AGM Documents 3

Yoho Resources Inc. Announces Year End Operating and Financial Results

Calgary, Alberta – December 13, 2006 – Yoho Resources Inc. (“Yoho” or the “Company”) filed today the
consolidated financial statements for the year ended September 30, 2006 and related Management’s
Discussion and Analysis on www.sedar.com.

SUMMARY OF OPERATING AND FINANCIAL RESULTS

 

Year Ended

September 30, 2006

Period from

December 23, 2004 to September 30, 2005

 

Financial ($)

   

Petroleum and natural gas sales

10,739,566

6,018,584

Funds from operations

6,457,539

3,120,688

  per share (basic)

0.48

0.34

  per share (diluted)

0.44

0.34

Net income

1,834,991

1,439,262

  per share (basic)

0.14

0.16

  per share (diluted)

0.12

0.16

Capital expenditures

25,313,986

20,810,910

Working capital (deficiency)

(3,853,199)

3,026,720

Bank debt

791,241

-

Total assets

46,639,058

29,127,571

     

Operating

   

Production

   

Heavy oil (bbls/d)

196

267

Light oil and NGL (bbls/d)

106

2

Natural gas (mcf/d)

2,422

1,735

BOE (boe/d)

706

556

     

Reference Prices

   

Edmonton par oil ($/bbl)

74.15

53.49

LLB heavy oil ($/bbl)

48.04

33.77

AECO gas ($/GJ)

7.22

7.55

     

Average Prices

   

Heavy oil ($/bbl)

34.07

29.03

Light oil ($/bbl)

64.20

69.93

NGL($/bbl)

49.77

67.63

Natural gas ($/mcf)

6.96

7.84

 

Year Ended

September 30, 2006

Period from

December 23, 2004 to September 30, 2005

 

Operating Netbacks

   

Heavy oil ($/bbl)

19.49

18.08

Light oil and NGL($/bbl)

33.55

-

Natural gas ($/mcf)

5.13

4.70

Combined ($/boe)

28.03

23.32

     

Number of shares outstanding

   

Weighted Average

   

  Basic

13,500,219

9,124,107

  Diluted

14,829,409

9,124,107

End of period

   

  Basic

14,306,104

12,575,438

  Diluted

16,716,330

12,575,438

 

Drilling

Yoho continued to conduct an active exploration program during fiscal 2006, participating in drilling 33 (14.4 net) wells in the Peace River Arch area resulting in seven (3.2 net) oil wells, 17 (7.5 net) gas wells and nine (3.7 net) wells which were dry and subsequently abandoned.  Of the total wells drilled, all seven of the oil wells and seven of the gas wells were new pool exploration discoveries.  Yoho has acquired an additional 25,440 gross (19,968 net acres) of land during fiscal 2006 and acquired 160 km of 2D seismic data and shot a 60 km2 3D seismic program over the undeveloped land.

 

 

Year ended September 30, 2006

 

Period from

December 23, 2004 to September 30, 2005

 

Gross

Net

 

Gross

Net

Oil wells

7

3.2

 

3

1.5

Gas wells

17

7.5

 

-

-

Dry and abandoned

9

3.7

 

5

2.0

Total

33

14.4

 

8

3.5

Success rate

 

74%

   

43%

 

Production Update

Yoho’s current production is approximately 975 boe per day. Of the current production, 475 boe per day is due
to the exploration success during fiscal 2006. Successful drilling in the Boundary area continues to bolster
Yoho’s production with one well in the area currently producing at gross rates in excess of 2 MMcf per day. An
additional 150 to 175 boe per day from two wells is temporarily shut in due to facility constraints. Both shut in
gas wells are expected to resume production in the next several weeks. With new wells recently drilled, an
additional 80 to 100 boe per day of production is behind pipe awaiting tie-in. Completion operations for the
behind pipe volumes are currently underway. Yoho’s current production capability, with all of the activity noted
above coming on-stream is estimated to be 1,200 to 1,250 boe per day.

The previously announced acquisition of natural gas producing properties in northeast British Columbia will add
500 boe per day to Yoho’s production. With the closing of the acquisition on or about December 31, 2006,
production for the second quarter of fiscal 2007 (January 2007 to March 2007) is estimated at 1,750 boe per
day. In addition, Yoho will acquire 87,600 gross (34,700 net) acres of land, of which 23,800 net acres of land is
classified as undeveloped. Yoho will also acquire interests in several natural gas facilities and substantial
infrastructure related to the acquired production and lands.
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
www.yohoresources.ca

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.>



CAUTIONARY 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 forwardlooking
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.

BOE PRESENTATION

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.