129
       Amortization of debt issuance costs               262            346
       Share-based compensation                          390            391
       Deferred income taxes                          32,517         21,690
       Changes in operating assets and liabilities    33,763          5,427
         Net cash provided by operating activities   343,894        259,789

    Investing activities:
     Investment in oil and gas property
      and equipment                                 (229,241)      (173,118)
     Proceeds from sales of oil and gas
      property and equipment                           1,777            119
     Purchases of furniture, fixtures
      and other                                         (358)          (472)
     Investment in marketable securities              (1,822)             -
     Change in restricted deposits                      (187)            39
         Net cash used in investing activities      (229,831)      (173,432)

    Financing activities:
     Borrowings of long-term debt                      2,550        160,300
     Repayments of borrowings of long-term debt      (37,550)      (227,300)
     Dividends to shareholders                        (2,639)        (2,968)
     Equity offering costs                                 -         (1,264)
     Debt issuance costs                                (889)             -
       Net cash used in financing activities         (38,528)       (71,231)
       Increase in cash and cash equivalents          75,535         15,125
    Cash and cash equivalents, beginning of period    64,975          4,016
    Cash and cash equivalents, end of period        $140,510        $19,141

Contacts:
Manuel Mondragon, Assistant 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

SOURCE W&T Offshore, Inc.

Manuel Mondragon, Assistant Vice President of Finance,
investorrelations@wtoffshore.com, +1-713-297-8024; Ken Dennard, ksdennard@drg-e.com,
Lisa Elliott, lelliott@drg-e.com, both of DRG&E, +1-713-529-6600

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