Libra Fund II (Luxembourg) S.à r.l. Acquires Special Warrants of Skywest
Energy Corp. for Investment Purposes

TORONTO, Dec. 9 /CNW/ - Libra Advisors, LLC ("Libra") announced today that Libra Fund II (Luxembourg) S.à r.l. (the "Fund") has acquired 13,500,000 special warrants of Skywest Energy Corp. ("Skywest") at a price of $0.52 per special warrant pursuant to a private placement.

Each special warrant entitles the holder to acquire one common share without payment of additional consideration at any time 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, including the Fund, to acquire 1.1 common shares on exercise or deemed exercise.

As a result of this acquisition and together with the previously held common shares, the Fund now owns 7,050,000 common shares of Skywest and 13,500,000 special warrants of Skywest that, if exercised, would result in the Fund holding approximately 15.27% of the total outstanding common shares of Skywest.

The Fund acquired the common shares and warrants for investment purposes and may, from time to time, acquire additional securities of Skywest or dispose of such securities as it may deem appropriate.

Libra is the investment advisor to the Fund and maintains its principal office at 777 Third Avenue, 27^th Floor, New York, New York 10017.

For further information:

Mr. Ranjan Tandon, Managing Member, at [phone]