Daylight Energy Ltd. ("Daylight" or the "Corporation") (TSX:DAY) is pleased to
announce it has completed the previously announced sale of certain non-core
heavy oil and natural gas assets in Eastern Alberta to Gear Energy Ltd. ("Gear")
for aggregate consideration of $125 million, consisting of $100 million in cash
and $25 million in equity. Gear Energy Ltd. is a private Calgary-based oil and
gas company led by Don Gray (Executive Chairman) and Rick Braund (Director),
previously co-founders of Peyto Energy Trust, and Ingram Gillmore (President &
CEO) former VP Engineering at ARC Energy Trust. After application of the cash
proceeds from this sale, Daylight will have approximately $300 million drawn
against its credit facility.


Production Update

Field estimates during Q2 2010 indicate that Daylight achieved record production
of 42,250 boe per day during the quarter, an increase of approximately 6% over
Q1 2010 volumes. This increase includes the production volumes associated with
the acquisition of West Energy Ltd. ("West") effective May 12, 2010 and the
impact of our successful capital program through the first half of 2010. In
spite of unusually wet conditions in Daylight's key Pembina property, the
Corporation is pleased to announce that drilling and completion operations are
now underway at four locations for light oil horizontal multi-stage frac wells.
Daylight is continuing to actively pursue our Pembina Cardium light oil
development with production from our initial 9 (8.4 net) Cardium wells drilled
during 2010 continuing to exceed expectations at over 1,700 boe per day for Q2
2010. Daylight anticipates releasing our full Q2 2010 financial and operating
results after close of trading on Tuesday, August 3, 2010.


Guidance Updated 

Daylight is revising our production guidance to 42,000 to 43,000 boe per day for
2010, with an exit rate of approximately 45,000 boe per day to reflect the
closing of the non-core asset sale. It is anticipated that Daylight's leverage
to oil and natural gas liquids will be approximately 45% for the remainder of
2010.


Cash Dividends Maintained

Daylight's Q3 dividends are maintained at our existing level of $0.05 per share
per month. Details of these dividends are as follows:




----------------------------------------------------------------------------
                                                                Dividend Per
Record Date           Ex-Dividend Date  Dividend Payment Date       Share(i)
----------------------------------------------------------------------------
July 30, 2010            July 28, 2010        August 16, 2010          $0.05
August 31, 2010        August 27, 2010     September 15, 2010          $0.05
September 30, 2010  September 28, 2010       October 15, 2010          $0.05
----------------------------------------------------------------------------



(i) The dividend is considered an "eligible dividend" for tax purposes.

Daylight expects to pay a sustainable dividend on a monthly basis, provided
however that any decision to pay dividends on the common shares will be made by
the Board of Directors on the basis of Daylight's funds from operations,
earnings, financial requirements, commodity price levels, legal requirements and
other conditions existing at such future times. Daylight currently intends to
designate all dividends to be "eligible dividends" for the purposes of the
Income Tax Act (Canada) such that shareholders who are individuals will benefit
from the enhanced gross-up and dividend tax credit mechanism under the Income
Tax Act (Canada).


Daylight is a growing intermediate oil, liquids rich natural gas and resource
play natural gas producing company with a high quality suite of diverse assets
in Western Canada. Daylight's highly focused team utilizes technical expertise
in exploitation, development and acquisitions to create long-term value for
shareholders. The Daylight team has developed a multi-year inventory of
repeatable, low risk exploitation resource play projects with substantial
potential reserve additions on assets owned and controlled in the premier Deep
Basin area of Alberta and Northeast British Columbia. Daylight has approximately
204 million Daylight Shares currently outstanding which trade on the Toronto
Stock Exchange ("TSX") under the symbol DAY. Daylight Series B, Series C, and
Series D convertible debentures trade on the TSX under the symbols DAY.DB.B,
DAY.DB.C and DAY.DB.D, respectively.


An updated corporate presentation is available on Daylight's website at
www.daylightenergy.com.


ADVISORY:

Forward-Looking Information and Statements 

This press release contains forward-looking statements and forward-looking
information within the meaning of applicable securities laws. The use of any of
the words "expect", "anticipate", "continue", "estimate", "objective",
"ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and
similar expressions are intended to identify forward-looking statements or
information. More particularly and without limitation, this press release
contains forward-looking statements and information concerning; anticipated
production levels for the balance of 2010; exit production rates for 2010 and
production levels by commodity type; and expectations regarding future dividends
declared and paid on the common shares.


The forward-looking statements and information in this press release are based
on certain key expectations and assumptions made by Daylight, including
expectations and assumptions concerning: prevailing and future commodity prices
and exchange rates; applicable royalty rates and tax laws; future well
production rates; the performance of existing wells; application of existing
technologies and future advancements in technology to Daylight's operations and
drilling activities; the success obtained in drilling new wells; the inventory
of new drilling locations; the sufficiency of budgeted capital expenditures in
carrying out planned activities; the availability and cost of labour and
services; and the receipt, in a timely manner, of regulatory and third party
approvals.


Although Daylight believes that the expectations and assumptions on which such
forward-looking statements and information are based are reasonable, undue
reliance should not be placed on the forward-looking statements and information
because Daylight can give no assurance that they will prove to be correct. There
is no representation by Daylight that actual results achieved during the periods
identified in this press release will be the same in whole or in part as those
forecast.


Since forward-looking statements and information address future events and
conditions, by their very nature they involve inherent risks and uncertainties.
Actual results could differ materially from those currently anticipated due to a
number of factors and risks. These include, but are not limited to the risks
associated with the oil and gas industry in general such as: operational risks
in development, exploration and production; delays or changes in plans with
respect to exploration or development projects or capital expenditures; the
uncertainty of reserve and resource (including original oil in place) estimates;
the uncertainty of estimates and projections relating to production, costs and
expenses; health, safety and environmental risks; commodity price and exchange
rate fluctuations; marketing and transportation of petroleum and natural gas and
loss of markets; environmental risks; competition; risks associated with
utilizing existing technologies and future technological advancements in
Daylight's operations and drilling activities; failure to realize the
anticipated benefits of acquisitions; risks regarding the integration of
acquired entities and assets; incorrect assessment of the values of
acquisitions; ability to access sufficient capital from internal and external
sources; failure to obtain required regulatory and other third party approvals;
and changes in legislation, including but not limited to tax laws, royalty rates
and environmental regulations. Readers are cautioned that the foregoing list of
risk factors is not exhaustive. Additional information on these and other
factors that could affect the business, operations or financial results of
Daylight are included in reports on file with applicable securities regulatory
authorities, including but not limited to Daylight Resources Trust's Annual
Information Form for the year ended December 31, 2009 and Daylight Resources
Trust's Notice of Annual and Special Meeting and Information Circular and Proxy
Statement dated April 7, 2010, each of which may be accessed on Daylight
Resources Trust's (the predecessor to Daylight) SEDAR profile at www.sedar.com.


The forward-looking statements and information contained in this press release
are made as of the date hereof and Daylight undertakes no obligation to update
publicly or revise any forward-looking statements or information, whether as a
result of new information, future events or otherwise, unless so required by
applicable securities laws.


Barrels of Oil Equivalent

"Boe" or "barrel of oil equivalent" means barrel of oil equivalent on the basis
of 1 boe to 6,000 cubic feet of natural gas. Boe's may be misleading,
particularly if used in isolation. A boe conversion ratio of 1 boe for 6,000
cubic feet of natural gas 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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