Market Overview

Skope Energy Letter of Intent Terminated

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CALGARY, ALBERTA--(Marketwire - Oct. 24, 2012) - Skope Energy Inc. ("Skope" or the "Company") announces that it will not be proceeding with the transactions contemplated by the previously announced letter of intent. Skope is in discussions with alternative capital providers and continues to work with its lender to provide an optimal solution for all parties. The Company will report on the progress of these initiatives as they develop. However, at this time, the Company can give no assurance that it will be successful in obtaining alternative financing on terms satisfactory to the Company or its lender.

FORWARD LOOKING STATEMENTS

This news release contains forward-looking statements relating to the Company's plans and other aspects of the Company's anticipated future operations, management focus, strategies, financial and operating results and business opportunities. Forward-looking statements typically use words such as "anticipate", "believe", "project", "expect", "goal", "plan", "intend" or similar words suggesting future outcomes, statements that actions, events or conditions "may", "would", "could" or "will" be taken or occur in the future. In particular, this press release contains forward-looking statements relating, but not limited to the Company's ability to obtain alternative financing on a satisfactory basis.

While Skope considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties and other factors that contribute to the possibility that the predicted outcome will not occur, including, without limitation: risks associated with the Company's ability to access sufficient capital from alternative sources. Readers are cautioned that the foregoing list of factors is not exhaustive.

Although Skope believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements and you should not unduly rely on forward-looking statements. The forward-looking statements contained in this news release are made as the date of this new release and the Company 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.

Additional information regarding Skope is available under the Company's profile on SEDAR at www.sedar.com or on the Company's website at www.skopeenergy.com.

ABOUT SKOPE ENERGY INC.

Skope is in the business of oil and natural gas exploration, development and production in Western Canada with a focus on shallow natural gas. Skope owns an 80% working interest in a package of high quality, long-term, low decline producing shallow gas assets, located in southeast Alberta and southwest Saskatchewan.

FOR FURTHER INFORMATION PLEASE CONTACT:
Skope Energy Inc.
Henry Cohen
President and Chief Executive Officer
416 850 0193
henry.cohen@skopeenergy.com


Skope Energy Inc.
Viren Wong
Executive Vice-President and Chief Operating Officer
416 850 0193
viren.wong@skopeenergy.com


Skope Energy Inc.
Daniel Belot
Vice President, Finance and Chief Financial Officer
403 538 8018
daniel.belot@skopeenergy.com

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