AGM Documents 3

Yoho Resources Inc. Announces Closing Of Acquisition And Private Placement

Calgary, Alberta – January 2, 2007

Yoho Resources Inc. ("Yoho" or the "Company") is pleased to announce that it has closed its
previously announced acquisition of all of the issued and outstanding partnership units of a
limited partnership for the purchase price of $25.115 million, including working capital
adjustments. The limited partnership owns natural gas producing properties in northeast British
Columbia, the majority of which are located in the Buick Creek, Mike and Siphon areas. Current
production from the purchased properties is approximately 500 BOEPD, bringing Yoho's post
acquisitions production to approximately 1,400 BOEPD, with an additional estimated 300
BOEPD behind pipe, awaiting tie in or access to processing facilities. Yoho currently has
completion operations ongoing on three additional wells that were drilled and cased in December,

The acquisition of the British Columbia properties also includes 23,800 net acres of undeveloped
lands, a substantial two-dimensional and three-dimensional seismic data set and ownership in
three processing facilities and related gathering systems.

The Company also closed on December 29, 2006 the previously announced private placement
(the "Private Placement") with a syndicate of investment dealers, led by FirstEnergy Capital
Corp. and including Peters & Co. Limited, Sprott Securities Inc. and Westwind Partners Inc.
Pursuant to the Private Placement a total of 2,063,050 voting common shares priced at $4.90 per
common share and 800,000 "flow through" voting common shares priced at $6.25 per flowthrough
share were sold for aggregate gross proceeds of $15,108,945. Proceeds from the Private
Placement were used to partially fund Yoho's northeast British Columbia acquisition. The shares
issued pursuant to the Private Placement are subject to a four-month hold period expiring April
30, 2007.

The Company also announces that it has entered into a short term loan facility with a private
lender for the principal amount of $6,000,000. This loan is a six month facility, due on June 29,
2007, bears interest at bank prime rate plus 2%, is repayable in full by Yoho at any time without
penalty and is fully subordinated to Yoho's lending facility with the National Bank of Canada.
The proceeds from this loan were used to partially fund the northeast British Columbia
acquisition. As partial consideration for the loan, the Company issued to the lender 240,000
common share purchase warrants (the "Warrants"), with each Warrant exercisable into one voting
common share of the Company at a price of $5.25 at any time up to June 29, 2007. The Warrants
and the shares issuable on exercise of the Warrants are subject to a four-month hold period
expiring April 29, 2007.

Yoho Resources Inc. is a Calgary based junior oil and natural gas company with operations
focusing in the northwest Peace River Arch of 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

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 press


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

Disclosure provided herein in respect of barrels of oil equivalent (BOE) may be misleading, particularly if used in
isolation. A BOE conversion ratio of 6 mcf to 1 bbl is based on an energy equivalency conversion method primarily at
the burner tip and does not represent a value equivalency at the wellhead.