SkyWest Announces First Tranche Closing of Private Placement of Special Warrants

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


SkyWest Energy Corp. ("SkyWest" or the "Company") (TSX VENTURE:SKW) is pleased
to announce that it has closed the first tranche of the previously announced
private placement by issuing 57,911,500 common share special warrants ("Special
Warrants") at a price of $0.52 per special warrant for gross proceeds of
$30,113,980 (the "Offering"), inclusive of the issue of 4,396,500 Special
Warrants on partial exercise of the Underwriters' over-allotment option. In the
next several days the Company anticipates issuing the remaining Special Warrants
available under the over-allotment option to certain directors, officers and
employees of the Company and to certain other parties. Wellington West Capital
Markets Inc., acted as lead underwriter for the Offering, together with Haywood
Securities Inc., FirstEnergy Capital Corp. and Desjardins Securities Inc. 


Each Special Warrant will entitle the holder to acquire one common share without
payment of additional consideration at any time on or before April 8, 2011,
provided that if SkyWest does not receive a receipt for a prospectus in all
filing jurisdictions by December 31, 2010, each Special Warrant will entitle the
holder to acquire 1.1 common shares on exercise or deemed exercise thereof. 


SkyWest expects to use the net proceeds to fund the PrivateCo Acquisition, as
described in the Company's press releases dated November 8, 2010 and December 3,
2010, to fund ongoing exploration and development activities and for general
corporate purposes. 


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.


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.