Press Releases

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

CALGARY, Dec. 21, 2010/CNW/ - SkyWest Energy Corp. (TSX VENTURE:SKW) ("SkyWest" or the "Company") is pleased to announce that it has filed a final short form prospectus (the "Final Prospectus") and a receipt has been issued by the Alberta Securities Commission for the Final Prospectus (the "Receipt"). The Final Prospectus qualifies the distribution of 61,538,500 common shares ("Common Shares") of the Company to be issued on the exercise or deemed exercise of 61,538,500 special warrants ("Special Warrants") previously issued by SkyWest pursuant to a private placement completed in two tranches on December 7, 2010 and December 16, 2010 (the "Offering"). Wellington West Capital Markets Inc., acted as lead underwriter for the Offering, together with Haywood Securities Inc., FirstEnergy Capital Corp. and Desjardins Securities Inc. For details regarding the Offering and the Special Warrants, please refer to the Company's news releases dated December 7, 2010 and December 16, 2010.

The Special Warrants, pursuant to their terms, have been deemed exercised upon the issuance of the Receipt. As a result of that deemed exercise the Company has issued 61,538,500 Common Shares to the holders of Special Warrants and the Special Warrants have been cancelled.

No securities are being offered for purchase under the Final Prospectus. The Final Prospectus has been filed with the securities commissions in each of Alberta, British Columbia, Saskatchewan, Manitoba, Ontario and New Brunswick. 

Copies of the Final Prospectus may be obtained from Mr. Joel MacLeod, the Chief Financial Officer of the Company, at Suite 480, 435 - 4thAvenue S.W., Calgary, Alberta T2P 3A8, telephone (403) 265-0071, and is also available electronically at www.sedar.com.

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

The securities offered have not been and will not be registered under the United States 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 requirement. This media release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there by any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Cautionary Note Regarding Forward-Looking Statements

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.

Readers are cautioned that the foregoing list of factors and assumptions is not exhaustive. 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.