Exhibit 99.1

W&T OFFSHORE REPORTS FOURTH QUARTER AND FULL

YEAR 2004 FINANCIAL AND OPERATIONAL RESULTS

Provides Guidance for the First Quarter and Full Year 2005

HOUSTON — MARCH 9, 2005 — W&T Offshore, Inc. (NYSE: WTI) announced today financial and operational results for the fourth quarter and full year 2004.

“2004 was a milestone year for W&T Offshore as we transitioned into a publicly-held company, which on January 28, 2005 began trading on the NYSE under the symbol ‘WTI’,” said Tracy W. Krohn, Chairman and Chief Executive Officer. “We are excited about this new capital structure and the opportunity to continue creating value for our shareholders. For over 20 years, we have been building a solid track record of profitably increasing production and reserves and we hope to continue to do so by acquiring and exploiting reserves at an attractive cost, by producing our reserves at the highest and most economic rates and by exploring for reserves on our extensive acreage holdings.”

Net Income: Net income for the three months ended December 31, 2004 was $38.7 million, or $0.59 per diluted share on revenue of $138.9 million, compared to net income of $25.3 million or $0.37 per diluted share on revenue of $99.3 million for the fourth

- 1 -

quarter of 2003. Net income for the full year 2004 was $149.5 million, or $2.27 per diluted share on revenue of $508.7 million, compared to net income of $116.6 million or $1.79 per diluted share on revenue of $422.6 million for 2003.

Cash Flow from Operations and EBITDA: Net cash provided by operating activities increased 56% to $117.5 million during the fourth quarter from $75.5 million during the prior year’s fourth quarter. Fourth quarter EBITDA was $103.0 million, compared to $77.1 million during the prior year’s fourth quarter. Net cash provided by operating activities for 2004 increased 43% to $377.3 million from $263.2 million in 2003. Full year 2004 EBITDA was $396.1 million, compared to $323.7 million for the prior year. For additional information regarding EBITDA, please refer to the attached schedule for a reconciliation of net income to EBITDA later in this release.

Production and Prices: Total production in the fourth quarter of 2004 was 13.1 billion cubic feet (“Bcf”) of natural gas at an average price of $7.00 per thousand cubic feet (“Mcf”) and 1.1 million barrels (“MMBbls”) of oil at an average price of $42.72 per Bbl, or 19.8 billion cubic feet of gas equivalent (“Bcfe”) at an average price of $7.04 per Mcfe. This compares to production of 13.1 Bcf of gas at an average price of $4.91 per Mcf and 1.2 MMBbls of oil at an average price of $28.25 per Bbl, or 20.5 Bcfe at an average price of $4.83 per Mcfe in the fourth quarter of 2003. Sales volumes for all products were negatively impacted by the curtailment of production due to Hurricane Ivan, which reduced average daily equivalent sales, in the fourth quarter of 2004, by approximately 2%.

For the full year 2004, total production was 53.3 Bcf of gas at an average price of $6.18 per Mcf and 4.8 MMBbls of oil at an average price of $36.77 per Bbl, or 82.4 Bcfe at an average price of $6.16 per Mcfe. This compares to 52.8 Bcf of gas at an average price of $5.60 per Mcf and 4.4 MMBbls of oil at an average price of $28.74 per Bbl, or 79.0 Bcfe at an average price of $5.33 per Mcfe for the full year 2003. The Company did not have any hedges in place in 2004 or 2003.

- 2 -

Lease Operating Expenses (“LOE”): LOE for the fourth quarter of 2004 increased to $20.5 million or $1.04 per Mcfe from $16.2 million or $0.79 per Mcfe in the fourth quarter of 2003 primarily due to an increase in well workover activity and significantly higher costs for goods and services in the period. LOE for the full year 2004 was $73.5 million or $0.89 per Mcfe compared to $65.9 million or $0.83 per Mcfe in 2003, which reflects an overall increase in costs for goods and services, higher cost per unit associated with properties we acquired from ConocoPhillips in December 2003, and additional costs associated with repairing wells.

Depreciation, depletion, amortization and accretion (“DD&A”): Depreciation, depletion, amortization and accretion increased to $43.7 million or $2.21 per Mcfe in the fourth quarter of 2004 from $39.0 million or $1.90 per Mcfe in the same period of 2003. The increase in DD&A on a per unit basis during the fourth quarter of 2004 is a result of our drilling results and a reduction in reserve additions as compared to the same period in 2003. Significant reserves were added in the fourth quarter of 2003 with the acquisition of properties from ConocoPhillips. DD&A for the full year 2004 was $164.8 million or $2.00 per Mcfe, compared to DD&A of $143.7 million or $1.82 per Mcfe for the full year 2003. The increase in DD&A in 2004 was a result of higher production volumes, combined with a higher depletion rate, an increase in our depletable costs and the lack of additions to our oil and natural gas reserves in quantities sufficient to offset reserves added in the prior year through acquisitions.

Capital Expenditures and Operations Update: During the fourth quarter of 2004, W&T spent $42.5 million for development activity, $51.2 million for exploration and $17.6 million for other capital expenditure items including acquisitions. For the full year 2004, $90.8 million was spent on development activity, $150.4 million for exploration and $43.6 million other capitalized items including acquisitions.

The Company’s board of directors has recently approved our 2005 capital budget of $266 million. We anticipate that we will drill 5 development wells and 30 exploratory wells in the Gulf of Mexico and Gulf coast region in 2005. We expect to spend $56 million on six wells in the deepwater, $18 million on four wells on the deep shelf and $94 million on

- 3 -

25 wells on the conventional shelf and land during the year. We have budgeted an additional $98 million for completion, facilities and other identified capital items. The capital budget does not provide an allocation for potential acquisitions, which are evaluated separately.

Acquisition Highlights: For the full year 2004, W&T closed on five preferential rights for $32.5 million and $11.2 million in the fourth quarter on two preferential rights. In spite of the current acquisition landscape becoming extremely competitive, our acquisition team is working diligently to find targets that fit our historical profile and will add strategic and financial value to the Company.

Drilling Highlights: In 2004, the Company participated in the drilling of 7 development wells and 32 exploratory wells, all in the Gulf of Mexico region. All seven of the development wells were successful while 21 of 32 of the exploration wells were successful. Of the wells drilled in 2004, two were on land, four were deep shelf, nine were in deepwater, and 24 were on the conventional shelf.

Reserves: In 2004, W&T replaced 128% of production. As of December 31, 2004, proved reserves were 467.5 Bcfe compared to proved reserves of 444.7 Bcfe as of December 31, 2003. Year-end 2004 proved reserves consist of 227.6 Bcfe of natural gas (49% of proved reserves) and 40.0 million barrels, or 239.9 Bcfe of oil (51% of proved reserves). The present value of the proved reserves, discounted at 10% and without deducting any future income taxes or estimated plug and abandonment costs, is $1.6 billion based on year-end prices of $6.18 per MMBtu of natural gas and $40.25 per Bbl of oil. Our estimates of proved reserves are based on a reserve report prepared by Netherland, Sewell & Associates, Inc., our independent petroleum consultants.

- 4 -

Our proved reserves as of December 31, 2004 are summarized in the table below.

Totals may not add due to rounding

2004 Reserve Reconciliation:

Krohn continued, “We are pleased with our results in 2004 and are very encouraged by the impact that today’s high commodity prices have on our strategy of focusing on high rate of return projects. Our strong cash flow allows us to fully fund our drilling program without accumulating debt, so we are well positioned to continue to grow through acquisitions. One of our primary challenges in 2005 will be to complete a strategic acquisition at a favorable price. Although we were not able to complete one in 2004, we have demonstrated the ability make attractive acquisitions at all commodity price levels, and believe we can do so again.” Mr. Krohn added “Our first quarter 2005 volumes are expected to be down slightly from our fourth quarter volumes due to weather-related delays and facility limitations. However, we anticipate the installation of new infrastructure to develop our recent drilling successes will have a significant positive impact on production in the second half of 2005 and provide growth over 2004’s production.”

- 5 -

Outlook: Certain factors affecting these forward-looking statements are listed in this news release. Guidance on performance for the first quarter and full year of 2005 is shown in the table below.

Conference Call Information: W&T will hold a conference call to discuss financial and operational results on Wednesday, March 9, 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 www.wtoffshore.com. A replay of the conference call will be available approximately two hours after the end of the call until Wednesday, March 16, 2005. To access the replay, dial (303) 590-3000 and reference conference ID 11024658.

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 deep water, 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 www.wtoffshore.com

- 6 -

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 Registration Statement on Form S-1 filed with the Securities and Exchange Commission (www.sec.gov).

- Tables to Follow -

- 7 -

W&T OFFSHORE, INC.

Consolidated Statements of Income

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:

- 8 -

W&T OFFSHORE, INC.

Operating Data

- 9 -

W&T OFFSHORE, INC.

Consolidated Balance Sheets

- 10 -

W&T OFFSHORE, INC.

Consolidated Statements of Cash Flows

- 11 -