Exhibit 99.1

Walter Energy Announces Third Quarter 2011 Results

·            Produces 2.3 Million Metric Tons of Metallurgical Coal; Sales of 2.2 Million Metric Tons

·            Revenue of $690.1 Million, Net Income of $76.2 Million,  Diluted Earnings Per Share of $1.21, and EBITDA of $198.6 Million

·            Sets Strong Fourth Quarter Targets for Production, Income, and Earnings Expectations

·            Prepays $50 Million in Term Debt

BIRMINGHAM, Ala., - Nov. 2, 2011 - Walter Energy, Inc. (NYSE: WLT) (TSX: WLT), the world’s leading, publicly traded “pure play” producer of metallurgical coal for the global steel industry, today announced results for the third quarter ended Sept. 30, 2011.

During the third quarter 2011, Walter Energy produced 2.3 million metric tons of metallurgical coal, consisting of 1.7 million tons of hard coking coal and 0.6 million metric tons of low-vol PCI.  In addition, the Company produced 1.4 million metric tons of thermal coal during the third quarter 2011.

Walter Energy generated operating income of $148.7 million, net income of $76.2 million and diluted earnings per share of $1.21 per share for the third quarter 2011. In the third quarter 2010, Walter Energy’s results excluded the Apr. 1, 2011, impact from the acquisition of Western Coal Corp. and were $207.8 million in operating income, $136.2 million in net income, and $2.55 in diluted earnings per share.

“Walter Energy’s third quarter financial results were slightly above our expectations for operating income, net income and earnings per share. Consolidated revenues were $690 million, driven by lower volumes than expected, primarily within Canada.  The impact of lower volumes was partially offset by higher average pricing,” said Walt Scheller, chief executive officer. “At Mine No. 7 in Alabama, production is increasing and we are now out of the area where the geological squeeze has more recently constrained our cutting rates. I am also pleased to report that we expect production from the new longwall panel at Mine No. 7 within the next few days. The early start of this new longwall will help us accomplish record fourth quarter hard coking coal production in the U.S.”

Consolidated revenues for the third quarter 2011 totaled $690.1 million and consisted of $467.1 million from the U.S. segment, $222.7 million from the Canada and U.K. segment, and $0.3 million from the Corporate and Other segment. The consolidated average net selling price for hard coking coal increased to $263 per metric ton in the third quarter of 2011, up from $243 in the second quarter 2011. The U.S. segment average net selling price increased to $259 per metric ton in the third quarter, up from $237 in the second quarter 2011. In the Canadian and U.K. operations, the average net selling price for hard coking coal increased to $277 per metric ton, up from $262 in the second quarter 2011.

The consolidated average cash cost per ton was $132 per metric ton for hard coking coal, $143 per metric ton for low-vol PCI, and $64 per metric ton for thermal. On a consolidated basis, cash margins per metric ton were $131 in the third quarter for hard coking coal, $66 per metric ton for PCI, and approximately $8 per metric ton for thermal.

The consolidated operating income of $148.7 million consisted of $112.9 million from the U.S. segment, $50.2 million from the Canada and U.K. segment, and $14.4 million in operating losses from the Corporate and Other segment. Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) was $198.6 million in the third quarter of 2011 as compared with $233.7 million in the third quarter 2010.

Liquidity and Capital Expenditures

As of Sept. 30, 2011, the Company had available liquidity of approximately $489.6 million consisting of cash, cash equivalents, and marketable securities of $185.1 million, plus $ 304.5 million available under the Company’s $375 million credit revolver. Capital expenditures for the quarter were $157 million. In addition, the Company prepaid $50 million in term debt on Oct. 31, 2011.

Fourth Quarter Guidance

The Company currently anticipates consolidated sales of hard coking coal to be within the range of 2.1 million and 2.3 million metric tons, and production of hard coking coal in the fourth quarter to be within the range of 2.2 million and 2.4 million metric tons. Sales of low-vol PCI are expected to be in the range of 450 thousand and 530 thousand metric tons, and production of low-vol PCI is expected to be in the range of 580 thousand and 650 thousand metric tons. In addition, fourth quarter operating income is expected to be between $190 million and $230 million, net income between $120 million and $150 million, and earnings per share between $1.91 and $2.39.

Expanded Disclosure and Use of Non-GAAP Measures

This release contains the use of certain non-GAAP (U.S. Generally Accepted Accounting Principles) measures such as “adjusted earnings per diluted share” and “adjusted net income” as well as EBITDA. These non-GAAP measures are provided as supplemental to, and not as replacement of, nor equal to, financial measures prepared in accordance with GAAP. Management feels that these non-GAAP measures provide additional insights into the performance of the Company that they believe are helpful to investors and they reflect how management analyzes Company performance and compares that performance against other companies. A reconciliation of non-GAAP to GAAP measures is provided in the financial section of this release.

Conference Call Webcast

The Company will hold a live webcast to discuss third quarter results on Thursday, Nov. 3, 2011, at 9:00 a.m. EDT. To listen to the event live or in archive, visit www.walterenergy.com.

About Walter Energy

Walter Energy is the world’s leading, publicly traded “pure play” metallurgical coal producer for the global steel industry. The Company also produces thermal coal and industrial coal, anthracite, metallurgical coke and coal bed methane gas. The Company has strategic access to high-growth steel markets in Asia, South America and Europe. Walter Energy employs approximately 4,400 employees and contractors with operations in the United States, Canada and United Kingdom. For more information about Walter Energy, please visit the company website at www.walterenergy.com.

Safe Harbor Statement

Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and may involve a number of risks and uncertainties. Forward-looking statements are based on information available to management at the time, and they involve judgments and estimates. Forward-looking statements include expressions such as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “may,” “plan,” “predict,”

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“will,” and similar terms and expressions. These forward-looking statements are made based on expectations and beliefs concerning future events affecting us and are subject to various risks, uncertainties, and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control, that could cause our actual results to differ materially from those matters expressed in or implied by these forward-looking statements. The following factors are among those that may cause actual results to differ materially from our forward-looking statements: the market demand for coal, coke, and natural gas as well as changes in pricing and costs; the availability of raw material, labor, equipment and transportation; changes in weather and geologic conditions; changes in extraction costs, pricing, and assumptions and projections concerning reserves in our mining operations; changes in customer orders; pricing actions by our competitors, customers, suppliers and contractors; changes in governmental policies and laws, including with respect to safety enhancements and environmental initiatives; availability and costs of credit, surety bonds and letters of credit; and changes in general economic conditions. Forward-looking statements made by us in this release, or elsewhere, speak only as of the date on which the statements were made. See also the “Risk Factors” in our 2010 Annual Report on Form 10-K and subsequent filings with the SEC which are currently available on our website at www.walterenergy.com. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us or our anticipated results. We have no duty to, and do not intend to, update or revise the forward-looking statements in this release, except as may be required by law. In light of these risks and uncertainties, readers should keep in mind that any forward-looking statements made in this press release may not occur. All data presented herein is as of the date of this release unless otherwise noted.

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Contact:

Paul Blalock

Head - Investor Relations

1 205 745 2627

paul.blalock@walterenergy.com

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WALTER ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

($ in thousands, except per share and share amounts)

Unaudited

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WALTER ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

($ in thousands, except per share and share amounts)

Unaudited

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WALTER ENERGY, INC. AND SUBSIDIARIES

RESULTS BY OPERATING SEGMENT

($ in thousands)

Unaudited

(1)         Beginning in the second quarter of 2011 the Company reports all operations located in the U.S. under the U.S. Operations segment which includes Walter Energy’s historical operating segments of Underground Mining, Surface Mining and Walter Coke along with the West Virginia mining operations acquired through the April 1, 2011 acquisition of Western Coal Corp. The Company reports its mining operations located in northeast British Columbia (Canada) and South Wales (United Kingdom), both acquired through the Western Coal Corp. acquisition, under the Canadian and U.K. Operations segment. The Other segment primarily includes corporate expenses.

(2)         Amounts for the three and nine months ended September 30, 2011 include $6.1 million and $23.1 million, respectively, of costs associated with the April 1, 2011 acquisition of Western.

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WALTER ENERGY, INC. AND SUBSIDIARIES

QUARTERLY STATISTICAL RESULTS AND FOURTH QUARTER GUIDANCE BY OPERATING SEGMENT AND MAJOR PRODUCT

(Ton information in thousand metric tons and dollars in USD)

Consolidated Statistical Information by Major Product

US Segment Statistical Information by Major Product

Canada and UK Segment Statistical Information by Major Product

(1)          Average Cash Cost per Ton is based on reported Cost of Sales and includes items such as freight, royalties, manpower, fuel and other similar production and sales cost items but excludes depreciation, depletion and post retirement benefits. Average Cash Cost per Ton is a non-GAAP financial measure which is not calculated in conformity with U.S. Generally Accepted Accounting Principles (GAAP) and should be considered supplemental to, and not as a substitute or superior to financial measures calculated in conformity with GAAP. We believe Cash Cost per Ton is a useful measure as our management uses that as a measure of performance and we believe it aids some investors and analysts in comparing us against other companies to help analyze our current and future potential performance.

(2)          Reconcilliation of Cash Cost per Ton to Cost of Sales as disclosed (in thousands USD):

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WALTER ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

($ in thousands)

Unaudited

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WALTER ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

AND COMPREHENSIVE INCOME

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011

($ in thousands)

Unaudited

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WALTER ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

($ in thousands)

Unaudited