Page 1

August 3 , 2021 W & T OFFSHORE W & T Offshore Announces Second Quarter 2021 Results HOUSTON , Aug. 03 , 2021 ( GLOBE NEWSWIRE ) -- W & T Offshore , Inc. ( NYSE : WTI ) ( " W & T " or the " Company " ) today reported operational and financial results for the second quarter 2021 . Key highlights included : • Produced 40,888 barrels of oil equivalent per day ( " Boe / d " ) , or 3.7 million Boe ( 45 % liquids ) , in the second quarter of 2021 , above the midpoint of W & T's guidance range and reflecting a 3 % increase from the first quarter of 2021 ; • Reported net loss of $ 51.7 million or $ 0.36 per share and Adjusted Net Income of $ 2.2 million or $ 0.02 per share in the second quarter of 2021 ; • Generated Adjusted EBITDA¹ of $ 49.8 million for the second quarter of 2021 ; • Generated Free Cash Flow¹ of $ 18.7 million in the second quarter of 2021 ; for the first half of 2021 W & T has generated $ 58.7 million of free cash flow ; • Reported mid - year 2021 SEC proved reserves , based on a reserve report prepared by Netherland , Sewell and Associates , Inc. ( “ NSAI ” ) , were 158.9 MMBoe , representing a reserve replacement ratio of nearly 300 % of production for the first half of 2021. Proved reserves include upward revisions due to higher SEC base pricing and positive reserve revisions from field performance , partially offset by year - to - date production ; • Utilizing NYMEX strip pricing as of July 1 , 2021 , mid - year proved reserves were 165.7 MMBoe ; Calculated the present value discounted at 10 % ( " PV - 10 " ) of mid - year 2021 proved reserves of $ 1.0 billion ( before consideration of cash outflows related to asset retirement obligations ) , an increase of 39 % compared with $ 741 million at year - end 2020 ; o Utilizing NYMEX strip pricing as of July 1 , 2021 , mid - year PV - 10 was $ 1.5 billion , ( before consideration of cash outflows related to asset retirement obligations ) ; • Enhanced capital structure with a $ 215 million first - lien secured term loan that is non recourse to the W & T parent company and its subsidiaries ( other than its Mobile Bay subsidiaries ) and amortized over seven years at a fixed interest rate of 7 % ; ○ Transaction significantly increased the Company's cash position and paid down the reserve - based lending facility ( " RBL " ) completely ; and • Announced participation in drilling of a high potential , lower risk deepwater exploratory prospect in the Mississippi Canyon area . Tracy W. Krohn , W & T's Chairman and Chief Executive Officer , stated , " We continued to