Calgary, Alberta – May 16, 2005 - Yoho Resources Inc. (“Yoho” or the Company”) is pleased to announce the appointments of Ms. Wendy Woolsey as Vice-President, Finance and Chief Financial Officer of the Company and of Mr. Clark Drader as Vice President, Land of the Company. In addition, Yoho is pleased to announce that Warren Leyland, Kevin Fossenier and Troy Olson have joined the Company in the Exploration Group.
Yoho's management team now consists of the following individuals:
Brian McLachlan - President and Chief Executive Officer
Barry Stobo - Vice President, Engineering and Chief Operating Officer
Wendy Woolsey - Vice-President, Finance and Chief Financial Officer
Clarke Drader - Vice President, Land
Wendy Woolsey is a Chartered Accountant with over 18 years of experience in the oil and gas industry. Prior to joining Yoho, Ms. Woolsey was Manager, Finance of Baytex Energy Trust and prior thereto was the Vice-President, Finance of Symmetry Resources Inc.
Clark Drader is an experienced executive with over 25 years of experience in the oil and gas industry. Prior to joining Yoho, Mr. Drader was a Senior Consultant at Northrock Resources and prior thereto was the Land Manager at BP Canada Energy Company.
Yoho is also pleased to announce that it has completed a private placement financing consisting of the sale of 1,033,000 voting common shares, at the price of $2.00 per share, and the issuance of warrants (the "Warrants") to purchase a total of 1,000,000 voting common shares of the Company, for total gross proceeds of $2,066,000. The Warrants have an exercise price of $2.50, are to vest 30 months from the date of issuance and, upon vesting, are exercisable for a period of 30 days. Of the 1,033,000 common shares issued, 140,000 were issued to certain private investors, with the balance (893,000 shares) being issued to management and staff members. All of the Warrants were issued to management and staff members as part of a "unit" offering to these individuals, including 411,726 Warrants which were issued in connection with an earlier private placement of common shares to management. The securities issued to purchasers, other than employees of the Company, are subject to a 4 month hold period expiring on September 14, 2005.
Yoho now has 6,337,855 voting common shares, 6,237,583 non-voting common shares and 1,000,000 Warrants outstanding. Approximately 2,000,000 (16%) of the outstanding voting and non-voting common shares, and all of the Warrants, are held by management and directors.
Trading of the company’s common shares continues to be halted on the TSX Venture Exchange ("TSXV"). Within the next 60 days, Yoho expects to file an application with the TSXV to reinstate the trading of its common shares on that Exchange, however there can be no assurance that such an application will be successful. Further information will be released in this regard as it becomes available.
About Yoho Resources Inc.
Yoho is a Calgary based oil and gas exploration company operating within the Western Canadian Sedimentary Basin and initially focusing on the Peace River Arch. Yoho currently has 20,300 net acres of undeveloped land and approximately 575 - 600 BOE per day of non-operated production.
For more information please contact:
Brian A. McLachlan
President and CEO
Yoho Resources Inc.
Phone: (403) 537-1771
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements regarding Yoho Resources Inc. include management’s assessments of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond Yoho's control. These risks may cause actual financial and operating results, performance, levels of activity and achievements to differ materially from those expressed in, or implied by, such forward-looking statements.
Such factors include, but are not limited to: the impact of general economic conditions in Canada and the United States; industry conditions including changes in laws and regulations including adoption of new environmental laws and regulations, and changes in how they are interpreted and enforced; competition; the lack of availability of qualified personnel; fluctuations in commodity prices; the results of exploration and development drilling and related activities; imprecision in reserve estimates; the production and growth potential of Yoho's various assets; fluctuations in foreign exchange or interest rates; the ability to access sufficient capital from internal and external sources; and obtaining required approvals of regulatory authorities.
Accordingly, Yoho gives no assurance nor makes any representations or warranty that the expectations conveyed by the forward-looking statements will prove to be correct and actual results may differ materially from those anticipated in the forward looking statements. Yoho undertakes no obligation to publicly update or revise any forward-looking statements.