Calgary, Alberta – December 7, 2006. Yoho Resources Inc. (“Yoho” or the
“Company”) refers to the press release issued at 9:05 a.m. EST today and provides the
• Under the "Acquisition Highlights" section, Yoho stated that the proved plus
probable reserves to be acquired consisted of 75% natural gas reserves. This is incorrect
and should be 93% natural gas.
Also in this section, Yoho incorrectly stated production estimates of an average of
between 1,850 and 1,900 BOEPD for fiscal 2007 ending September 30, 2007. These
average yearly estimates are for the calendar year ending December, 2007, and not for
Yoho's fiscal 2007, ending September 30, 2007.
Again in the "Acquisition Highlights" section, Yoho provided an incorrect estimate of
average production for the calendar year 2007, of between 1,900 and 2,000 BOEPD.
These production estimates are Yoho's estimated production rates as at the end of its
fiscal year 2007, ending September 30, 2007, and not its average production rates for the
calendar year 2007.
Lastly, in the "New Guidance for 2007 Fiscal Year" section, Yoho provided an estimate,
assuming reasonable drilling success for the fiscal 2007 drilling plans, of its average
production, on a combined basis with the acquisition of B.C. assets, of 1,850 to 1,900
BOEPD for fiscal 2007 and an estimate of production exit fiscal September 2007 of
between 2,000 and 2,100 BOEPD. These production estimates are incorrect and should
be 1,650 to 1,700 BOEPD average for fiscal 2007 and exit December 2007 of between
2,000 and 2,100 BOEPD.
Yoho Resources Inc. is a Calgary based junior oil and natural gas company with
operations focusing in the northwest Peace River Arch of Alberta. 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.
For more information please contact:
Wendy S. Woolsey
Vice President, Finance and CFO
Yoho Resources Inc.
Phone: (403) 537-1771
The TSX Venture Exchange has neither approved nor disapproved the contents of this
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
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.
In conformity with National Instrument 51-101, Standards for Disclosure of Oil and Gas Activities (“NI
51-101), natural gas volumes have been converted to barrels of oil equivalent (“boe”) using a conversion
rate of six thousand cubic feet of natural gas to one barrel of oil. This ratio is based on an energy
equivalency conversion method primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead. Readers are cautioned that the term “boe” may be misleading, particularly if
used in isolation.