Skope Energy Enters Into Letter of Intent

CALGARY, ALBERTA--(Marketwire - Oct. 9, 2012) - Skope Energy Inc. ("Skope" or the "Company") (TSX:SKL) announces that it has signed a letter of intent with an arm's length third party for a consensual recapitalization of the Company (the "Recapitalization"). The final terms of the Recapitalization, including the level of dilution on existing shareholders and the future liquidity of the Company's shares, are dependent on various matters including regulatory approval.

Closing of the Recapitalization is expected to occur by late October 2012. However, closing is subject to a number of conditions including, among other things, finalization of definitive documentation, completion of satisfactory due diligence, and receipt of all necessary regulatory and third party approvals.

FORWARD LOOKING STATEMENTS

This news release contains forward-looking statements relating to the transactions contemplated by the letter of intent, the timing of completion of such transactions and the benefits to be derived therefrom. These forward-looking statements involve known or unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Undue reliance should not be placed on these forward-looking statements, as there can be no assurance that the Recapitalization will occur, or that it will occur on the terms and conditions contemplated in this news release. The forward-looking statement disclosure contained in this news release is expressly qualified by this cautionary statement. These forward-looking statements are made as of the date of this news release and the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as 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.