AGM Documents 3

Yoho Resources Inc. Announces Fiscal 2011 Financial and Operating Results

Calgary, Alberta – December 8, 2011 - Yoho Resources Inc. (“Yoho” or the “Company”) has filed today
on SEDAR the financial statements for the year ended September 30, 2011 and the related
managements’ discussion and analysis. Yoho today also filed its Annual Information Form which
includes the Corporation’s reserves data and other oil and gas information for the year ended September
30, 2011 as mandated by National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities
of the Canadian Securities Administrators. Copies of these documents may be found on www.sedar.com.

Highlights

  • Yoho’s proved plus probable reserves as at September 30, 2011 increased 54% from September
    30, 2010 to 14,034 Mboe.

  •  Yoho’s production during fiscal 2011 averaged 2,475 boe per day, a nine percent increase from
    fiscal 2010 production of 2,269 boe per day.

  • Notwithstanding a year of low natural gas prices, Yoho generated funds from operations for fiscal
    2011 of $14.8 million ($0.39 per share basic and diluted), an increase of 17.8% from $12.6 million
    during fiscal 2010.

  • Net exploration and development expenditures for fiscal 2011 were $34.4 million. During the year
    ended September 30, 2011, Yoho drilled 9 (4.7 net) wells resulting in 7 (3.9 net) gas wells and
    two (0.8 net) oil wells with an overall success rate of 100%.

  • Maintained a flexible balance sheet with total net debt of $22.6 million at September 30, 2011 on
    a bank credit facility of $40 million.

Operations Update

Fiscal 2011 was a year of substantial exploration success for Yoho. The Company successfully drilled
horizontal wells in each of the following three resource plays:

  • a high liquids content Duvernay shale gas play at Kaybob in west central Alberta;
  • a liquids rich Montney gas play at Nig Creek in north-east British Columbia; and
  • a Jean Marie gas play at Mike in north-eastern British Columbia.

Currently Yoho has ongoing drilling and completion operations on the third and fourth horizontal wells at
Nig Creek and two horizontal wells at Kaybob in the Duvernay shale.

Financial

 

Year ended

September 30, 2011

 

Year ended

September 30, 2010

Financial ($)

     

Petroleum and natural gas sales

29,523,389

 

25,522,835

Funds from operations (1)

14,816,967

 

12,576,571

  per share - basic

0.39

 

0.49

  per share - diluted

0.39

 

0.49

Net loss

(4,470,486)

 

(2,718,337)

  per share - basic

(0.12)

 

(0.11)

  per share - diluted

(0.12)

 

(0.11)

       

Net exploration and development expenditures

35,228,302

 

22,599,839

Net acquisitions and dispositions

(810,000)

 

22,689,218

Total assets

140,060,713

 

124,119,031

Total debt (including working capital deficiency)

22,605,443

 

22,878,414

Shareholders’ equity

97,413,860

 

81,706,595

       

Weighted average common shares outstanding

     

  Basic

38,183,816

 

25,689,520

  Diluted

38,442,474

 

25,689,520

       

Operations

     

Production

     

  Natural gas (mcf/d)

11,435

 

11,224

  Oil and NGL (bbls/d)

569

 

398

  Combined (boe/d)

2,475

 

2,269

       

Realized sales prices

     

  Natural gas ($/mcf)

3.62

 

4.14

  Oil and NGL ($/bbl)

69.46

 

57.77

       

Funds from operations per boe ($/boe)

     

  Petroleum and natural gas sales

32.68

 

30.82

  Royalties

(3.88)

 

(3.89)

  Operating expenses

(6.20)

 

(5.40)

  Processing fees

(4.19)

 

(4.25)

  Operating netback (2)

18.41

 

17.28

  General and administrative

(2.64)

 

(2.36)

  Interest

(0.71)

 

(0.75)

  Realized gain on financial derivative contracts

1.35

 

1.04

  Capital and other taxes

(0.01)

 

(0.02)

  Funds from operations (1)

16.40

 

15.19

       

Drilling activity

     

  Total wells

9

 

17

  Working interest wells

4.7

 

9.5

  Success rate on working interest wells

100%

 

90%

       

Undeveloped land (net acres)

151,812

 

165,458

Notes:
(1) Funds from operations and funds from operations per share are not measurements based on generally accepted accounting principles
(“GAAP”), but are financial terms commonly used in the oil and gas industry. The Company’s funds from operations may not be
comparable to that reported by other companies. Yoho’s calculation of funds from operations is detailed in the MD&A for the years
ended September 30, 2011 and 2010.
(2) Operating netbacks do not have a standardized meaning prescribed by Canadian GAAP and therefore may not be comparable with the
calculation of similar measures by other companies. Yoho determines operating netbacks by deducting royalties, operating and
processing expenses from petroleum and natural gas sales.

For the year ended September 30, 2011 Yoho generated funds from operations of $14.8 million despite a
realized natural gas price of only $3.62 per mcf. Despite continued low natural gas pricing in fiscal 2011,
the increased prices for crude oil and natural gas liquids, combined with increased natural gas liquids production and continued operational efficiencies, resulted in a 17.8% increase in funds from operations
for fiscal 2011 as compared to the prior year.

Drilling

During the year ended September 30, 2011, Yoho drilled 9 (4.7 net) wells resulting in 7 (3.9 net) gas wells
and two (0.8 net) oil wells with an overall success rate of 100%.

Outlook

Fiscal 2012 will be a year of delineation of the two unconventional plays at Kaybob and Nig. Yoho is
currently planning a capital program for fiscal 2012 of between $35 and $40 million. With the continued
volatility in commodity prices, the activity levels for fiscal 2012 will be monitored closely, particularly in
light of current low natural gas pricing. The drilling program for fiscal 2012 is expected to set up fiscal
2013 as the first year of full development at Kaybob and Nig.

Yoho Resources Inc. is a Calgary based junior oil and natural gas company with operations focusing in
west central Alberta, the 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
www.yohoresources.ca

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

Internal estimates

Certain information contained herein, such as the estimated fair value of the Company’s land holdings,
are based in estimated values the Company believes to be reasonable and are subject to the same
limitations as discussed under “Forward-looking Information and Statements” below.

Forward-looking information and statements

This news release contains certain forward–looking information and statements within the meaning of
applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate",
"may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to
identify forward-looking information or statements. In particular, but without limiting the forgoing, this news
release contains forward-looking information and statements pertaining to the following: future drilling
plans; future production levels; land holdings based on fulfilling drilling obligations under certain
contractual commitments; the volumes and estimated value of Yoho's oil and gas reserves; the life of
Yoho's reserves; resource estimates; the volume and product mix of Yoho's oil and gas production; future
oil and natural gas prices and Yoho's commodity risk management programs; future liquidity and financial
capacity; future results from operations and operating metrics; future costs, expenses and royalty rates;
future interest costs; the exchange rate between the $US and $Cdn; future development, exploration,
acquisition and development activities and related capital expenditures; the number of wells to be drilled
and completed; the amount and timing of capital projects; operating costs; and the total future capital
associated with development of reserves and resources.

The recovery, reserve and resources estimates of Yoho's reserves and resources provided herein are
estimates only and there is no guarantee that the estimated reserves or resources with be recovered. In
addition, forward-looking statements or information are based on a number of material factors,
expectations or assumptions of Yoho which have been used to develop such statements and information
but which may prove to be incorrect. Although Yoho believes that the expectations reflected in such
forward-looking statements or information are reasonable, undue reliance should not be placed on
forward-looking statements because Yoho can give no assurance that such expectations will prove to be
correct. In addition to other factors and assumptions which may be identified herein, assumptions have
been made regarding, among other things: the impact of increasing competition; the general stability of
the economic and political environment in which Yoho operates; the timely receipt of any required
regulatory approvals; the ability of Yoho to obtain qualified staff, equipment and services in a timely and
cost efficient manner; drilling results; the ability of the operator of the projects in which Yoho has an
interest in to operate the field in a safe, efficient and effective manner; the ability of Yoho to obtain
financing on acceptable terms; field production rates and decline rates; the ability to replace and expand
oil and natural gas reserves through acquisition, development and exploration; the timing and cost of
pipeline, storage and facility construction and expansion and the ability of Yoho to secure adequate
product transportation; future commodity prices; currency, exchange and interest rates; regulatory
framework regarding royalties, taxes and environmental matters in the jurisdictions in which Yoho
operates; and the ability of Yoho to successfully market its oil and natural gas products.

The forward-looking information and statements included in this news release are not guarantees of
future performance and should not be unduly relied upon. Such information and statements; including the
assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors
that may cause actual results or events to differ materially from those anticipated in such forward-looking
information or statements including, without limitation: changes in commodity prices; changes in the
demand for or supply of Yoho's products; unanticipated operating results or production declines; changes
in tax or environmental laws, royalty rates or other regulatory matters; changes in development plans of
Yoho or by third party operators of Yoho's properties, increased debt levels or debt service requirements;
inaccurate estimation of Yoho's oil and gas reserve and resource volumes; limited, unfavourable or a lack
of access to capital markets; increased costs; a lack of inadequate insurance coverage; the impact of
competitors; and certain other risks detailed from time-to-time in Yoho's public disclosure documents,
(including, without limitation, those risks identified in this news release and Yoho's Annual Information
Form).

The forward-looking information and statements contained in this news release speak only as of the date
of this news release, and Yoho does not assume any obligation to publicly update or revise any of the
included forward-looking statements or information, whether as a result of new information, future events
or otherwise, except as may be required by applicable securities laws.

Oil and Gas Advisory

The reserves information contained in this press release has been prepared in accordance with National
Instrument 51-101 "Standards of Disclosure for Oil and Gas Activities" of the Canadian Securities
Administrators ("NI 51-101"). Complete NI 51- 101 reserves disclosure has been included in our Annual
Information Form for the year ended September 30, 2010. Listed below are cautionary statements that
are specifically required by NI 51-101:

Where applicable, oil equivalent amounts have been calculated using a conversion rate of six thousand
cubic feet of natural gas to one barrel of oil. BOEs may be misleading, particularly if used in isolation. A
boe conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy
equivalency conversion method primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead.

Individual properties may not reflect the same confidence level as estimates of reserves for all properties
due to the effects of aggregation.

With respect to finding and development costs, the aggregate of the exploration and development costs
incurred in the most recent financial year and the change during that year in estimated future
development costs generally will not reflect total finding and development costs related to reserve
additions for that year.

This press release contains estimates of the net present value of our future net revenue from our
reserves. Such amounts do not represent the fair market value of our reserves.

Non-GAAP Financial Measures

The press release contains the term “funds from operations” and “funds from operations per share” which
do not have any standardized meaning prescribed by Canadian GAAP. Management uses funds from
operations and funds from operations per share to analyze operating performance and leverage and
considers funds from operations to be a key measure as it demonstrates the Company’s ability to
generate the cash necessary to fund future capital investments and to repay debt. Funds from operations
should not be considered an alternative to, or more meaningful than cash flow from operating activities as
determined in accordance with Canadian GAAP as an indicator of the Company’s performance.
Therefore references to funds from operations or funds from operations per share (basic and diluted) may
not be comparable with the calculation of similar measures for other entities. Yoho calculates funds from
operations per share using the same method used in the determination of net income per share.

Yoho also uses “operating netbacks” and per boe metrics as key performance indicators. These terms do
not have a standardized meaning prescribed by Canadian GAAP and therefore may not be comparable
with the calculation of similar measures by other companies. Management considers netbacks an
important measure as it demonstrates its profitability relative to current commodity prices. The Company
uses this measure to help evaluate its performance.

BOE equivalent

Barrel of oil equivalents or BOEs may be misleading, particularly if used in isolation. A BOE conversion
ratio of 6 mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the
burner tip and does not represent a value equivalency at the wellhead.