Calgary, Alberta – May 27, 2009 - Yoho Resources Inc. (“Yoho” or the “Company”) filed today the
interim unaudited consolidated financial statements for the six months ended March 31, 2009 and
related Management’s Discussion and Analysis on www.sedar.com.
- Increased production 31% to 2,408 boe per day for the three months ended March 31, 2009
from 1,840 boe per day for the three months ended March 31, 2008.
- Funds from operations for the second quarter of fiscal 2009 were $2.6 million compared to $4.7
million during the second quarter of fiscal 2008. On a per share basis, funds from operations
for the three months ended March 31, 2009 were $0.13 per share diluted compared to $0.25
per share diluted for the same period last year.
- Maintained a strong balance sheet with only $19.5 million drawn at March 31, 2009 on a bank
credit facility of $32 million. Total debt at March 31, 2009, after Yoho’s winter drilling program
was $24.2 million. The bank credit facility has recently been reviewed with no changes.
- Drilled 4 (4.0 net) wells during the second quarter of fiscal 2009, resulting in 3 (3.0 net) wells
cased as gas wells or potential gas wells and 1 (1.0 net) well which was abandoned.
Successful drilling activities have increased Yoho’s production 31% for the three months ended March
31, 2009 to average 2,408 boe per day (86% natural gas), from 1,840 boe per day for the three months
ended March 31, 2009. Yoho’s estimate of Q3 production is 2,600 to 2,650 boe per day, in spite of
production being impacted during the third quarter by plant turnarounds in various areas. The current
production capability is approximately 2,750 boe per day.
The 31 % increase in production was offset by a 39% decrease in natural gas prices received resulting
in funds from operations for the second quarter of fiscal 2009 of $2.6 million compared to $4.7 million
during the second quarter of fiscal 2008. During the quarter ended March 31, 2009, the Company
received $4.88 per mcf for natural gas compared to $7.96 per mcf during the quarter ended March 31,
2008. On a per share basis, funds from operations for three months ended March 31, 2009 was $0.13
per share diluted compared to $0.25 per share diluted for the same period last year.
With reduced natural gas prices, Yoho is currently planning a capital program for fiscal 2009 of between
$14 and $17 million that includes plans to drill between 15 (9.4 net) and 19 (11.4 net) wells for the
period from October 1, 2008 to September 30, 2009. From October 1, 2008 to March 31, 2009, total
capital expenditures were $11.3 million.
Initial field work also began this winter on several unconventional projects in Alberta and British
Columbia that Yoho’s technical team has been working on over the last year, the drilling of which will
take place subject to natural gas prices.
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 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 press
Certain statements regarding Yoho Resources Inc. including 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
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.