AGM Documents 3

Yoho Closes Acquisition of Canoil Inc.

Calgary, Alberta – June 30, 2010 - Yoho Resources Inc. ("Yoho") is pleased to announce that 100 percent of the issued and outstanding common shares ("Canoil Shares") of Canoil Inc. ("Canoil") have been deposited pursuant to Yoho's offer to purchase all of the issued and outstanding Canoil Shares (the "Offer").

Yoho's Offer for the Canoil Shares was for either: (i) 0.3536 of a common share of Yoho, or (ii) $0.85 cash, or a combination thereof, for each Canoil Share subject to an aggregate cash maximum of $6.0 million. The Offer expired at 5:00 p.m. (Calgary time) on June 30, 2010. As such, Yoho has directed the depositary under to the Offer to take up and pay for the Canoil Shares deposited under the Offer as at 5:00 p.m. (Calgary time) on June 30, 2010.

Based on the elections made by the holders of Canoil Shares, Yoho will issue an aggregate of 6,875,000 common shares and pay an aggregate of $6,000,000 in cash.

Through the acquisition of Canoil, Yoho is acquiring approximately 500 boe per day (58% oil) of production, 1.5 MMboe of proven plus probable reserves (based on Canoil’s independent engineering report dated December 31, 2009) and an estimated $1.1 million of positive working capital (after deducting transaction obligations). The acquisition increases Yoho's oil and liquids production weighting to 25%, adds to Yoho’s existing operations in the Peace River Arch and adds several new development oil drilling locations to Yoho’s current inventory. Acquired undeveloped land totals approximately 27,000 net acres, internally valued by Yoho at $2.1 million.

Yoho's common shares trade on the TSX Venture Exchange under the symbol “YO”.

For more information please contact:

Wendy S. Woolsey
Vice President, Finance and CFO
Yoho Resources Inc.
Phone: (403) 537-1771

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statements

Forward-looking information and statements

This news release contains statements that constitute "forward-looking information" or "forward-looking statements" (collectively "forward-looking information") within the meaning of applicable securities legislation. This forward-looking information includes, among others, statements regarding: the offer (the "Offer") to acquire all of the issued and outstanding Canoil Shares, the completion of the Offer and the outcome of the Offer, including regarding transaction values and accretion, estimates of reserves, estimates of production and timing of matters relating to the acceptance of the Offer.

Various assumptions were used in drawing the conclusions or making the forecasts and projections contained in the forward-looking information contained in this news release. Forward-looking information is based on current expectations, estimates and projections that involve a number of risks, which could cause actual results to vary and in some instances to differ materially from those anticipated by Yoho and described in the forward-looking information contained in this news release. Undue reliance should not be placed on forward-looking information. The material risk factors include, but are not limited to: availability of compulsory acquisition procedures, failure to realize anticipated synergies, the uncertainty of estimates and projections relating to production and reserves, the possibility that government policies or laws may change or governmental and regulatory approvals may be delayed or withheld, changes in tax laws, changes in royalty rates, and Yoho's ability to implement its business strategy. Readers are cautioned that the foregoing list of risk factors is not exhaustive. Additional information on these and other factors that could affect Yoho's results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (

Forward-looking information is based on the estimates and opinions of Yoho's management at the time the information is released and Yoho does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities within the United States. The securities to be offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act or other laws.

BOE Presentation

In conformity with National Instrument 51-101, Standards for Disclosure of Oil and Gas Activities 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.