SKW Skywest Energy Corp

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE
UNITED STATES


SkyWest Energy Corp. (TSX VENTURE:SKW) ("SkyWest or the "Company") is pleased to
announce that it has entered into an agreement with a syndicate of investment
dealers led by Wellington West Capital Markets Inc. and including Haywood
Securities Inc., FirstEnergy Capital Corp. and Desjardins Securities Inc.
(collectively, the "Underwriters") pursuant to which the Underwriters have
agreed to purchase, on a bought deal basis, 38,500,000 special warrants
("Special Warrants") of SkyWest at a price of $0.52 per Special Warrant for
aggregate gross proceeds of $20,020,000 (the "Offering").


Each Special Warrant will entitle the holder thereof to receive one common share
of the Company on the exercise or deemed exercise of the special warrant. The
Special Warrants will be exercisable by the holder at any time after the Closing
for no additional consideration and all unexercised Special Warrants will be
deemed to be exercised on the earlier of (a) four months and a day following the
Closing, and (b) that day on which a receipt is issued by the securities
regulatory authorities in each of the provinces of Canada, except Quebec, for a
final prospectus qualifying the common shares to be issued upon the exercise of
the Special Warrants. The Company shall use its reasonable best efforts to
obtain such receipt for a final exercise of the Special Warrants dated on or
prior to December 31, 2010. Until the receipt is issued for such prospectus, the
Special Warrants as well as the common shares issuable upon exercise thereof
will be subject to a four month hold period under applicable Canadian securities
laws.


SkyWest plans to use the net proceeds from the Offering to fund the proposed
acquisitions, as described in the Company's press release dated November 8,
2010, to fund ongoing exploration and development activities and for general
corporate purposes.


The Offering is expected to close on or about December 7, 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 and the securities
regulatory authorities.


This Offering replaces the private placement of subscription receipts announced
by the Company on November 8, 2010.


These securities have not been and will not be registered under the United
States Securities Act of 1933, as amended, or the securities laws of any state,
and may not be offered or sold in the United States unless an exemption from
registration is available. This press release does not constitute an offer to
sell or the solicitation of an offer to buy these securities in the United
States. 


SkyWest Energy Corp. is a Cardium focused exploration and production Company
based in Calgary, Alberta, Canada.


SAFE HARBOUR 

This news release contains certain "forward-looking information" within the
meaning of such statements under applicable securities law including estimates
as to: future production, operations, operating costs, commodity prices,
administrative costs, commodity price risk management activity, acquisitions and
dispositions, capital spending, access to credit facilities, income and oil
taxes, regulatory changes, other components of cash flow and earnings, the
timeline for the achievement of anticipated exploration, anticipated results
from any current or projected drilling program and, subject to regulatory
approval and commercial factor. 


Forward-looking information is frequently characterized by words such as "plan",
"expect", "project", "intend", "believe", "anticipate", "estimate", "may",
"will", "potential", "proposed" and other similar words, or statements that
certain events or conditions "may" or "will" occur. These statements are only
predictions. 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 that could cause actual events or
results to differ materially from those projected in the forward-looking
statements. These factors include, but are not limited to, the completion of the
transactions contemplated by the Acquisitions, the Financing and the credit
facility, the inherent risks involved in the exploration and development of
conventional oil and gas properties, and the assets to be acquired pursuant to
the Acquisitions, difficulties or delays in start-up and continuing operations,
the uncertainties involved in interpreting drilling results and other geological
data, fluctuating oil prices, the possibility of unanticipated costs and
expenses, uncertainties relating to the availability and costs of financing
needed in the future and other factors including unforeseen delays. The Company
faces risks including those associated with exploration, development, approvals
and the continuing ability to access sufficient capital from external sources if
required. Actual timelines associated may vary from those anticipated in this
news release and such variations may be material. Industry related risks could
include, but are not limited to, operational risks in exploration, development
and production, delays or changes in plans, risks associated to the uncertainty
of reserve estimates including those relating to the Acquisitions, health and
safety risks and the uncertainty of estimates and projections of production,
costs and expenses. SkyWest undertakes no obligation to update forward-looking
statements if circumstances or management's estimates or opinions should change,
unless required by law. 


The reader is cautioned not to place undue reliance on this forward-looking
information.


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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