SkyWest Energy Corp.

SkyWest Energy Corp.

August 09, 2011 09:00 ET

SkyWest Energy Corp. Provides Operational Update

CALGARY, ALBERTA--(Marketwire - Aug. 9, 2011) - SkyWest Energy Corp. ("SkyWest" or the "Company") (TSX VENTURE:SKW) is pleased to report it has resumed its 2011 drilling operations and has completed the construction of the main trunk line at Willesden Green.

SkyWest has contracted 2 drilling rigs to resume its 2011 drilling program with the first Carrot Creek 05-08 well reaching total depth and will be completed by mid August 2011. The well was successfully drilled horizontally and the Company has a 100.00% working interest in this well. The rig has moved to its second location and commenced drilling operations on the Carrot Creek 15-19 Cardium horizontal well.

The second rig at Willesden Green has commenced drilling operations and has already reached true vertical depth and we are in the process of drilling the horizontal section in the 16-34 Cardium well. SkyWest has approximately 4 wells planned in this area for this year.

SkyWest has completed its main trunk line infrastructure from the north end of its Willesden Green property down to its facility at the Evening Star Compressor Station. This is a key infrastructure for its current drilling plans in the Willesden Green area and will result in more efficient tie-ins and substantial cost reduction moving forward. As a result, SkyWest has tied in the 01-02 Willesden Green well which was completed before break up and the well came on production on July 22, 2011 and has averaged 400 boepd.

Information Regarding SkyWest

SkyWest Energy Corp. is a Cardium focused, public oil and gas exploration and Development Company, located in Calgary, Alberta with operations in Alberta. SkyWest currently trades on the TSX Venture Exchange (TSXV) under the Symbol "SKW".

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. These forward-looking statements sometimes include words to the effect that management believes or expects a stated condition or result. All estimates and statements that describe the Corporation's objectives, goals or future plans are forward-looking statements. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties including, without limitation, risks associated with the Acquisition, oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, failure to realize the anticipated benefits of acquisitions, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources. As a consequence, SkyWest's actual results may differ materially from those expressed in, or implied by, the forward-looking statements.

Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information but which may prove to be incorrect. Although SkyWest believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because SkyWest can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this document, assumptions have been made regarding, among other things: the impact of increasing competition; the ability of SkyWest to obtain equipment and services in a timely and cost efficient manner; drilling results; the ability of the operator of the projects which SkyWest has an interest in to operate the field in a safe, efficient and effective manner; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development or exploration; the timing and costs of pipeline, storage and facility construction and expansion; future oil and natural gas prices; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which SkyWest operates; and the ability of SkyWest to successfully market its oil and natural gas products.

Readers are cautioned that the foregoing list of factors and assumptions is not exhaustive. Additional information on these and other factors that could effect SkyWest's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website ( 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.


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.

Contact Information

  • SkyWest Energy Corp.
    Lawrence Urichuk
    President & CEO
    (403) 265-0071

    SkyWest Energy Corp.
    Joel MacLeod
    VP Finance and CFO
    (403) 265-0071

    SkyWest Energy Corp.
    Suite 480, 435 - 4th Ave S.W.
    Calgary, Alberta T2P 3A8
    (403) 265-0073 (FAX)