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 closed its previously announced bought deal
equity financing with a syndicate of underwriters led by Wellington West Capital
Markets Inc. and including Haywood Securities Inc., FirstEnergy Capital Corp.,
Acumen Capital Finance Partners Limited and PI Financial Corp. (collectively,
the "Underwriters"), pursuant to which the Underwriters purchased 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 (the
"Offering"). The Flow-Through Shares are subject to a four month hold period in
accordance with applicable securities laws.


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.


Following the completion of the Offering, Skywest has 121,073,407 common shares
issued and outstanding. 


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 use of proceeds of the Offering. 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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