SKW Skywest Energy Corp

SkyWest Energy Corp. ("SkyWest" or the "Company") (TSX VENTURE:SKW) is pleased
to announce it has filed on SEDAR its unaudited financial statements and related
Management's Discussion and Analysis ("MD&A") for the three and six months ended
June 30, 2010. Selected financial and operational information is outlined below
and should be read in conjunction with SkyWest's unaudited financial statements
and related MD&A which are available for review at www.sedar.com. 


These financial and operating results reflect only a prorated 8 days of results
of EMM Energy Inc. and 13 days of Stratosphere Energy Corp. for the three and
six months ended June 30, 2010.




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                            For the three   For the six For the 3 1/2 month 
($ CDN unless otherwise      months ended  months ended        period ended 
 noted)                     June 30, 2010 June 30, 2010   December 31, 2009 
----------------------------------------------------------------------------
FINANCIAL                                                                   
Gross revenue                     140,482       149,756                   - 
Funds from operations(1)         (448,299)     (164,735)            (35,122)
Per share (basic)                   (0.02)        (0.01)              (0.01)
Per share (diluted)                 (0.02)        (0.01)              (0.01)
Net income (loss)              (3,047,855)   (3,126,916)            (35,231)
Per share (basic)                   (0.14)        (0.20)              (0.01)
Per share (diluted)                 (0.14)        (0.20)              (0.01)
Capital expenditures, cash,                                                 
 excluding business                                                         
 combinations                     547,091     1,188,549             189,315 
Bank debt                       1,000,000     1,000,000                   - 
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OPERATIONS                                                                  
Production sales                                                            
Oil (bbls/d)                            9             5                   - 
Natural gas (mcf/d)                   178            89                   - 
NGL (bbls/d)                            1             -                   - 
Total (boe/d @ 6 mcf: 1 bbl)           40            20                   - 
Average pricing                                                             
Natural gas ($/mcf)                  4.23          4.24                   - 
Oil ($/bbl)                         75.66         76.20                   - 
NGL ($/bbl)                         48.67         48.94                   - 
Combined ($/boe)                    38.04         39.73                   - 
Expenses                                                                    
Operating expenses ($/boe)          16.92         20.13                   - 
Royalty expense ($/boe)              4.47          5.05                   - 
Netback Combined ($/boe) (2)        16.65         14.55                   - 
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1.Funds from operations is calculated as cash flow from operating activities
  before the change in non-cash working capital and is a non-GAPP           
  measurement.                                                              
2.Netback is a non-GAAP measurement equal to revenue less operating costs,  
  transportation and royalties. See "Non-GAAP Measures" note under Basis of 
  Presentation.                                                             



Message to Shareholders

Well it's been quite a journey these past 8 months. Since incorporation of
SkyWest as a private Company with a market cap of $1.5 million dollars, we have
seen SkyWest expand and grow into a $50 million dollar market cap Company today,
which to us is very exciting. SkyWest is a pure Cardium Player and is focused on
drilling and development of oil production in the Cardium zone. In the past 3
months, SkyWest completed its reverse take-over of EMM Energy Inc. ('EMM") and
Stratosphere Energy Corp. ("Stratosphere"), closed its initial finance of just
over $22 million dollars and is in the final process of closing an additional
$10 million dollar flow-through financing. In total SkyWest has raised over $32
million dollars in the first eight months of 2010. Note that the first six
months of results for 2010 only represent a prorated 8 days of financial and
operating results of EMM and a prorated 13 days of results of Stratosphere. 


SkyWest has now kicked off its 2010 Drilling Program with the first well in the
south Pembina field. The well has been drilled and we expect to complete the
well within the next couple of weeks. SkyWest has also commenced drilling
operations on its 2nd location in the Willesden Green area, which should be
drilled by the end of August. With all the new technologies in completions that
are evolving, we continually monitor and assess results of completions in the
Cardium formations in the W5 area of Alberta to determine if new technologies
will enhance production rates and lower the capital costs of completion. For
now, we are going to utilize an oil frac system which we feel is currently the
best completion fluid available. 


Since our closing of the EMM deal, SkyWest has been aggressive in expanding its
Cardium position by way of farm-in and land acquisitions. We have entered into a
6 3/4 section farm-in in the south Pembina area for the Cardium, a farm-in with
a private Company in a 1.25 section Cardium play , and have acquired an
additional 2.8 sections of Cardium acreage in the latest crown land sale. This
to date, gives SkyWest 35 sections of Cardium acreage ( 24 net sections - 15,360
net acres) .


SkyWest's current production is in the range of 350 to 385 boe/pd. We are very
excited moving forward with our drilling program for the year, as we have
scheduled the drilling of a total of 10 gross (7 net) Cardium horizontal wells.
Our exit production rate is expected to be approximately 900 - 1100 boe/day
being weighted towards oil and NGLs 


We hope that you are as pleased as we at SkyWest are in the growth and evolution
of the Company over the past 8 months. We look forward to delivering additional
value to our shareholders into the future and would like to thank our
shareholders for their support. I would also like to take this opportunity to
thank our Board of Directors for their tremendous support, wisdom and the
valuable knowledge they bring to SkyWest. 


On behalf of the Board of Directors

Mr. Lawrence Urichuk, President and Chief Executive Officer

Information Regarding SkyWest

SkyWest Energy Corp. is a public oil and gas exploration and development
company, located in Calgary, Alberta with operations in Alberta. SkyWest
currently trades on the TSX Venture Exchange (TSXV) under the Symbol "SKW".


Statements herein that are not historical facts may be considered forward
looking statements including management's assessment of future plans and
operations, growth expectations within the Corporation, expected initial
production rates from certain new wells, timing of completion of wells and of
production additions, expected size of various plays, construction or expansion
of facilities and the timing thereof and expected costs and the effects thereof,
drilling plans and the effects thereof. These forward-looking statements
sometimes include words to the effect that management believes or expects a
stated condition or result. All estimates and statements that describe the
Corporation's objectives, goals or future plans are forward-looking statements.
Since forward-looking statements address future events and conditions, by their
very nature they involve inherent risks and uncertainties including, without
limitation, risks associated with oil and gas exploration, development,
exploitation, production, marketing and transportation, loss of markets,
volatility of commodity prices, currency fluctuations, imprecision of reserve
estimates, environmental risks, competition from other producers, inability to
retain drilling rigs and other services, failure to realize the anticipated
benefits of acquisitions, delays resulting from or inability to obtain required
regulatory approvals and ability to access sufficient capital from internal and
external sources. As a consequence, SkyWest's actual results may differ
materially from those expressed in, or implied by, the forward-looking
statements.


Forward-looking statements or information are based on a number of factors and
assumptions which have been used to develop such statements and information but
which may prove to be incorrect. Although SkyWest believes that the expectations
reflected in such forward-looking statements or information are reasonable,
undue reliance should not be placed on forward-looking statements because
SkyWest can give no assurance that such expectations will prove to be correct.
In addition to other factors and assumptions which may be identified in this
document, assumptions have been made regarding, among other things: the impact
of increasing competition; the ability of SkyWest to obtain equipment and
services in a timely and cost efficient manner; drilling results; the ability of
the operator of the projects which SkyWest has an interest in to operate the
field in a safe, efficient and effective manner; field production rates and
decline rates; the ability to replace and expand oil and natural gas reserves
through acquisition, development or exploration; the timing and costs of
pipeline, storage and facility construction and expansion; future oil and
natural gas prices; currency, exchange and interest rates; the regulatory
framework regarding royalties, taxes and environmental matters in the
jurisdictions in which SkyWest operates; and the ability of SkyWest to
successfully market its oil and natural gas products.


Readers are cautioned that the foregoing list of factors and assumptions is not
exhaustive. Additional information on these and other factors that could effect
SkyWest's operations and financial results are included in reports on file with
Canadian securities regulatory authorities and may be accessed through the SEDAR
website (www.sedar.com). Furthermore, the forward-looking statements contained
in this news release are made as at the date of this news release and SkyWest
does not undertake any obligation to update publicly or to revise any of the
included forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required by applicable securities
laws.


BOEs

Disclosure provided herein in respect of barrels of oil equivalent (boe) may be
misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf:
1 Bbl is based on an energy equivalency conversion method primarily applicable
at the burner tip and does not represent a value equivalency at the wellhead.

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