Exhibit 99.1

NEWS RELEASE

FOR IMMEDIATE RELEASE

PATRIOT COAL ANNOUNCES RESULTS

FOR THE QUARTER ENDED SEPTEMBER 30, 2011

Summary:

ST. LOUIS, October 20 – Patriot Coal Corporation (NYSE: PCX) today reported its financial results for the quarter ended September 30, 2011. For the 2011 third quarter, the Company reported revenues of $589.4 million and EBITDA of $14.8 million. Revenues and EBITDA for the year-ago quarter were $500.7 million and $13.2 million, respectively. For the nine months ended September 30, 2011, the Company reported revenues of $1.8 billion and EBITDA of $133.6 million. Revenues and EBITDA for the first nine months of 2010 were $1.5 billion and $99.0 million, respectively.

“Looking forward, the outlook for metallurgical and export thermal coal remains solid, and we are seeing opportunities for increased profitability at Patriot. We are committed to the continued expansion of our met production. We are also targeting export thermal business, and over the past two quarters have sold more than 7 million tons of thermal coal for export delivery in 2012, sourced from both Appalachia and the Illinois Basin. And we will see the initial benefits of our expiring legacy thermal contracts as we enter 2012,” stated Patriot President and Chief Executive Officer Richard M. Whiting. “At the same time, we are intensely focused on improving operating performance at our mining complexes.”

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“An important development during the quarter was the appointment of Ben Hatfield as our new Chief Operating Officer. Ben has more than 30 years of operating and commercial experience in the coal industry, including the CEO position at International Coal Group. He is intimately familiar with coal mining in Appalachia and is a proven leader. His experience and leadership will further strengthen our operations as we execute our strategies to build value,” continued Whiting.

“Further, during the quarter, certain of our subsidiaries signed new agreements with the United Mine Workers of America that generally extend through 2016. This ensures continued stability of our represented workforce,” concluded Whiting.

Commenting on the third quarter, Patriot Senior Vice President and Chief Financial Officer Mark N. Schroeder noted, “Our third quarter financial performance was well below our expectations. While our per-ton revenues were up substantially, lower tons produced at the two longwall mines had a significant negative impact on our average cost per ton and the resulting margins. Following the completion of the longwall moves, the mines were back to normal production by the end of September.”

Financial Overview

Revenues in the 2011 third quarter were $589.4 million, compared with $500.7 million in the prior-year quarter. Higher revenues in the 2011 quarter resulted from higher selling prices, which increased more than $12.00 per ton, or 18 percent. Revenues for the first nine months of 2011 were $1.8 billion, almost 20 percent higher than the $1.5 billion reported in the comparable 2010 period. Higher revenues were primarily attributable to significantly higher selling prices in 2011.

Sales in the third quarter totaled 7.4 million tons, including 5.6 million tons of thermal and 1.8 million tons of metallurgical coal. This compares with 5.9 million tons of thermal and 1.6 million tons of metallurgical coal sold in the year-ago quarter. Tons sold in the first nine months of 2011 of 23.5 million were comparable with the 23.1 million tons sold in the year-ago period. Year-to-date metallurgical coal sales were 5.6 million in 2011, a 0.5 million ton increase over the first nine months of 2010.

EBITDA in the 2011 third quarter was $14.8 million, slightly higher than the $13.2 million reported in the same quarter of 2010. Higher average selling prices in 2011 were largely offset by higher per-ton costs. EBITDA for the first three quarters of 2011 totaled $133.6 million, $34.6 million higher than the year-ago period.

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Credit and Capital

As of September 30, 2011, the Company had available liquidity of more than $450 million, with a cash balance of $239 million and no borrowings on its revolving credit facility or its receivables securitization program.

Capital expenditures totaled $48.7 million in the 2011 third quarter and $119.8 million for the first nine months of the year. Additionally, equipment leased from third parties totaled $23.8 million in the third quarter and $94.6 million year-to-date.

Safety

An important component of the Company’s safety program is maintaining first-class mine rescue teams. In early October, Patriot’s five mine rescue teams competed in the National Mine Rescue Contest held in Columbus, Ohio. In total, more than 100 teams competed in this national event sponsored by the U.S. Department of Labor.

The Company’s Magnum team won first place in the National Combination event, which evaluates the overall proficiency of teams in both mine rescue and first aid competitions. Patriot’s Highland team won third place in the same event. The Magnum team also won first place in the Day 2 Mine Rescue competition. In the National Bio 240S Apparatus event, members of the Company’s Bluegrass team won first and second place, with the Highland team coming in third. In total, the Company’s teams received 14 top-three awards, including nine first-place awards.

Market Overview

While the projected GDP growth rates for major economies remain positive through 2015, near-term concerns about slowing global growth have caused speculation of a weakening metallurgical coal market. However, a number of countries are showing signs of strength, particularly in steel production and demand. Steel mills in Brazil, a natural destination for U.S. met coal, are operating at 80 percent of capacity, with coke plants running near full capacity. In India, steel producers are increasing capacity substantially, with the largest Indian steel producer targeting an increase from 13.5 million tonnes in 2010 to 23.6 million tonnes in 2013. South Korean steel production is up more than 20 percent year-over-year, and U.S. coke plants continue to run near full capacity.

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Low-volatile and premium high-volatile met coal supply remains tight, while lower quality high-volatile met coals are believed to be in greater supply. Given the relatively tight worldwide supply/demand balance, any significant supply disruptions such as those experienced in recent years would result in stronger pricing for metallurgical-grade products.

For thermal coal, total U.S. inventories and eastern U.S. inventories both declined more in June through August 2011 than during the same period in any of the last 10 years. However, domestic electricity generators have recently taken a cautious stance in their coal purchases, in part due to uncertainty caused by the Cross-State Air Pollution Rule promulgated by the U.S. Environmental Protection Agency.

Thermal coal exports continue at an increasing rate, with eastern U.S. thermal coals well-positioned to participate in the growing international seaborne market. Year-to-date through August, U.S. thermal coal exports increased more than 75 percent compared with a year ago, and export opportunities are expected to continue at an elevated level.

Outlook

“Looking forward, we are expecting improved production in the fourth quarter. There are no scheduled longwall moves, and the increased production should lead to lower cost per ton. Together with higher pricing on increased met tons, the result should be EBITDA in the fourth quarter more in line with the performance of the first two quarters of this year,” concluded Schroeder.

For the 2011 fourth quarter, Patriot expects sales volume of 8.0 to 8.3 million tons, including met coal sales of approximately 2 million tons. For the Appalachia segment, the Company expects cost per ton in the fourth quarter to be between $72 and $75. For the Illinois Basin segment, Patriot expects cost per ton for the fourth quarter of about $44.

Since late July, Patriot booked more than 0.5 million metallurgical tons to be delivered in 2012, at prices approaching $200 per ton at the mine. Similarly, the Company booked approximately 1.5 million tons of Appalachian thermal sales for 2012 delivery, two-thirds of which will be sourced from the Federal complex. In total, 3.5 million tons of new Appalachian thermal tons were booked for 2012 through 2015 delivery, including 1.5 million tons to be exported to Europe.

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Average selling prices of currently priced tons for the fourth quarter of 2011 and for 2012 are as follows:

Priced thermal business includes 2.1 million tons for the fourth quarter of 2011 and 4.7 million tons for 2012 related to legacy contracts priced significantly below the current market.

Conference Call

Management will hold a conference call to discuss the third quarter results on October 20, 2011, at 9:00 a.m. Central Time. The conference call can be accessed by dialing 800-398-9379, or through the Patriot Coal website at www.patriotcoal.com. International callers can dial 612-332-0342 to access the conference call. A replay of the conference call will be available on the Company’s website and also by telephone, at 800-475-6701 for domestic callers or 320-365-3844 for international callers, access code 220359.

About Patriot Coal

Patriot Coal Corporation is a leading producer and marketer of coal in the eastern United States, with 14 active mining complexes in Appalachia and the Illinois Basin. The Company ships to domestic and international electricity generators, industrial users and metallurgical coal customers, and controls approximately 1.9 billion tons of proven and probable coal reserves. The Company’s common stock trades on the New York Stock Exchange under the symbol PCX.

Forward-Looking Statements

Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. These statements involve certain risks and uncertainties that may be beyond our control and may cause our actual future results to differ materially from expectations. We do not undertake to update our forward-looking statements. Factors that could affect our results include, but are not limited to: price volatility and demand, particularly in

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higher margin products; geologic, equipment and operational risks associated with mining; changes in general economic conditions, including coal, power and steel market conditions; coal mining laws and regulations; the availability and costs of competing energy resources; legislative and regulatory developments; risks associated with environmental laws and compliance, including selenium-related matters; developments in greenhouse gas emission regulation and treatment; negotiation of labor contracts, labor availability and relations; the outcome of pending or future litigation; changes in the costs to provide healthcare to eligible active employees and certain retirees under postretirement benefit obligations; increases to contribution requirements to multi-employer retiree healthcare and pension plans; reductions of purchases or deferral of shipments by major customers; availability and costs of credit; customer performance and credit risks; inflationary trends; worldwide economic and political conditions; downturns in consumer and company spending; supplier and contract miner performance and the availability and cost of key equipment and commodities; availability and costs of transportation; the Company’s ability to replace coal reserves; the outcome of commercial negotiations involving sales contracts or other transactions; our ability to respond to changing customer preferences; failure to comply with debt covenants; the effects of mergers, acquisitions and divestitures; and weather patterns affecting energy demand or disrupting coal supply. The Company undertakes no obligation (and expressly disclaims any such obligation) to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. For additional information concerning factors that could cause actual results to materially differ from those projected herein, please refer to the Company’s Form 10-K and Form 10-Q reports.

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Condensed Consolidated Statements of Operations (Unaudited)

For the Three Months Ended September 30, 2011 and 2010

This information is intended to be reviewed in conjunction with the Company’s filings with the Securities and Exchange Commission.

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Condensed Consolidated Statements of Operations (Unaudited)

For the Nine Months Ended September 30, 2011 and 2010

This information is intended to be reviewed in conjunction with the Company’s filings with the Securities and Exchange Commission.

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Supplemental Financial Data (Unaudited)

For the Three Months Ended September 30, 2011 and 2010

This information is intended to be reviewed in conjunction with the Company’s filings with the Securities and Exchange Commission.

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Supplemental Financial Data (Unaudited)

For the Nine Months Ended September 30, 2011 and 2010

This information is intended to be reviewed in conjunction with the Company’s filings with the Securities and Exchange Commission.

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Condensed Consolidated Balance Sheets

September 30, 2011 and December 31, 2010

This information is intended to be reviewed in conjunction with the Company’s filings with the Securities and Exchange Commission.

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Condensed Consolidated Statements of Cash Flows (Unaudited)

For the Nine Months Ended September 30, 2011 and 2010

This information is intended to be reviewed in conjunction with the Company’s filings with the Securities and Exchange Commission.

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Reconciliation of Net Loss to Adjusted EBITDA (Unaudited)

For the Three and Nine Months Ended September 30, 2011 and 2010

Adjusted EBITDA, also referred to as EBITDA, is defined as net loss before deducting interest income and expense, income taxes, asset retirement obligation expense, depreciation, depletion and amortization, restructuring and impairment charge and sales contract accretion. We have included information concerning EBITDA because we believe that in our industry such information is a relevant measurement of a company’s operating financial performance. Because EBITDA is not calculated identically by all companies, our calculation may not be comparable to similarly titled measures of other companies. The table above reflects the Company’s calculation of EBITDA.

This information is intended to be reviewed in conjunction with the Company’s filings with the Securities and Exchange Commission.

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