W&T Offshore Announces a Revised Capital Expenditures Budget for 2008

HOUSTON, Sept. 2 /PRNewswire-FirstCall/ -- W&T Offshore, Inc. (NYSE: WTI)
today announced that the Company's revised exploration and development capital
budget for 2008 is expected to be approximately $611 million, based on
drilling up to 35 wells for the year. The reduction in the estimated well
count, that the Company previously announced, is a result of equipment delays,
revisions to non-operated drilling programs and further technical evaluation,
including seismic information. The revised budget for 2008 as detailed below
includes capital expenditures to drill up to 18 exploration and 3 development
wells in the second half of 2008. The capital expenditures in the development
category includes dollars allocated for the completion work at Green Canyon
646 "Daniel Boone", Green Canyon 82 "Healey" front end engineering, the
development of successful exploration wells drilled and proved undeveloped
drill wells.

Capital Expenditures
Category Budget ($ in Millions) %
Exploration $250 41%
Development 325 53%
Seismic & Other 36 6%
Total $611 100%

Tracy W. Krohn, Chairman and Chief Executive Officer, stated, "Although,
we have reduced the total well count for 2008, most of the wells that are not
being drilled under the original 2008 plan are being pushed into 2009. The
vast majority of prospects that were deferred are on acreage that is 'held by
production', so we have some flexibility with regards to timing."
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

SOURCE W&T Offshore, Inc.

Manuel Mondragon, Vice President of Finance, +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.