Exhibit 99.1

Walter Energy Announces Second Quarter 2012 Results

·                  Revenues of $678 Million; EPS of $0.51

·                  Operating Income of $68 Million; EBITDA of $145 Million

·                  EPS of $0.43 from Continuing Operations; EBITDA of $137 Million from Continuing Operations

·                  Metallurgical Coal Production of 2.91 Million Metric Tons

·                  Metallurgical Coal Sales of 2.84 Million Metric Tons

BIRMINGHAM, Ala. — Aug. 1, 2012 —  Walter Energy Inc. (NYSE: WLT) (TSX: WLT), the world’s leading, publicly traded “pure-play” producer of metallurgical (met) coal for the global steel industry, today announced results for the second quarter ended June 30, 2012.

For the second quarter 2012, revenues were $678 million as compared with $632 million in the first quarter and $771 million in the second quarter of 2011. Operating income in the second quarter was $68 million as compared with $84 million in the first quarter and $164 million in the second quarter of 2011. Net income for the quarter was $32 million or $0.51 per diluted share, $27 million or $0.43 per diluted share from continuing operations, compared with $41 million or $0.65 per diluted share in the first quarter, and $114 million or $1.83 per diluted share in the second quarter of 2011. The second quarter included a $5.2 million gain net of tax from the sale of a discontinued operation.

“Our metallurgical coal products continued to provide solid results,” said Walt Scheller, Chief Executive Officer. “Metallurgical coal production of 2.91 million metric tons was in-line with our expectations and was achieved while further improving our safety record. Our overall costs were flat when compared with the first quarter, as improvements in the cost performance of hard coking coal production were mitigated by higher costs in producing low-vol PCI. We remain cautious for the outlook of the global economy and are focusing on cost reductions, restraining discretionary capital spending and stringently managing cash flow.”

*           EBITDA from continuing operations of $137 million, excluding a $8.3 million gain on the sale of a discontinued operation

** Million metric tons

Metallurgical Sales Volume and Pricing

Second quarter 2012 met coal sales volume, including both hard coking coal (HCC) and low-volatility (vol) PCI, was a record 2.84 MMTs, an increase of 20 percent over first quarter sales volume of 2.37 MMTs. HCC sales volume was 2.29 MMTs, an increase of 23 percent compared with 1.86 MMTs in the first quarter 2012. PCI sales volume was 0.55 MMTs, up from 0.51 MMTs in the prior quarter.

The average second quarter 2012 selling price of low-vol and mid-vol HCC was $201 per MT, 11 percent lower than the first quarter. The average second quarter selling price for low-vol PCI was $164 per MT, a decrease of 13 percent from the first quarter.

Metallurgical Coal Production

Consolidated met coal production was 2.91 MMTs in the second quarter of 2012, comprised of 2.19 MMTs of hard coking coal or 75% of met production, and 720 thousand MTs of low-vol PCI coal or 25% of met production.

Cash Costs

The consolidated cash cost for HCC was $115 per MT in the second quarter, as compared with $116 per MT in the first quarter 2012.  In the U.S. operations, the cash cost of HCC decreased to $107 per MT compared with $110 per MT the prior quarter. In the Canadian and U.K. operations, the cash cost of HCC was $144 per MT in the second quarter of 2012, down from $145 per MT in the first quarter 2012.

The cash cost for low-vol PCI was $218 per MT in the second quarter compared with $208 per MT in the first quarter as a result of higher mining waste removal volumes at the Brule PCI mine. The cash cost at the Willow Creek mine decreased to $259 per MT in the second quarter from $449 in the first quarter, and Willow Creek production increased from 120 thousand MTs in the first quarter to 154 thousand MTs in the second quarter.

Capital Expenditures

The Company’s capital expenditures for the second quarter were $125 million and were $246 million for the first six months of 2012. The Company has reduced its planned 2012 capital spending to approximately $400 million from our initial plan of nearly $500 million.

2012 Production Guidance

The Company continues to forecast full-year 2012 met coal production between 11.5 and 13.0 MMTs, of which an estimated 75 percent to 80 percent will be HCC and the remainder will be low-vol PCI.

Liquidity

At the end of the second quarter 2012, available liquidity was $396 million, consisting of cash and cash equivalents of $129 million plus $267 million of availability under the Company’s $375 million revolving credit facility. The Company repaid $100 million in aggregate of its term loan A and B obligations in the second quarter.

Safety and Stewardship Highlights

Walter Energy’s U.S. operations reduced its total recordable injury rate by 34 percent in the second quarter of 2012 compared with the same period last year. Canadian and U.K. operations reduced their total reportable injury rate by 26 percent compared with the same period last year.

The Company is also pleased to announce that it received a Vision Award from the League of American Communications Professionals (LACP) in July for its 2011 Annual Report. In the annual report competition, Walter Energy rated Gold in a tie for second place in the energy sector for firms in the $1 billion to $10 billion revenue category.

Use of Non-GAAP Measures

This release contains the use of certain U.S. non-GAAP (Generally Accepted Accounting Principles) measures. These non-GAAP measures are provided as supplemental information for financial measures prepared in accordance with GAAP. Management believes that these non-GAAP measures provide additional insights into the performance of the Company, 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 webcast to discuss second quarter 2012 results on Thursday, August 2, 2012, at 9 a.m. ET. To listen to the live event, visit www.walterenergy.com.

About Walter Energy

Walter Energy is the world’s leading, publicly traded “pure-play” metallurgical coal producer for global industry with strategic access to high-growth steel markets in Asia, South America and Europe. The Company also produces thermal coal, anthracite, metallurgical coke and coal bed methane gas. 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 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,” “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 2011 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 statement made in this press release may not occur. All data presented herein is as of the date of this release unless otherwise noted.

WALTER ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME

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

Unaudited

(1)             Certain previously reported three months ended June 30, 2011 balances have been recast to reflect the effects of finalizing the allocation of the Western Coal purchase price during the 2012 first quarter.  Previously reported net income increased by $7.1 million and diluted earnings per share increased by $0.12 per share.

(2)             The 2011 second quarter includes $7.2 million of costs associated with the acquisition of Western Coal.

(3)             The 2012 second quarter includes losses on the remeasurement to fair value of equity investments. The 2011 second quarter includes a gain recognized on April 1, 2011 of $20.6 million as a result of remeasuring to fair value Western Coal shares acquired from Audley Capital in January 2011.

(4)             The provision for income taxes in the second quarter of 2012 at a rate of 14.5% is based on an estimated effective annual tax rate for the year as compared to 27.1% for the second quarter of 2011. The effective tax rate for the second quarter of 2012 is lower than the second quarter 2011 tax rate, primarily due to a larger favorable impact of percentage depletion and the change in the geographical mix of foreign income and losses.

(5)             Discontinued operations includes the gain on the sale of our closed Kodiak operations, net of tax.

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WALTER ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME

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

Unaudited

(1)             Includes the results of Western Coal since the April 1, 2011 date of acquisition. Certain previously reported six months ended June 30, 2011 balances have been recast to reflect the effects of finalizing the allocation of the Western Coal purchase price during the 2012 first quarter.  Previously reported net income increased by $7.1 million and diluted earnings per share increased by $0.12 per share.

(2)             The 2011 period includes $17.1 million of costs associated with the acquisition of Western Coal.

(3)             The 2012 period includes losses on the sale and remeasurement to fair value of equity investments. The 2011 period includes a gain recognized on April 1, 2011 of $20.6 million as a result of remeasuring to fair value Western Coal shares acquired from Audley Capital in January 2011.

(4)             The provision for income taxes for the 2012 period at a rate of 16.4% is based on an estimated effective annual tax rate for the year as compared to 28.2% for the 2011 period. The effective tax rate for 2012 is lower than the 2011 tax rate, primarily due to a larger favorable impact of percentage depletion and the change in the geographical mix of foreign income and losses.

(5)             Discontinued operations includes the gain on the sale of our closed Kodiak operations, net of tax.

(6)             The 2011 period weighted average number of shares outstanding includes the issuance of 8,951,558 common shares on April 1, 2011 in connection with the acquisition of Western Coal.

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WALTER ENERGY, INC. AND SUBSIDIARIES

RESULTS BY OPERATING SEGMENT

($ in thousands)

Unaudited

(1)         Includes the results of Western Coal since the April 1, 2011 date of acquisition. Certain previously reported three and six months ended June 30, 2011 balances have been recast to reflect the effects of finalizing the allocation of the Western Coal purchase price during the 2012 first quarter.

(2)         Amounts for the three and six months ended June 30, 2011 include $7.2 million and $17.1 million, respectively, of costs associated with the April 1, 2011 acquisition of Western Coal.

3

WALTER ENERGY, INC. AND SUBSIDIARIES

QUARTERLY STATISTICAL RESULTS 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)         Certain previously reported three months ended June 30, 2011 statistical information have been recast to reflect the effects of finalizing the allocation of the Western Coal purchase price during the 2012 first quarter.

(2)         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.

(3)         Reconciliation of Cash Cost per Ton to Cost of Sales as disclosed (in thousands USD):

(4)         Production and Average Cash Cost per Ton for our Willow Creek mining operations are separately provided for the current quarter as the Willow Creek mine is in the development stage and is experiencing higher average cash cost per ton than the other Canada mines.

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WALTER ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

($ in thousands)

Unaudited

(1)         The December 31, 2011 balance sheet has been recast to reflect the effects of finalizing the allocation of the Western Coal purchase price during the 2012 first quarter. Retained earnings, a component of stockholders’ equity, was increased by $14.4 million, primarily due to a decrease in mineral interests depletion net of income tax expense related to 2011.

5

WALTER ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

FOR THE SIX MONTHS ENDED JUNE 30, 2012

($ in thousands, except per share amounts)

Unaudited

(1)         Retained earnings as of December 31, 2011 has been recast to reflect the effects of finalizing the allocation of the Western Coal purchase price. The balance was increased by $14.4 million primarily due to a decrease in mineral interests depletion net of income tax expense related to 2011.

6

WALTER ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

($ in thousands)

Unaudited

(1)         Includes the results of Western Coal since the April 1, 2011 date of acquisition. Certain previously reported six months ended June 30, 2011 balances have been recast to reflect the effects of finalizing the allocation of the Western Coal purchase price during the 2012 first quarter.

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WALTER ENERGY, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

Unaudited

RECONCILIATION OF EBITDA TO AMOUNTS REPORTED UNDER US GAAP: