SKW Skywest Energy Corp

NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

SkyWest Energy Corp. (TSX VENTURE:SKW) ("SkyWest" or the "Corporation") is
pleased to announce that it has entered into an agreement with a syndicate of
underwriters led by Wellington West Capital Markets Inc. to issue, on a bought
deal basis, 18,520,000 common shares on a flow through basis ("Flow Through
Shares") at a price of $0.54 per Flow Through Share for aggregate gross proceeds
of $10,000,800.


Proceeds of the offering will be used to accelerate the Corporation's Cardium
light oil exploration program by incurring expenditures eligible for Canadian
exploration expenses which will be renounced to subscribers of the Flow Through
Shares effective on or before December 31, 2010.


Closing is expected to occur on or about August 17, 2010 and is subject to
certain conditions including, but not limited to, the receipt of all necessary
approvals including the approval of the TSX Venture Exchange.


SkyWest is a Cardium oil focused junior oil and gas company based in Calgary,
Alberta, Canada.


The securities offered have not been and will not be registered under the U.S.
Securities Act of 1933, as amended and may not be offered or sold in the United
States absent registration or applicable exemption from the registration
requirements. This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the securities in
any jurisdiction in which such offer, solicitation or sale would be unlawful.


Statements in this press release contain forward-looking information within the
meaning of applicable securities law. Forward-looking information is frequently
characterized by words such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate" and other similar words, or statements that certain
events or conditions "may" or "will" occur. In particular, forward-looking
information in this press release includes, without limitation, statements with
respect to the closing date of the offering and the anticipated amount and use
of proceeds. Readers are cautioned that assumptions used in the preparation of
forward-looking information may prove to be incorrect. Although we believe that
the expectations reflected in the forward-looking information are reasonable,
there can be no assurance that such expectations will prove to be correct. We
cannot guarantee future results, level of activity, performance or achievements.
Consequently, there is no representation that the actual results achieved will
be the same, in whole or in part, as those set out in the forward-looking
information. Forward-looking information is based on the opinions and estimates
of management at the date the statements are made, and are subject to a variety
of risks and uncertainties and other factors (many of which are beyond the
control of SkyWest) that could cause actual events or results to differ
materially from those anticipated in the forward-looking information. Some of
the risks and other factors could cause results to differ materially from those
expressed in the forward-looking information include, but are not limited to:
general economic conditions in Canada, the United States and globally, the risks
associated with the oil and gas industry, commodity prices and exchange rate
changes. 

Industry related risks could include, but are not limited to: operational risks
in exploration, development and production; delays or changes in plans;
competition for and/or inability to retain drilling rigs and other services;
competition for, among other things, capital, acquisitions of reserves,
undeveloped lands, skilled personnel and supplies; risks associated to the
uncertainty of reserve estimates; governmental regulation of the oil and gas
industry, including environmental regulation; geological, technical, drilling
and processing problems and other difficulties in producing reserves; the
uncertainty of estimates and projections of production, costs and expenses;
unanticipated operating events or performance which can reduce production or
cause production to be shut in or delayed; incorrect assessments of the value of
acquisitions; the need to obtain required approvals from regulatory authorities;
stock market volatility; volatility in market prices for oil and natural gas;
liabilities inherent in oil and natural gas operations; access to capital; and
other factors. Readers are cautioned that this list of risk factors should not
be construed as exhaustive. The forward-looking information contained in this
news release is expressly qualified by this cautionary statement. SkyWest does
not undertake any obligation to update or revise any forward-looking statements
to conform such information to actual results or to changes in our expectations
except as otherwise required by applicable securities legislation. Readers are
cautioned not to place undue reliance on forward-looking information.

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