YO

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Yoho Resources Inc. ("Yoho" or the "Company") (TSX VENTURE:YO) has filed today
on SEDAR the financial statements for the nine months ended June 30, 2012 and
the related managements' discussion and analysis. Copies of these documents may
be found on www.sedar.com.


Highlights



--  Yoho's production during fiscal Q3 2012 averaged 2,442 boe per day (75%
    natural gas), a 10% increase from fiscal Q2 production. The Company has
    approximately 700 boe per day of behind pipe production that is
    scheduled to come on-stream over the next few months.  
--  Notwithstanding substantially decreased natural gas prices, Yoho
    generated funds from operations for fiscal Q3 2012 of $2.4 million
    ($0.05 per share basic and diluted). 
--  Net exploration and development expenditures for the nine months ended
    June 30, 2012 were $27.7 million with Yoho participating in drilling 5
    (2.1 net) liquids-rich gas wells with an overall success rate of 100%. 
--  The Company maintained a flexible balance sheet with total net debt of
    $21.2 million at June 30, 2012 with a bank credit facility of $52
    million. The credit facility was reconfirmed with the Company's lender
    in June 2012. At June 30, 2012, Yoho had spent approximately 85% of the
    estimated capital expenditures for the year and plans on spending an
    additional $6 to $8 million for the balance of fiscal 2012. 



Operations Update

Kaybob, Alberta

At Kaybob, Yoho participated in a horizontal Duvernay well at 5-11-60-20 W5
which was drilled in fiscal Q2 and completed in Q3 (Yoho 33.33% working
interest). Due to drilling issues and impending spring breakup, the well lateral
section was shortened to 889 metres. Completion operations commenced in June,
2012 and the operator experienced difficulty in successfully fracing all of the
planned frac stages, with approximately 40% of the planned intervals
experiencing a successful frac. The well did, however, test at rates of 2.7 mmcf
per day and 130 barrels per day of condensate through production tubing at the
end of a 48 hour in-line test. Total liquids recovery, including propane, butane
and condensate, is expected to be approximately 80 to 100 barrels per mmcf. This
well is tied into production facilities, but currently shut-in for a 30 day
period to conduct a pressure build-up test.


This is the fifth horizontal Duvernay well that Yoho has participated in the
Kaybob area. All five of the horizontal wells, which were drilled strategically
throughout Yoho's land base, have tested gas with very high associated liquids.
The results of the wells drilled to date have delineated the extent of the
hydrocarbon resource over Yoho's entire land base at Kaybob. The Company is
currently participating in one additional delineation well located at
16-33-59-19 W5 (13.8% working interest) situated in the very south-east part of
Yoho's land block.


Yoho is currently planning its first company operated development pad consisting
of two horizontal wells (50% working interest) on the Tony Creek land block
(Township 62, Range 21 W5) for calendar Q4 2012. It is expected that the
efficiencies achieved drilling multiple wells on a common pad will substantially
reduce costs on a per well basis. 


Due to extremely wet conditions in the Kaybob area over the last several months,
Yoho has suspended pipelining operations of the 11.6 kilometer Yoho operated
pipeline (50% working interest) that will tie-in a liquids-rich gas well at the
northern portion of the land base. The Company will monitor ground conditions
and will recommence pipelining activity when field conditions are appropriate.
If surface conditions persist for the balance of summer and fall, resumption of
pipelining activity may take place after freeze-up. To date, approximately 25%
of this project has been completed.


Nig, British Columbia

At Nig, British Columbia, Yoho is planning to drill a vertical Montney well in
September 2012 on the south-east portion of its land block. Yoho is also
proceeding with the construction a 7.2 kilometer operated sour gas pipeline at
Nig (50% working interest) which will enable gas/liquids wells from the northern
portion of the Company's land block, currently shut in, to be brought on-stream.
Additional activity at Nig for fiscal 2013 will be reviewed in light of current
commodity prices.


Outlook

For fiscal 2013, Yoho is currently planning a total capital program of between
$35.0 and $38.0 million. The exploration program and related capital budget is
weighted to drilling the two unconventional plays at Kaybob and Nig, with the
majority of the capital allocated to the Duvernay at Kaybob. A total of seven
horizontal Duvernay wells (3 net wells) at Kaybob are currently planned to be
drilled for fiscal 2013. Yoho's fiscal 2013 budget assumes an oil price of
$90.00 per barrel at Edmonton and posted gas price of $2.82 per GJ at AECO. It
is estimated that overall production for fiscal 2013 will average approximately
3,100 to 3,200 boe per day with exit production estimated at 3,400 to 3,500 boe
per day. Activity levels for both the remainder of fiscal 2012 and for fiscal
2013 will continue to be monitored to align capital expenditures with expected
cash flow and available credit lines.


Yoho Resources Inc. is a Calgary based junior oil and natural gas company with
operations focusing in west central Alberta, northeast British Columbia and the
Peace River Arch of Alberta. The common shares of Yoho are listed on the TSX
Venture Exchange under the symbol "YO".


Cautionary Statements

Forward-looking information and statements

This news release contains certain forward-looking information and statements
within the meaning of applicable securities laws. The use of any of the words
"expect", "anticipate", "continue", "estimate", "may", "will", "project",
"should", "believe", "schedule", "plans", "intends" and similar expressions are
intended to identify forward-looking information or statements. In particular,
but without limiting the forgoing, this news release contains forward-looking
information and statements pertaining to the following: the estimated volumes
associated with certain of Yoho's wells; Yoho's and its partner's development
plans on certain of their properties; estimates of timing for tie-in of certain
gas wells; estimated costs associated with completing certain wells; estimated
reductions in costs on drilling and completing certain future wells; future
capital spending levels and focus areas for fiscal 2012 and 2013; completion and
testing operations on certain of its gas wells; and estimated average and exit
production rates for fiscal 2012.


In addition, forward-looking statements or information are based on a number of
material factors, expectations or assumptions of Yoho which have been used to
develop such statements and information but which may prove to be incorrect.
Although Yoho 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 Yoho can give no assurance that such
expectations will prove to be correct. In addition to other factors and
assumptions which may be identified herein, assumptions have been made
regarding, among other things: the information provided to Yoho by the operator
is accurate and correct; the impact of increasing competition; the general
stability of the economic and political environment in which Yoho operates; the
timely receipt of any required regulatory approvals; the ability of Yoho to
obtain qualified staff, equipment and services in a timely and cost efficient
manner; drilling results; the ability of the operator of the projects in which
Yoho has an interest in to operate the field in a safe, efficient and effective
manner; the ability of Yoho to obtain financing on acceptable terms; field
production rates and decline rates; the ability to replace and expand oil and
natural gas reserves through acquisition, development and exploration; the
timing and cost of pipeline, storage and facility construction and expansion,
the ability of Yoho and its partners to realize costs savings under multi-well
pad operation scenarios and the ability of Yoho and its partners to secure
adequate product transportation; future commodity prices; currency, exchange and
interest rates; regulatory framework regarding royalties, taxes and
environmental matters in the jurisdictions in which Yoho operates; and the
ability of Yoho to successfully market its oil and natural gas products.


The forward-looking information and statements included in this news release are
not guarantees of future performance and should not be unduly relied upon. Such
information and statements; including the assumptions made in respect thereof,
involve known and unknown risks, uncertainties and other factors that may cause
actual results or events to defer materially from those anticipated in such
forward-looking information or statements including, without limitation: changes
in commodity prices; changes in the demand for or supply of Yoho's products;
unanticipated operating results, pressure declines or production declines;
changes in the mix of commodity type production associated with Yoho's wells;
changes in tax or environmental laws, royalty rates or other regulatory matters;
changes in development plans of Yoho or by third party operators of Yoho's
properties, increased debt levels or debt service requirements; inaccurate
estimation of Yoho's oil and gas reserve and resource volumes; limited,
unfavourable or a lack of access to capital markets; increased costs; a lack of
inadequate insurance coverage; the impact of competitors; and certain other
risks detailed from time-to-time in Yoho's public disclosure documents,
(including, without limitation, those risks identified in this news release and
Yoho's Annual Information Form).


The forward-looking information and statements contained in this news release
speak only as of the date of this news release, and Yoho does not assume any
obligation to publicly update or revise any of the included forward-looking
statements or information, whether as a result of new information, future events
or otherwise, except as may be required by applicable securities laws.


Non-IFRS Financial Measures

The MD&A contains the term "funds from operations" and "funds from operations
per share" which do not have any standardized meaning prescribed by
International Financial Reporting Standards ("IFRS"). Management uses funds from
operations and funds from operations per share to analyze operating performance
and leverage and considers funds from operations to be a key measure as it
demonstrates the Company's ability to generate the cash necessary to fund future
capital investments and to repay debt. Funds from operations should not be
considered an alternative to, or more meaningful than cash flow from operating
activities as determined in accordance with IFRS as an indicator of the
Company's performance. Therefore references to funds from operations or funds
from operations per share (basic and diluted) may not be comparable with the
calculation of similar measures for other entities. Yoho calculates funds from
operations per share using the same method used in the determination of net
income per share.


Yoho also uses "operating netbacks" and per boe metrics as key performance
indicators. These terms do not have a standardized meaning prescribed by IFRS
and therefore may not be comparable with the calculation of similar measures by
other companies. Management considers netbacks an important measure as it
demonstrates its profitability relative to current commodity prices. The Company
uses this measure to help evaluate its performance.


BOE equivalent

Barrel of oil equivalents or BOEs 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. Given the value ratio based
on the current price of crude oil as compared to natural gas is significantly
different from the energy equivalency of 6 mcf: 1 bbl, utilizing a conversion
ratio of 6 mcf: 1 bbl may be a misleading indication of value.

Yoho Resources Inc. (TSXV:YO)
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부터 4월(4) 2024 으로 5월(5) 2024

Yoho Resources Inc. (TSXV:YO)
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