Yoho Resources Inc. Announces Year End Financial Results,

Yoho Resources Inc. Announces Year End Financial Results, Corporate
Reserves and Duvernay and Montney Contingent Resource Assessments 
CALGARY, ALBERTA -- (Marketwire) -- 11/22/12 -- Yoho Resources Inc.
(TSX VENTURE:YO) ("Yoho" or the "Company") has filed today on SEDAR
the financial statements for the year ended September 30, 2012 and
the related managements' discussion and analysis ("MD&A"). Yoho today
also filed its Annual Information Form for the year ended September
30, 2012 which includes the Company's reserves data and other oil and
gas information for the year ended September 30, 2012 as mandated by
National Instrument 51-101 Standards of Disclosure for Oil and Gas
Activities of the Canadian Securities Administrators ("NI 51-101").
Copies of these documents may be found on www.sedar.com. 
Yoho is also pleased to announce the results of a reserve and
contingent resource assessment of the Company's Kaybob Duvernay
assets and an updated reserve and contingent resource assessment of
certain of the Company's Nig Montney assets as evaluated by GLJ
Petroleum Consultants Ltd. ("GLJ"). 
Highlights 


 
--  Yoho's proved plus probable reserves as evaluated by GLJ as at September
    30, 2012 increased 96% to 27.4 MMboe from 14.0 MMboe at September 30,
    2011. The Company's proved reserves as at September 30, 2012 increased
    40% to 10.8 MMboe from 7.7 MMboe. The percentage of Yoho's proved plus
    probable reserves that are natural gas liquids has increased to 29% at
    September 30, 2012 from 17% at September 30, 2011. 
--  The net present value of Yoho's estimated future net revenue before
    income taxes from proved plus probable reserves as at September 30, 2012
    and utilizing GLJ's October 1, 2012 price forecast and discounted at
    10%, is $216.4 million and the net present value of total proved
    reserves as at September 30, 2012 is $87.7 million 
--  Yoho's production during fiscal 2011 averaged 2,207 boe per day, a 10%
    decrease from fiscal 2011 production of 2,475 boe per day. Fiscal 2012
    production was impacted by disruptions in third party pipelines and a
    resulting delay in obtaining regulatory approvals for re-commissioning.
    These disruptions have been remedied and current production is estimated
    at 2,500 boe per day. Yoho has an additional 700 boe per day behind pipe
    to be tied-in following completion of pipeline construction. 
--  Notwithstanding a year of low natural gas prices, Yoho generated funds
    from operations for fiscal 2012 of $9.9 million ($0.22 per share basic
    and diluted). 
--  Net exploration and development expenditures for fiscal 2012 were $34.2
    million. During the year ended September 30, 2012, Yoho drilled 8 (3.7
    net) gas wells with an overall success rate of 100%. All of the wells
    drilled in fiscal 2012 were individual, unconventional delineation
    wells. 
--  Yoho maintained a flexible balance sheet with total net debt of $18.5
    million at September 30, 2012 on a bank credit facility of $52 million. 
--  Reserve replacement was 484% on proved reserves and 1,760% on proved
    plus probable reserves.  
--  For fiscal 2012, Yoho achieved all-in finding, development and
    acquisition costs of $16.30 per boe (including all technical revisions
    and changes in future development capital). For the past three years,
    Yoho's rolling average finding, development and acquisition costs were
    $15.95 per boe (including all technical revisions and changes to future
    development capital). Total future development capital for Yoho's proved
    plus probable reserves at September 30, 2012 is $284.3 million scheduled
    over five years. Total future development capital for Yoho's total
    proved reserves at September 30, 3012 is $99.5 million scheduled over
    three years. 
--  Yoho's proved plus probable reserve life index (RLI), based on average
    fiscal 2012 production, increased by 112% to 34 years from 16 years at
    September 30, 2012. 
--  At September 30, 2012 Yoho had 135,200 net acres of undeveloped land
    with an internally estimated value of $75.4 million. 
--  Yoho's net asset value per share as at September 30, 2012 is calculated
    at $5.43 per share (basic) including an internal land value of $75.4
    million and $3.93 per share (basic) excluding land value. 
--  The best estimate for the Company's Contingent Resources for the
    evaluated area at Kaybob in the Duvernay formation is 47.3 MMboe net as
    at September 30, 2012, consisting of 162.6 bcf of natural gas and 20.2
    million barrels of natural gas liquids. This estimate excludes all
    proved plus probable reserves assigned to Yoho's interests at Kaybob by
    GLJ as at September 30, 2012. 
--  The best estimate of the Kaybob Duvernay Contingent Resources has a net
    present value to Yoho of $255.0 million (after the recovery of all
    anticipated capital) using a discount rate of 10% and utilizing the GLJ
    price forecast as at October 1, 2012. The net present value of the
    Kaybob Duvernay Contingent Resources is $5.07 per share basic. This
    value has not been included in the calculation of Yoho's net asset
    value. 
--  The best estimate for the Company's Contingent Resources for the
    evaluated area at Nig in the Upper Montney formation is 52.7 MMboe net
    as at September 30, 2012, consisting of 266.3 bcf of natural gas and 8.3
    million barrels of natural gas liquids. This estimate excludes all
    proved plus probable reserves assigned to Yoho's interest at Nig by GLJ
    as at September 30, 2012. 
--  The best estimate of the Nig Montney Contingent Resources has a net
    present value to Yoho of $194.9 million (after the recovery of all
    anticipated capital) using a discount rate of 10% and utilizing the GLJ
    price forecast as at October 1, 2012. The net present value of the Nig
    Montney Contingent Resources is $3.87 per share basic. This value has
    not been included in the calculation of Yoho's net asset value.

 
FINANCIAL 


 
----------------------------------------------------------------------------
                                               Year ended        Year ended 
                                            September 30,     September 30, 
                                                     2012              2011 
----------------------------------------------------------------------------
Financial ($)                                                               
Petroleum and natural gas sales                23,177,160        29,523,389 
Funds from operations (1)                       9,917,532        14,618,416 
  per share - basic                                  0.22              0.38 
  per share - diluted                                0.22              0.38 
Net loss                                       (8,899,211)       (6,196,510)
  per share - basic                                 (0.20)            (0.16)
  per share - diluted                               (0.20)            (0.16)
                                                                            
Net exploration and development                                             
 expenditures                                  34,696,555        35,029,751 
Net acquisitions and dispositions                (488,352)         (810,000)
Total assets                                  154,495,876       138,595,121 
Total debt (including working capital                                       
 deficiency)                                   18,505,730        22,622
,390 
Shareholders' equity                          113,911,023        93,684,548 
                                                                            
Weighted average common shares                                              
 outstanding                                                                
  Basic                                        44,922,728        38,183,816 
  Diluted                                      44,922,728        38,183,816 
                                                                            
----------------------------------------------------------------------------

 
Notes:  
(1) Funds from operations is calculated as cash provided by operating
activities, adding the change in non-cash working capital,
decommissioning obligation expenditures, the transportation liability
charge and acquisition costs. Funds from operations is used to
analyze the Company's operating performance and leverage. Funds from
operations does not have a standardized measure prescribed by
International Financial Reporting Standards ("IFRS") and therefore
may not be comparable with the calculations of similar measures for
other companies. Yoho's calculation of funds from operations is
detailed in the MD&A for the years ended September 30, 2012 and 2011. 


 
----------------------------------------------------------------------------
                                               Year ended        Year ended 
                                            September 30,     September 30, 
                                                     2012              2011 
----------------------------------------------------------------------------
Operations                                                                  
Production                                                                  
  Natural gas (mcf/d)                              10,022            11,435 
  Oil and NGL (bbls/d)                                537               569 
  Combined (boe/d)                                  2,207             2,475 
                                                                            
Realized sales prices                                                       
  Natural gas ($/mcf)                                2.39              3.62 
  Oil and NGL ($/bbl)                               73.32             69.46 
                                                                            
Funds from operations per boe ($/boe)                                       
  Petroleum and natural gas sales                   28.68             32.68 
  Royalties                                         (2.84)            (3.89)
  Operating expenses                               (10.70)           (10.39)
                                        ------------------------------------
  Operating netback (2)                             15.14             18.40 
  General and administrative                        (3.29)            (2.86)
  Interest                                          (0.94)            (0.71)
  Realized gain on financial derivative                                     
   contracts                                         1.37              1.35 
                                        ------------------------------------
  Funds from operations (1)                         12.28             16.18 
                                        ------------------------------------
                                        ------------------------------------
                                                                            
Drilling activity                                                           
  Total wells                                           8                 9 
  Working interest wells                              3.7               4.7 
  Success rate on working interest wells              100%              100%
                                                                            
Undeveloped land (net acres)                      135,266           151,812 
----------------------------------------------------------------------------

 
Notes:  
(1) Funds from operations is calculated as cash provided by operating
activities, adding the change in non-cash working capital,
decommissioning obligation expenditures, the transportation liability
charge and acquisition costs. Funds from operations is used to
analyze the Company's operating performance and leverage. Funds from
operations does not have a standardized measure prescribed by IFRS
and therefore may not be comparable with the calculations of similar
measures for other companies. Yoho's calculation of funds from
operations is detailed in the MD&A for the years ended September 30,
2012 and 2011.   
(2) Operating netback equals petroleum and natural gas sales
including realized hedging gains and losses on commodity contracts
less royalties, operating costs and transportation costs calculated
on a boe basis. Operating netback and funds from operations netback
do not have a standardized measure prescribed by IFRS and therefore
may not be comparable with the calculations of similar measures for
other companies. 
FINANCIAL 
Notwithstanding a year of low natural gas prices, Yoho generated
funds from operations for fiscal 2012 of $9.9 million ($0.22 per
share basic and diluted). The fiscal 2012 capital program focused on
drilling individual, unconventional delineation wells, primarily at
Kaybob, Alberta and Nig, British Columbia. Yoho did not drill any
wells on conventional style plays during fiscal 2012. As a result of
decreasing natural gas prices during fiscal 2012, the Company
recognized an $8.8 million impairment on its conventional cash
generating units. Total net debt at September 30, 2012 was $18.5
million on a bank credit facility of $52 million.  
OPERATIONS UPDATE 
Kaybob Duvernay 
Yoho is currently drilling the first two horizontal Duvernay
development wells from a pad site at 15P-16-62-21 W6 on the Yoho
operated Tony Creek block. The wells are expected to be drilled and
completed by the end of December 2012, with production testing of the
well in early 2013. Construction of an 11.2 kilometer pipeline from
the padsite to a SemCams pipeline has recommenced now that surface
conditions have improved in the area with completion expected in
early 2013. Upon completion of the pipeline construction, the
13-22-62-21 W5 horizontal well, along with the 15P-16 pad production,
will be brought on-stream. 
Nig Montney 
The 7.2 kilometer Yoho operated pipeline at Nig (50% working
interest) has been completed and previously shut-in production from
the d-97-H/94-H-4 gas/liquids well located in the northern portion of
the Company's land block was placed on production on November 20,
2012. This pipeline is part of Yoho's development plan in the Nig
area and will facilitate timely tie-in of future development wells.  
LAND HOLDINGS 
The Company internally estimated the fair market value of its net
undeveloped land holdings as at September 30, 2012 to be $75.4
million. This evaluation was completed principally using industry
activity levels, third party transactions and land acquisitions that
occurred in proximity to Yoho's undeveloped lands during the previous
12 months.  
A summary of the Company's land holdings at September 30, 2012 is
outlined below: 


 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                         Developed Acres Undeveloped Acres       Total Acres
Location              Gross (1)  Net (2)Gross (1)  Net (2)Gross (1)  Net (2)
----------------------------------------------------------------------------
                                                                            
Alberta                  74,805   34,755  115,245   66,165  190,049  100,920
British Columbia         53,179   31,043   99,241   69,101  152,420  100,114
Other                       324      117        -        -      324      117
----------------------------------------------------------------------------
Total                   128,308   65,915  214,486  135,266  342,793  201,181
----------------------------------------------------------------------------
----------------------------------------------------------------------------

 
Notes: 
(1) "Gross" means the total area of properties in which the Company
has an interest.  
(2) "Net" means the total area in which the Company has an interest
multiplied by the working interest owned by the Company. 
CORPORATE RESERVES 
The reserves data set forth below is based upon an independent
reserve assessment and evaluation prepared by GLJ dated November 15,
2012 with an effective date of September 30, 2012 (the "GLJ Report").
The following presentation summarizes the Company's crude oil,
natural gas liquids and natural gas reserves and the net present
values before income taxes of future net revenue for the Company's
reserves using forecast prices and costs based on the GLJ Report. The
GLJ Report has been prepared in accordance with the standards
contained in the Canadian Oil and Gas Evaluation Handbook (the "COGE
Handbook") and the reserve definitions contained in NI 51-101. 
All evaluations and reviews of future net cash flows are stated prior
to any provisions for interest costs or general and administrative
costs and after the deduction of estimated future capital
expenditures for wells to which reserves have been assigned. It
should not be assumed that the estimates of future net revenues
presented in the tables below and in the "Highlights" section above
represent the fair market value of the reserves. There is no
assurance that the forecast prices and cost assumptions will be
attained and variances could be material. The recovery and reserve
estimates of our crude oil, natural gas liquids and natural gas
reserves provided herein are estimates only and there is no guarantee
that the estimated reserves will be recovered. Actual crude oil,
natural gas and natural gas liquids reserves may be greater than or
less than the estimates provided herein.  
Reserves Summary 
The Company's total proved plus probable reserves increased by 96% in
fiscal 2012 to 27,449 Mboe. Proved reserves increased by 40% to
10,821 Mboe and comprised 39% of the Company's total proved plus
probable reserves. Proved undeveloped reserves are 54% of the total
proved reserves. The future capital in the GLJ Report (undiscounted)
is $284.3 million for the proved and probable reserves and is $99.5
million for total proved reserves. 
The following table provides summary reserve information based upon
the GLJ Report and using the published GLJ (October 1, 2012) price
forecast. 


 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                Light and Medium Oil           Heavy Oil Natural Gas Liquids
----------------------------------------------------------------------------
                   Company             Company             Company          
                  Interest            Interest            Interest          
                       (1)   Net (2)       (1)    Net(2)       (1)   Net (2)
                    (Mbbl)    (Mbbl)    (Mbbl)    (Mbbl)    (Mbbl)    (Mbbl)
                                                                            
Proved producing       281       218        96        81       577       422
Non-producing            1         1         -         -       180       137
Undeveloped            114        89         -         -     1,625     1,238
                ------------------------------------------------------------
Total proved           396       307        96        81     2,382     1,797
Probable               527       426        28        24     5,441     4,057
                ------------------------------------------------------------
Total proved &                                                              
 probable              922       733       124       105     7,823     5,855
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                        Total Barrels of Oil
                                             Natural Gas      Equivalent (3)
----------------------------------------------------------------------------
                                       Company             Company          
                                      Interest            Interest          
                                           (1)   Net (2)       (1)   Net (2)
                                        (Mmcf)    (Mmcf)    (Mboe)    (Mboe)
                                                                            
Proved producing                        19,978    18,030     4,284     3,726
Non-producing                            2,865     2,514       658       557
Undeveloped                             24,841    22,075     5,879     5,006
                                    ----------------------------------------
Total proved                            47,684    42,618    10,821     9,289
Probable                                63,793    57,297    16,628    14,056
                                    ----------------------------------------
Total proved & probable                111,477    99,916    27,449    23,345
----------------------------------------------------------------------------
----------------------------------------------------------------------------

 
Notes: 
(1) "Company Interest" reserves means Yoho's working interest
(operating and non-operating) share before deduction of royalties and
including any royalty interest of the Company.  
(2) "Net" reserves means Yoho's working interest (operated and
non-operated) share after deduction of royalty obligations, plus
Yoho's royalty interest in reserves.  
(3) Oil equivalent amounts have been calculated using a conversion
rate of six thousand cubic feet of natural gas to one barrel of oil.
BOEs may be misleading, particularly if used in isolation. A BOE
conversion ratio of six thousand cubic feet of natural gas to one
barrel of oil 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.  
(4) May not add due to rounding. 
Reserves Values 
The estimated before tax net present value of future net revenues
associated with Yoho's reserves effective September 30, 2012 and
based on the published GLJ (October 1, 2012) future price forecast
are summarized in the following table: 


 
----------------------------------------------------------------------------
-------------------------------------------------------------------
---------
                                                               Discounted at
----------------------------------------------------------------------------
                            Undiscounted       5%      10%      15%      20%
----------------------------------------------------------------------------
(M$)                                                                        
                                                                            
Proved producing                  92,196   69,051   55,308   46,322   40,024
Non-producing                     15,333   11,276    8,850    7,261    6,143
Undeveloped                       97,109   48,826   23,558    9,042      112
                          --------------------------------------------------
Total proved                     204,638  129,153   87,716   62,626   46,280
Probable                         464,657  227,455  128,708   79,121   50,802
                          --------------------------------------------------
Total proved plus probable       669,294  356,608  216,424  141,747   97,082
----------------------------------------------------------------------------
----------------------------------------------------------------------------

 
Notes: 
(1) The estimated future net revenues are stated before deducting
future estimated site restoration costs and are reduced for estimated
future abandonment costs and estimated capital for future development
associated with the reserves.  
(2) The net present value of future revenues does not represent fair
market value.  
(3) May not add due to rounding. 
The following table sets forth development costs deducted in the
estimation of the future net revenue attributable to the reserve
categories noted below. 


 
                                                   Forecast Prices and Costs
                                    ----------------------------------------
                                                        Proved Plus Probable
                                         Proved Reserves            Reserves
                                    ----------------------------------------
Year                                                (M$)                (M$)
----------------------------------------------------------------------------
2012                                               2,467               2,467
2013                                              31,558              61,026
2014                                              53,617              90,880
2015                                              11,867              47,812
2016                                                   -              51,632
2017                                                   -              30,197
2018                                                   -                   -
2019                                                   -                 126
2020                                                                       -
2021                                                   -                   -
Remainder                                              -                 196
                                    ----------------------------------------
Total Undiscounted (all years)                    99,509             284,335
                                    ----------------------------------------
Total discounted 10%                              86,330             228,382
                                    ----------------------------------------
                                    ----------------------------------------

 
Price Forecast 
The GLJ October 1, 2012 price forecast is summarized as follows: 


 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                Hardisty   Natural          
               $US/$Cdn    WTI @    Edmonton       Heavy       gas Westcoast
                                 light crude                                
Year           Exchange  Cushing         oil      12 API at AECO-C Station 2
                   Rate                                       spot          
----------------------------------------------------------------------------
                       (US$/bbl)    (C$/bbl)  ($Cdn/bbl)(C$/MMbtu)(C$/MMbtu)
2012 Q4            1.00    92.50       90.50       66.78      2.92      2.72
2013               0.98    92.50       92.35       69.00      3.44      3.24
2014               0.98    95.00       95.92       72.57      3.90      3.70
2015               0.98    97.50       98.47       74.53      4.36      4.16
2016               0.98   100.00      101.02       76.48      4.82      4.62
2017               0.98   100.00      101.02       76.48      5.05      4.85
2018               0.98   101.35      102.40       77.54      5.43      5.23
2019               0.98   103.38      104.47       79.13      5.54      5.34
2020               0.98   105.45      106.58       80.75      5.65      5.45
2021               0.98   107.56      108.73       82.40      5.76      5.56
Thereafter            - +2.0%/yr    +2.0%/yr    +2.0%/yr  +2.0%/yr  +2.0%/yr
----------------------------------------------------------------------------
----------------------------------------------------------------------------

 
Notes: 
(1) Inflation is accounted for at 2.0% per year 
The following table compares the GLJ October 1, 2012 price forecast
with the GLJ October 1, 2011 price forecast.  


 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                     AECO Spot Gas $/Mmbtu Edmonton Light Sweet Crude $/Bbl 
          -------------------------------- -------------------------------- 
          October 1, October 1,            October 1, October 1,            
Year            2012       2011 Variance %       2012       2011 Variance % 
----------------------------------------------------------------------------
2012 Q4         2.92       3.90      (25.1)     90.50      91.84       (1.5)
2013            3.44       4.36      (21.1)     92.35      94.39       (2.2)
2014            3.90       4.59      (15.0)     95.92      96.94       (1.1)
2015            4.36       5.05      (13.7)     98.47     102.02       (2.5)
2016            4.82       5.51      (12.5)    101.02     101.02         (-)
2017            5.05       5.97      (15.4)    101.02     102.41       (1.4)
2018            5.43       6.43      (15.6)    102.40     104.47       (2.0)
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Capital Program Efficiency  
The efficiency of the Company's capital program for the fiscal year
ended September 30, 2012 is summarized below. 


 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                         Three Year Average 
                               2012            2011 (5)         2010 - 2012 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                             Proved              Proved              Proved 
                               plus                plus                plus 
                   Proved  Probable    Proved  Probable    Proved  Probable 
----------------------------------------------------------------------------
Exploration and                                                             
 development                                                                
 expenditures                                                               
($ thousands)      33,615    33,615    35,030    35,030    91,440    91,440 
 
Net acquisitions                                                            
 ($ thousands)                                                              
 (2)                  593       593      (810)     (810)   20,940    20,940 
Change in future                                                            
 development                                                                
 capital -                                                                  
 exploration and                                                            
 development                                                                
 ($thousands)      57,431   197,606    31,667    61,730    97,007   276,897 
Total              91,639   231,814    65,887    95,950   209,387   389,277 
----------------------------------------------------------------------------
Reserves                                                                    
 additions after                                                            
 revisions                                                                  
 (Mboe) (4)                                                                 
  - Exploration                                                             
   and                                                                      
   development      3,780    14,025     2,916     6,106     8,581    23,121 
  - Revisions         110       116       (16)     (277)      334       (36)
  - Net                                                                     
   acquisitions        25        82       (18)      (23)      802     1,324 
  - Total                                                                   
   reserve                                                                  
   additions                                                                
   after                                                                    
   revisions        3,915    14,223     2,882     5,806     9,717    24,409 
----------------------------------------------------------------------------
Finding &                                                                   
 Development                                                                
 Costs                                                                      
 ($/boe)(1)         23.40     16.35     23.00     16.60     21.14     15.96 
                                                                            
Finding,                                                                    
 Development &                                                              
 Acquisition                                                                
 Costs ($/boe)                                                              
 (3)                23.41     16.30     22.86     16.52     21.55     15.95 
                                                                            
Reserves                                                                    
 Replacement                                                                
 Ratio                484%    1,760%      319%      643%      383%      961%
----------------------------------------------------------------------------
----------------------------------------------------------------------------

 
Notes: 
(1) The aggregate of the exploration and development costs incurred
in the most recent financial year and the change during that year in
estimated future development costs generally will not reflect total
finding and development costs related to reserve additions for that
year.  
(2) Acquisition costs related to corporate acquisitions reflects the
consideration paid for the shares acquired plus the net debt assumed,
both valued at closing and does not reflect the fair market value
allocated to the acquired oil and gas assets under IFRS.  
(3) Calculation includes reserve revisions and changes in future
development costs. Yoho also calculates finding, development and
acquisition ("FD&A") costs which incorporate both the costs and
associated reserve additions related to acquisitions net of any
dispositions during the year. Since acquisitions can have a
significant impact on Yoho's annual reserve replacement costs, the
Company believes that FD&A costs provide a more meaningful
representation of Yoho's cost structure than finding and development
costs alone.  
(4) Oil equivalent amounts have been calculated using a conversion
rate of six thousand cubic feet of natural gas to one barrel of oil.
BOEs may be misleading, particularly if used in isolation. A BOE
conversion ratio of six thousand cubic feet of natural gas to one
barrel of oil 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.  
(5) Exploration and development expenditures for 2011 have been
adjusted from previous year's disclosure to comply with IFRS. 
Net Asset Value 
The following table provides a calculation of Yoho's estimated net
asset value and net asset value per share as at September 30, 3012
based on the estimated future net revenues associated with Yoho's
proved plus probable reserves discounted at 10% as presented in the
GLJ Report. The values in this table do not include the net present
value assigned to either of the Company's Contingent Resource
Reports.  


 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Forecast Prices and Costs before tax                           ($ thousands)
----------------------------------------------------------------------------
Proved plus probable reserves - discounted at 10%                    216,424
Undeveloped land (1)                                                  75,400
Bank debt and working capital deficiency as at September 30,                
 2012 (2)                                                           (18,506)
----------------------------------------------------------------------------
Net asset value                                                      273,318
Common shares outstanding at September 30, 2012 (thousands)                 
 - Basic                                                              50,332
----------------------------------------------------------------------------
Net asset value per share - basic                                     $ 5.43
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net asset value per share - basic (excluding land value)              $ 3.93
----------------------------------------------------------------------------
----------------------------------------------------------------------------

 
Notes: 
(1) Internally estimated value (see "Land Holdings").  
(2) Working capital deficiency includes an estimate of the Company's
accounts receivable and future tax less accounts payable and accrued
liabilities and derivatives as at September 30, 2012. 
RESOURCE AND RESERVES EVALUATION FOR KAYBOB DUVERNAY 
GLJ was engaged to prepare an independent evaluation report of Yoho's
reserves and contingent resources at Kaybob, Alberta effective as at
September 30, 2012 (the "GLJ Kaybob Report"). The GLJ Kaybob Report
is dated November 15, 2012 and was prepared in accordance with NI
51-101 and the COGE Handbook. The GLJ Kaybob Report is the first
independent assessment prepared for Yoho for the Duvernay at Kaybob
and evaluated 100% of Yoho's acreage at Kaybob.  
Resource Evaluation 
Summary of Company Duvernay Contingent Resources (1)(2)(3)(4)(5) 
Forecast Prices and Costs 
As at September 30, 2012 


 
-------------------------------
---------------------------------------------
----------------------------------------------------------------------------
                                                     Natural Gas            
                                         Natural Gas     Liquids         BOE
----------------------------------------------------------------------------
                                              (MMcf)      (Mbbl)      (MBoe)
Low Estimate (5)                             133,616      14,090      36,360
Best Estimate (5)                            162,576      20,226      47,322
High Estimate (5)                            244,035      36,406      77,079

 
Notes: 
(1) Yoho's total working interest contingent resources are before
deducting royalties owned by others.  
(2) Oil equivalent amounts have been calculated using a conversion
rate of six thousand cubic feet of natural gas to one barrel of oil.
BOEs may be misleading, particularly if used in isolation. A BOE
conversion ratio of six thousand cubic feet of natural gas to one
barrel of oil 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.  
(3) The estimates of contingent resources for individual properties
may not reflect the same confidence level as estimates of net present
values for all properties, due to the effects of aggregation.  
(4) May not add due to rounding.  
(5) See note on probabilities under "Special Note Regarding
Disclosure of Reserves or Resources" below. 
Summary of Company Duvernay Contingent Resources Net Present Values
of Future Revenue (1)(2)(3)(4)(5)(6) 
Forecast Prices and Costs 
Before Income Taxes ($ thousands) as at September 30, 2012 


 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                              Discounted at 
----------------------------------------------------------------------------
                       Undiscounted        5%       10%       15%       20% 
----------------------------------------------------------------------------
                                                                            
Low Estimate (6)            731,676   263,852    83,496     7,620   (25,697)
Best Estimate (6)         1,485,280   572,114   255,051   121,522    57,984 
High Estimate (6)         3,273,672 1,328,367   680,485   395,949   248,553 

 
Notes: 
(1) The estimated future net revenues are stated before deducting
income taxes and future estimated site restoration costs, and are
reduced for estimated future abandonment costs and estimated capital
for future development associated with the contingent resource. 
(2) It should not be assumed that the undiscounted and discounted net
present values represent the fair market value of the contingent
resource. 
(3) The estimates of net present values for individual properties may
not reflect the same confidence level as estimates of net present
values for all properties, due to the effects of aggregation. 
(4) Based on GLJ's price deck dated October 1, 2012. 
(5) Numbers in this table are subject to rounding error. 
(6) See note on probabilities under "Special Note Regarding
Disclosure of Reserves or Resources" below. 
Contingent resources are those quantities of petroleum estimated, as
of a given date, to be potentially recoverable from known
accumulations using established technology or technology under
development, but which are not currently considered to be
commercially recoverable due to one or more contingencies.
Contingencies which must be overcome to enable the reclassification
of contingent resources as reserves can be categorized as economic,
non-technical and technical. The COGE Handbook identifies
non-technical contingencies as legal, environmental, political and
regulatory matters or a lack of markets. There are several
non-technical contingencies that prevent the classification of the
contingent resources estimated above as being classified as reserves.
The primary contingency which prevents the classification of Yoho's
contingent resources as reserves is the current early stage of
development. Additional drilling, completion, and testing data is
generally required before Yoho can commit to their development. It is
also appropriate to classify as contingent resources the estimated
discovered recoverable quantities associated with a project in the
early evaluation stage. As additional drilling takes place, it is
expected that the contingent resources will be booked into the
reserves category. Estimates of contingent resources described herein
are estimates only; the actual resources may be higher or lower than
those calculated in the GLJ Kaybob Report. There is no certainty that
it will be commercially viable to produce any portion of the
resources described in the evaluation. 
The most significant positive and negative factors with respect to
the contingent resource estimates relate to the fact that the field
is currently at an evaluation/delineation stage. Resource-in-place,
productivity and capital costs may be higher or lower than current
estimates. Additional drilling and testing are required to confirm
volumetric estimates and reservoir productivity for the contingent
resources to be reclassified as reserves.  
Reserves Evaluation 
After the recent drilling success at Kaybob, the Company's working
interest of total proved plus probable reserves for the Duvernay at
Kaybob as at September 30, 2012 is estimated by GLJ to be 15.0 MMboe.
As at September 30, 2011, a total of 2.6 MMboe of proved plus
probable reserves were assigned to the Duvernay at Kaybob. The
reserves evaluation incorporates approximately 23% of Yoho's land
base at Kaybob, Alberta.  
Summary of Kaybob Duvernay Company Working Interest Reserves (1) (2)
(3) (4) (5)  
Forecast Prices and Costs 
As at September 30, 2012 


 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                   BOE Total
                                                                  Barrels of
                                                     Natural Gas         Oil
                                         Natural Gas     Liquids  Equivalent
----------------------------------------------------------------------------
                                              (MMcf)      (Mbbl)      (MBoe)
Proved producing                               1,377         155         385
Total proved                                  13,902       1,606       3,923
Total probable                                37,554       4,856      11,115
Total proved plus probable                    51,456       6,462      15,038
----------------------------------------------------------------------------
----------------------------------------------------------------------------

 
Notes: 
(1) Yoho's total working interest means Yoho's working interest
(operated and non-operated) share before deducting royalties and
including any royalty interests of the Company. 
(2) Oil equivalent amounts have been calculated using a conversion
rate of six thousand cubic feet of natural gas to one barrel of oil.
BOEs may be misleading, particularly if used in isolation. A BOE
conversion ratio of six thousand cubic feet of natural gas to one
barrel of oil 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 na
tural 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. 
(3) The estimates of reserves for individual properties may not
reflect the same confidence level as estimates of reserves for all
properties, due to the effects of aggregation. 
(4) Includes non-associated gas, associated gas and solution gas. 
(5) Numbers in this table are subject to rounding error. 
Summary of Kaybob Duvernay Company Net Present Value of Future
Revenue from Reserves (1) (2) (3) (4) (5) 
Forecast Prices and Costs 
Before Income Taxes ($ thousands) 


 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                    As at September 30, 2012
----------------------------------------------------------------------------
                                                               Discounted at
                                        Undiscounted          5%         10%
                                        ------------------------------------
Total proved                                  87,039      49,887      30,298
Total probable                               341,811     165,516      93,740
                                        ------------------------------------
Total proved plus probable                   428,820     215,403     124,038
----------------------------------------------------------------------------
----------------------------------------------------------------------------

 
Notes: 
(1) The estimated future net revenues are stated before deducting
income taxes and future estimated site restoration costs, and are
reduced for estimated future abandonment costs and estimated capital
for future development associated with the reserves. 
(2) It should not be assumed that the undiscounted and discounted net
present values represent the fair market value of the reserves. 
(3) The estimates of net present values for individual properties may
not reflect the same confidence level as estimates of net present
values for all properties, due to the effects of aggregation. 
(4) Based on GLJ's price deck dated October 1, 2012. 
(5) Numbers in this table are subject to rounding error. 
RESOURCE AND RESERVES EVALUATION FOR NIG MONTNEY 
GLJ was engaged to prepare an independent evaluation report of Yoho's
reserves and contingent resources at Nig, British Columbia effective
as at September 30, 2012 (the "GLJ Nig Report"). The GLJ Nig Report
is dated November 15, 2012 and was prepared in accordance with NI
51-101 and the COGE Handbook. The GLJ Nig Report is an update to the
report previously prepared by GLJ which evaluated approximately 55%
of Yoho's acreage at Nig. As a result of recent drilling activity
during fiscal 2012, GLJ has now been able to evaluate a total of 82%
of the Company's acreage at Nig. 
Nig Montney 
Resource Evaluation 
Summary of Company Montney Contingent Resources (1)(2)(3)(4)(5) 
Forecast Prices and Costs 
As at September 30, 2012 


 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                     Natural Gas            
                                         Natural Gas     Liquids         BOE
----------------------------------------------------------------------------
                                              (MMcf)      (Mbbl)      (MBoe)
Low Estimate (5)                             206,212       6,415      40,784
Best Estimate (5)                            266,364       8,287      52,681
High Estimate (5)                            324,948      10,109      64,267

 
Notes: 
(1) Yoho's total working interest contingent resources are before
deducting royalties owned by others.  
(2) Oil equivalent amounts have been calculated using a conversion
rate of six thousand cubic feet of natural gas to one barrel of oil.
BOEs may be misleading, particularly if used in isolation. A BOE
conversion ratio of six thousand cubic feet of natural gas to one
barrel of oil 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.  
(3) The estimates of contingent resources for individual properties
may not reflect the same confidence level as estimates of net present
values for all properties, due to the effects of aggregation.  
(4) May not add due to rounding.  
(5) See note on probabilities under "Special Note Regarding
Disclosure of Reserves or Resources" below. 
Summary of Company Montney Contingent Resources Net Present Values of
Future Revenue (1)(2)(3)(4)(5)(6) 
Forecast Prices and Costs 
Before Income Taxes ($ thousands) as at September 30, 2012 


 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                               Discounted at
----------------------------------------------------------------------------
                        Undiscounted        5%       10%       15%       20%
----------------------------------------------------------------------------
                                                                            
Low Estimate (6)             836,704   320,526   133,858    57,911    24,112
Best Estimate (6)          1,317,426   470,152   194,961    88,474    41,674
High Estimate (6)          1,806,191   615,225   256,833   121,633    61,994

 
Notes: 
(1) The estimated future net revenues are stated before deducting
income taxes and future estimated site restoration costs, and are
reduced for estimated future abandonment costs and estimated capital
for future development associated with the contingent resource. 
(2) It should not be assumed that the undiscounted and discounted net
present values represent the fair market value of the contingent
resource. 
(3) The estimates of net present values for individual properties may
not reflect the same confidence level as estimates of net present
values for all properties, due to the effects of aggregation. 
(4) Based on GLJ's price deck dated October 1, 2012. 
(5) Numbers in this table are subject to rounding error. 
(6) See note on probabilities under "Special Note Regarding
Disclosure of Reserves or Resources" below. 
Contingent resources are those quantities of petroleum estimated, as
of a given date, to be potentially recoverable from known
accumulations using established technology or technology under
development, but which are not currently considered to be
commercially recoverable due to one or more contingencies.
Contingencies which must be overcome to enable the reclassification
of contingent resources as reserves can be categorized as economic,
non-technical and technical. The COGE Handbook identifies
non-technical contingencies as legal, environmental, political and
regulatory matters or a lack of markets. There are several
non-technical contingencies that prevent the classification of the
contingent resources estimated above as being classified as reserves.
The primary contingency which prevents the classification of Yoho's
contingent resources as reserves at Nig is the current early stage of
development. Additional drilling, completion, and testing data is
generally required before Yoho can commit to their development. As
additional drilling and/or development takes place, it is expected
that some or all of the contingent resources will be booked as
reserves. Additional drilling and testing are required to con
firm
volumetric estimates and reservoir productivity for the contingent
resources to be reclassified as reserves. It is also appropriate to
classify as contingent resources the estimated discovered recoverable
quantities associated with a project in the early evaluation stage.
As additional drilling takes place, it is expected that the
contingent resources will be booked into the reserves category. The
most significant positive and negative factors with respect to the
contingent resource estimates at Nig relate to the fact that the
field is currently at an evaluation/delineation stage. At Nig, the
Montney formation is areally extensive in this region; however, well
control in certain areas of Yoho's lands is limited. As well, the
resource evaluation includes the Upper Montney only and does not
include an assessment of the Lower Montney which the Company
considers prospective over its land base. Resource-in-place,
productivity and capital costs may be higher or lower than current
estimates. There is no certainty that it will be commercially viable
to produce any portion of the resources described in the evaluation.  
Reserves Evaluation 
After the recent drilling success at Nig, the Company's interest of
total proved plus probable reserves for the Montney at Nig as at
September 30, 2012 is estimated by GLJ to be 4.9 MMboe. As at
September 30, 2011, a total of 3.4 MMboe of proved plus probable
reserves were assigned to the Montney at Nig. The reserves evaluation
incorporates approximately 6% of Yoho's land base at Nig, British
Columbia. 
Summary of Nig Montney Company Working Interest Reserves (1) (2) (3)
(4) (5)  
Forecast Prices and Costs 
As at September 30, 2012 


 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                   BOE Total
                                                                  Barrels of
                                                     Natural Gas         Oil
                                         Natural Gas     Liquids  Equivalent
----------------------------------------------------------------------------
                                              (MMcf)      (Mbbl)      (MBoe)
Proved producing                               2,645          96         536
Total proved                                  11,522         372       2,292
Total probable                                13,286         418       2,632
Total proved plus probable                    24,808         790       4,924
----------------------------------------------------------------------------
----------------------------------------------------------------------------

 
Notes: 
(1) Yoho's total working interest means Yoho's working interest
(operated and non-operated) share before deducting royalties and
including any royalty interests of the Company. 
(2) Oil equivalent amounts have been calculated using a conversion
rate of six thousand cubic feet of natural gas to one barrel of oil.
BOEs may be misleading, particularly if used in isolation. A BOE
conversion ratio of six thousand cubic feet of natural gas to one
barrel of oil 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. 
(3) The estimates of reserves for individual properties may not
reflect the same confidence level as estimates of reserves for all
properties, due to the effects of aggregation. 
(4) Includes non-associated gas, associated gas and solution gas. 
(5) Numbers in this table are subject to rounding error. 
Summary of Nig Montney Company Net Present Value of Future Revenue
from Reserves (1) (2) (3) (4) (5) 
Forecast Prices and Costs 
Before Income Taxes ($ thousands) 


 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                    As at September 30, 2012
----------------------------------------------------------------------------
                                                               Discounted at
                                        Undiscounted          5%         10%
                                        ------------------------------------
Total proved                                  33,450      18,711      10,851
Total probable                                53,600      24,372      12,159
                                        ------------------------------------
Total proved plus probable                    87,050      43,083      23,010
----------------------------------------------------------------------------
----------------------------------------------------------------------------

 
Notes: 
(1) The estimated future net revenues are stated before deducting
income taxes and future estimated site restoration costs, and are
reduced for estimated future abandonment costs and estimated capital
for future development associated with the reserves. 
(2) It should not be assumed that the undiscounted and discounted net
present values represent the fair market value of the reserves. 
(3) The estimates of net present values for individual properties may
not reflect the same confidence level as estimates of net present
values for all properties, due to the effects of aggregation. 
(4) Based on GLJ's price deck dated October 1, 2012. 
(5) Numbers in this table are subject to rounding error. 
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. Yoho's fiscal 2013 budget assumes an oil
price of $90.00 per barrel at Edmonton and a 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 fiscal 2013 will continue to be monitored to
align capital expenditures with expected cash flow and available
credit lines. 
About Yoho 
Yoho Resources Inc. is a Calgary based junior oil and natural gas
company with operations focusing in West Central Alberta and
northeast British Columbia. The common shares of Yoho are listed on
the TSX Venture Exchange under the symbol "YO".
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy the securities in any jurisdiction.
The common shares of Yoho will not be and have not been registered
under the United States Securities Act of 1933, as amended, and may
not be offered or sold in the United States, or to a U.S. person,
absent registration or applicable exemption therefrom.  
Cautionary Statements 
Special Note Regarding Forward-Looking Information 
This news release contains certain forward-looking statements, which
are based on numerous assumptions including but not limited to (i)
drilling success; (ii) production; (iii) future capital expenditures;
(iv) net present values of future net revenues; and (v) cash flow
from operating activities. The reader is cautioned that assumptions
used in the preparation of such information may prove to be
incorrect. 
With respect to forward-looking statements contained in this
document, Yoho has made a number of assumptions. The key assumptions
underlying the aforementioned forward-looking statements include
assumptions that: (i) commodity prices will be volatile throughout
calendar 2012 and 2013; (ii) capital, undevelop
ed lands and skilled
personnel will continue to be available at the level Yoho has enjoyed
to date; (iii) Yoho will be able to obtain equipment in a timely
manner to carry out exploration, development and exploitation
activities; (iv) production rates for fiscal 2013 are expected to
show growth from fiscal 2012; (v) Yoho will have sufficient financial
resources with which to conduct the capital program; and (vi) the
current tax and regulatory regime will remain substantially
unchanged. Certain or all of the forgoing assumptions may prove to be
untrue. 
Certain information regarding Yoho set forth in this document,
including estimates of the quantities of the Company's proved
reserves, probable reserves, contingent resources, estimates of the
net present value of future net revenue of the estimates of the
Company's proved reserves, and probable reserves and contingent
resources and expected operating activities in the Kaybob - Duvernay
and Nig Montney areas, may constitute forward-looking statements
under applicable securities laws and necessarily involve substantial
known and unknown risks and uncertainties. These forward-looking
statements are subject to numerous risks and uncertainties, certain
of which are beyond Yoho's control, including without limitation,
risks associated with oil and gas exploration, development,
exploitation, production, marketing and transportation, loss of
markets, volatility of commodity prices, environmental risks,
inability to obtain drilling rigs or other services, capital
expenditure costs, including drilling, completion and facility costs,
unexpected decline rates in wells, wells not performing as expected,
delays resulting from or inability to obtain required regulatory
approvals and ability to access sufficient capital from internal and
external sources, the impact of general economic conditions in
Canada, the United States and overseas, industry conditions, changes
in laws and regulations (including the adoption of new environmental
laws and regulations) and changes in how they are interpreted and
enforced, increased competition, the lack of availability of
qualified personnel or management, fluctuations in foreign exchange
or interest rates, and stock market volatility and market valuations
of companies with respect to announced transactions and the final
valuations thereof. Readers are cautioned that the foregoing list of
factors is not exhaustive. 
Yoho's actual results, performance or achievement could differ
materially from those expressed in, or implied by, these
forward-looking statements and, accordingly, no assurance can be
given that any of the events anticipated by the forward-looking
statements will transpire or occur, or if any of them do so, what
benefits, including the amount of proceeds, that the Company will
derive therefrom. All subsequent forward-looking statements, whether
written or oral, attributable to the Company or persons acting on its
behalf are expressly qualified in their entirety by these cautionary
statements. Additional information on these and other factors that
could affect Yoho's operations and financial results are included in
reports on file with Canadian securities regulatory authorities and
may be accessed through the SEDAR website (www.sedar.com) or Yoho's
website (www.yohoresources.ca). 
The forward-looking statements contained in this document are made as
at the date of this news release and Yoho 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. 
Special Note Regarding Disclosure of Reserves and Resources 
Contingent resources is defined in the COGE Handbook as those
quantities of petroleum estimated, as of a given date, to be
potentially recoverable from known accumulations using established
technology or technology under development, but which are not
currently considered to be commercially recoverable due to one or
more contingencies. Contingencies may include factors such as
economic, legal, environmental, political, and regulatory matters, or
a lack of markets. It is also appropriate to classify as contingent
resources the estimated discovered recoverable quantities associated
with a project in the early evaluation stage. Contingent resources
are further classified in accordance with the level of certainty
associated with the estimates and may be subclassified based on
project maturity and/or characterized by their economic status. 
The contingent resources estimates herein, including the
corresponding estimates of before tax present value estimates, are
estimates only and the actual results may be greater than or less
than the estimates provided herein. There is no certainty that it
will be commercially viable or technically feasible to produce any
portion of the resources. 
Probability 
"Low Estimate" is a classification of estimated resources described
in the COGE Handbook as being considered to be a conservative
estimate of the quantity that will actually be recovered. It is
likely that the actual remaining quantities recovered will exceed the
Low Estimate. If probabilistic methods are used, there should be a
90% probability (P90) that the quantities actually recovered will
equal or exceed the Low Estimate. "Best Estimate" is a classification
of estimated resources described in the COGE Handbook as being
considered to be the best estimate of the quantity that will actually
be recovered. It is equally likely that the actual remaining
quantities recovered will be greater or less than the Best Estimate.
If probabilistic methods are used, there should be a 50% probability
(P50) that the quantities actually recovered will equal or exceed the
Best Estimate. "High Estimate" is a classification of estimated
resources described in the COGE Handbook as being considered to be an
optimistic estimate of the quantity that will actually be recovered.
It is unlikely that the actual remaining quantities recovered will
exceed the High Estimate. If probabilistic methods are used, there
should be a 10% probability (P10) that the quantities actually
recovered will equal or exceed the High Estimate. 
BOE Equivalency  
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. 
Internal estimates 
Additionally, certain information contained herein, such as the
estimated fair value of the Company's land holdings, are based on
estimated values the Company believes to be reasonable and are
subject to the same limitations as discussed under "Special Note
Regarding Forward-looking Information" above. 
Oil and Gas Advisory 
The reserves information contained in this press release has been
prepared in accordance with NI 51-101. Complete NI 51- 101 reserves
disclosure will be included in our Annual Information Form for the
year ended September 30, 2012. Listed below are cautionary statements
applicable to our reserves information that are specifically required
by NI 51-101:  


 
--  Individual properties may not reflect the same confidence level as
    estimates of reserves for all properties due to the effects of
    aggregation. 
--  With respect to finding and development costs, the aggregate of the
    exploration and development costs incurred in the most recent financial
    year and the change during that year in estimated future development
    costs generally will not reflect total finding and development costs
    related to reserve additions for that year. 
--  This press release con
tains estimates of the net present value of our
    future net revenue from our reserves. Such amounts do not represent the
    fair market value of our reserves. 
--  Reserves included herein are stated on a company interest basis (before
    royalty burdens and including royalty interests) unless noted otherwise
    as well as on a gross and net basis as defined in NI 51-101. "Company
    interest" is not a term defined by NI 51-101 and as such the estimates
    of Company interest reserves herein may not be comparable to estimates
    of "gross" reserves prepared in accordance with NI 51-101 or to other
    issuers' estimates of company interest reserves.

 
Selected Definitions 
The following terms used in this press release have the meanings set
forth below: 
"AECO" refers to a natural gas storage facility located at Suffield,
Alberta 
"API" means American Petroleum Institute 
"Bbl" means barrel 
"boe" means barrel of oil equivalent of natural gas and crude oil on
the basis of 1 boe for six thousand cubic feet of natural gas (this
conversion factor is and industry accepted norm and is not based on
either energy content or current prices) 
"Mboe" means 1,000 barrels of oil equivalent 
"MMbtu" means million British Thermal Units 
"$M" means thousands of dollars 
"WTI" means West Texas Intermediate, the reference price paid in U.S.
dollars at Cushing, Oklahoma for the crude oil standard grade. 
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release. 
Contacts:
Yoho Resources Inc.
Wendy S. Woolsey, CA
Vice President, Finance and CFO
(403) 537-1771
www.yohoresources.ca