Exhibit 99.1

FOR IMMEDIATE RELEASE

February 14, 2011

Investor Contact: Mark H. Tubb

Vice President — Investor Relations

813.871.4027

mtubb@walterenergy.com

Media Contact: Michael A. Monahan

Director — Corporate Communications

205.745.2628

mmonahan@walterenergy.com

WALTER ENERGY ANNOUNCES FOURTH QUARTER AND FULL-YEAR 2010 RESULTS

Company Reports Earnings From Continuing Operations of $1.75 per Diluted Share for Fourth Quarter and $7.25 per Diluted Share for Full Year 2010

$1.6 Billion in Full-Year 2010 Revenues on Record Coking Coal Sales of 7.2 Million Tons

Fourth Quarter EBITDA Triples to $171.5 Million; Full-Year EBITDA Climbs to Nearly $700 Million

Acquisition of Western Coal Corp. Progressing; Closing Anticipated on April 1, 2011

(TAMPA, Fla.) — Walter Energy (NYSE: WLT), a leading U.S. producer and exporter of premium hard coking coal for the global steel industry, today announced earnings from continuing operations of $1.75 per diluted share and EBITDA of $171.5 million for the quarter ended Dec. 31, 2010, compared to earnings from continuing operations of $0.62 per diluted share and EBITDA of $55.6 million in the fourth quarter 2009.

The Company also reported full-year 2010 earnings from continuing operations of $7.25 per diluted share and EBITDA of $692.8 million compared to full year 2009 earnings of $2.64 per diluted share and EBITDA of $275.1 million.

“We generated strong fourth quarter earnings on higher coking coal sales volumes and prices,” said Walter Energy Interim Chief Executive Officer Joe Leonard. “For the full year, earnings increased by almost 175 percent over 2009, reflecting strong pricing and production growth from our organic growth initiatives. Globally, events continue to limit availability of premium coking coals and we see supply-demand imbalance continuing in our favor as global steel production improves on its record 2010 output.”

“Strategically, we continue to make excellent progress on our transformative acquisition of Western Coal, which, when completed, will make Walter Energy the leading, publicly traded ‘pure play’ coking coal producer in the world. In addition, the combination increases the size, scale and diversity of our operations, significantly enhancing the Company’s financial profile and geographic reach, particularly into Asia. We also recently completed the acquisition of a river terminal facility at the Port of Mobile to ensure unconstrained shipping capacity for our long-term coking coal production plans from our mines in Alabama, to maintain low mine-to-vessel costs and to make us less reliant on third parties,” he said.

Full-Year 2010 Financial Results

For the full year 2010, revenues were $1.6 billion, a $621 million increase compared to 2009’s full-year results. EBITDA also increased to $692.8 million, a $417.7 million improvement versus the prior year. The improvement was largely due to record revenues and operating income at the underground mining segment of $1.3 billion and $580.7 million, respectively, on significant year-over-year coking coal pricing and volume increases.

Fourth Quarter 2010 Financial Results

Revenues for the fourth quarter 2010 totaled $400.8 million compared to $236.3 million in the prior-year period. Operating income totaled $144.7 million for the quarter, compared to $36.9 million in the prior-year period. Revenue and operating income improvements were primarily due to higher coking coal pricing and volumes in the Company’s underground mining operations.

Fourth quarter 2010 operating income includes $5.9 million in costs associated with Walter Energy’s impending acquisition of Western Coal and $2.3 million in costs at Walter Coke related to long-term environmental monitoring. These charges negatively impacted earnings for the quarter by approximately $0.10 per diluted share.

Underground Mining

The underground mining segment reported revenues of $350.9 million in the fourth quarter 2010, compared to $179.7 million in the prior-year period. Operating income was $144.6 million, more than triple the segment’s operating income in the same period last year. Revenues and operating income were higher primarily due to significantly higher average coking coal contract pricing along with higher sales volumes versus the prior-year period. The effect of these favorable items was partially offset by higher royalty and freight costs.

Coking coal sales totaled 1.7 million tons in the fourth quarter, up 25.1 percent compared to the prior-year period, at an average selling price of $196.47 per short ton FOB Port, a 55.3 percent increase over average selling prices of $126.48 per ton in the same period last year.

Total coking coal production was 1.5 million tons in the quarter, almost 200,000 tons higher than in the fourth quarter 2009. The increase in production was generated from incremental tons from the Mine No. 7 East expansion and from improved recovery rates at the No. 4 Mine. Production costs for the quarter averaged $64.68 per ton, or $2.76 lower than in the prior-year period, primarily due to volume improvements at both mines, partially offset by higher labor and supply cost at Mine No. 7.

The natural gas business sold 3.4 billion cubic feet of gas at an average price of $4.06 per thousand cubic feet in the fourth quarter 2010 compared to 1.4 billion cubic feet at an average price of $4.09 per thousand cubic feet in the prior-year period. Increased production and sales for the quarter resulted from the Company’s Walter Black Warrior Basin natural gas subsidiary acquired in May 2010.

Surface Mining

The surface mining segment reported revenues of $35.9 million for the fourth quarter 2010, compared to $26.0 million in the prior-year period on increased sales volumes and pricing. Although revenues increased 37.8 percent, operating income in the fourth quarter 2010 only increased 7.0 percent due to higher depreciation, diesel and blasting costs.

Coal sales from the surface mining segment were 348,000 tons during the fourth quarter, up 6.7 percent compared to the prior-year period primarily due to incremental sales volumes from the recently opened Reid School metallurgical coal mine. Production was 406,000 tons, up 35.3 percent compared to the fourth quarter last year primarily from additional tons produced at the Reid School Mine.

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Walter Coke

Walter Coke reported revenues of $37.9 million in the fourth quarter 2010, compared to $37.4 million in the prior-year period. Walter Coke generated $5.4 million in operating income in the quarter, compared to a slight loss in the prior-year period. Operating income improvements were driven primarily by price increases and improved plant efficiencies, partially offset by higher coal raw material costs and a $2.3 million environmental charge. In addition, fourth quarter 2009 results included a $4.5 million charge related to the closure of Walter Coke’s fiber plant.

The Company sold 87,000 tons of metallurgical coke in the fourth quarter 2010 at an average price of $381.96 per ton compared to 88,000 tons sold in the prior-year period at an average price of $312.11 per ton. Pricing increases were primarily attributable to improved demand in the domestic automotive and steel markets.

Corporate and Other

At Dec. 31, 2010, the Company had available liquidity of $533.5 million, including cash of $293.4 million and $240.1 million available under its credit facility.

Financial Summary & Business Outlook

Comparisons to the most recently provided business outlook are provided below, alongside Walter Energy’s business outlook for the first quarter 2011:

Quarter-to-quarter variability in timing, availability and pricing of shipments may result in significant shifts in income between quarters.

(1)  Includes the coking coal operation at Jim Walter Resources; excludes the coal bed methane operations.

(2)  Operating margin is defined as operating income (Earnings Before Interest & Taxes) from each business shown.

(3)  Actual results include a $2.3 million charge related to long-term environmental monitoring.

In the fourth quarter 2010, coking coal sales volumes were at the low end of the previously issued expectations range due to a longer-than-expected longwall move in December and difficult mining conditions at both of our underground mines late in the quarter. These conditions continued into January and, along with the impact of planned first quarter 2011 longwall moves, the Company expects first quarter sales volumes to be in the range of 1.6 to 1.8 million tons.

Given the loss of production through mid-February 2011, the Company estimates that its full-year coking coal sales will be, at best, 8.5 million tons, with up to 500,000 tons of the total coming from purchased coal opportunities.

First quarter 2011 coking coal operating margins reflect an average selling price of $215 per metric ton FOB port ($195 per short ton FOB port), which includes a mix of carryover tons at $209 per metric

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ton as well as new contract tons for the quarter at or above the $225 per metric ton benchmark price. The average realized selling price will also be affected by lower priced purchased coal. First quarter 2011 coking coal production costs are expected to be in line with the fourth quarter 2010 results.

In the surface mining segment, although fourth quarter 2010 shipments were lower than expected due to lighter-than-expected customer demand, the segment expects to sell between 406,000 and 426,000 tons of metallurgical, steam and industrial coal in the first quarter 2011, with all expected steam and industrial sales volumes contractually priced.  Operating income in the first quarter 2011 is expected to be negatively impacted by a shift in sales mix to lower-margin coal contracts, higher cost due to unfavorable mining ratios and higher fuel prices.

At Walter Coke, first quarter sales volumes are expected to be approximately 100,000 tons. Operating margins are expected to reflect higher metallurgical coke prices, offset by higher coal raw material costs.

Western Coal Acquisition Update

Walter Energy said it continues to make very good progress on its acquisition of Western Coal Corp. Western Coal issued its Circular to its shareholders on Feb. 4, 2011 and a vote of the Western Coal shareholders is scheduled for March 8, 2011. As announced on Jan. 20, 2011, the Company acquired a 9.15 percent stake in Western Coal from funds advised by Audley Capital for $293.7 million. The Company remains on track to close on the acquisition on April 1, 2011.

Conference Call Web Cast

Interim Chief Executive Officer Joe Leonard and members of the Company’s leadership team will discuss Walter Energy’s fourth quarter results, its outlook and other general business matters during a conference call and live Web cast to be held Tuesday, Feb. 15, 2011, at 10 a.m. Eastern Standard Time. To listen to the event live or in archive, visit the Company Web site at www.walterenergy.com.

About Walter Energy

Walter Energy is a leading U.S. producer and exporter of premium hard coking coal for the global steel industry and also produces steam coal and industrial coal, metallurgical coke and coal bed methane gas. The Company has revenues of approximately $1.6 billion and employs approximately 2,100 people. For more information about Walter Energy, please visit the Company Web site 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. There can be no assurance that the transaction with Western Coal will close. The transaction is subject to a number of closing conditions which may be outside of Walter Energy’s control. 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

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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 2009 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 Dec. 31, 2010 unless otherwise noted.

- WLT -

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WALTER ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

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

Unaudited

(1)          The Company recorded a $3.6 million restructuring and impairment charge in the fourth quarter 2009 related to the closure of Walter Coke’s fiber plant.  In addition, inventory write-downs of $0.9 million are included in cost of sales related to this closure, for total closure costs recognized of $4.5 million.

(2)          In the fourth quarter 2009, the Company recognized two large, unusual tax benefits resulting in a net tax benefit on pre-tax income.  The tax benefits included (1) a permanent tax benefit of $5.9 million for non-taxable OPEB Medicare Part D subsidies and (2) a $3.8 million net tax benefit on certain deferred tax assets relating to a change in the effective state tax rate resulting from the decision to open the Company’s administrative offices in Birmingham, AL.  Excluding these items, the Company’s fourth quarter 2009 effective tax rate was 26.5%.  This rate is lower than the effective tax rate in the fourth quarter 2010 primarily due to greater benefits from permanent percentage depletion deductions in 2009.

(3)          Discontinued operations includes the results of our closed Homebuilding and Kodiak operations for both periods.

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WALTER ENERGY, INC. AND SUBSIDIARIES

RESULTS BY OPERATING SEGMENT

($ in thousands)

Unaudited

(1)          The Company recorded a $4.5 million charge in the 2009 fourth quarter related to the closure of Walter Coke’s fiber plant.

(2)          Results for 2010 include $5.9 million in costs associated with the pending acquisition.

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WALTER ENERGY, INC. AND SUBSIDIARIES

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

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WALTER ENERGY, INC. AND SUBSIDIARIES

RECONCILIATION OF EBITDA TO AMOUNTS REPORTED UNDER US GAAP

($ in thousands)

Unaudited

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WALTER ENERGY, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

Unaudited

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WALTER ENERGY, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

Unaudited

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WALTER ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

($ in thousands)

Unaudited

(1)          Includes the remaining assets and liabilities of the Company’s closed Homebuilding and Kodiak businesses.

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WALTER ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

AND COMPREHENSIVE INCOME

FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2010

($ in thousands)

Unaudited

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WALTER ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

($ in thousands)

Unaudited