AGM Documents 3

Yoho Resources Inc. Announces Upper Montney Contingent Resource Assessment of 32.7 Million BOE at Nig, British Columbia

Calgary, Alberta – September 29, 2011 - Yoho Resources Inc. (“Yoho” or the “Company”) (TSXV:YO) is
pleased to announce the results of a reserve and contingent resource assessment for certain of the
Company’s Nig (Umbach) Montney assets as evaluated by GLJ Petroleum Consultants Ltd. (“GLJ”). GLJ
was engaged to prepare an independent evaluation report of Yoho’s reserves and contingent resources
effective as at August 31, 2011 and the report is dated September 28, 2011. The GLJ report were
prepared in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas
Activities (“NI 51-101”) of the Canadian Securities Administrators.

Highlights

  • GLJ’s best estimate of Yoho’s Discovered Petroleum Initially in Place (“DPIIP”) for the evaluated
    area at Nig is 420.7 billion cubic feet (“Bcf”). Approximately 40% of the Company’s current
    Montney acreage at Nig was evaluated as part of both the DPIIP and Contingent Resource study
    and includes the Upper Montney only.
  • The best estimate for the Company’s Contingent Resources for the evaluated area at Nig is 32.7
    million BOE net, consisting of 165.7 bcf of natural gas and 5.1 million barrels of natural gas
    liquids.
  • The best estimate of Contingent Resources has a net present value to Yoho (after the recovery of
    all anticipated capital) of $211.0 million using a discount rate of 10%.
  • Based on recent drilling success, Yoho’s net proved and probable reserves at Nig as at August
    31, 2011 are 2,021 Mboe and have a net present value of $18.7 million using a discount rate of
    10%. There were no reserves assigned at Nig as at September 30, 2010.

RESOURCE AND RESERVES EVALUATION

Yoho engaged GLJ to prepare an independent reserve and contingent resource evaluation (effective as
at August 31, 2011) of the Company’s Nig Montney properties, using GLJ July 1, 2011 forecast prices
and costs. DPIIP is the quantity of petroleum that is estimated, as of a given date, to be contained in
known accumulations prior to production. DPIIP is typically broken down into four components including
cumulative production, reserves, contingent resource and discovered unrecoverable petroleum initially in
place. Contingent Resources are those quantities of petroleum estimated, as of a given date, to be
potentially recoverable from known accumulations using established technology or technology under
development, but which are not currently considered to be commercially recoverable due to one or more
contingencies. Contingencies may include factors such as economic, legal, environmental, political and
regulatory matters, or a lack of markets. It is also appropriate to classify as Contingent Resources the
estimated discovered recoverable quantities associated with a project in the early evaluation stage. At
Nig, the Montney formation is areally extensive in this region; however, well control in certain areas of
Yoho’s lands is limited. As additional drilling takes place, it is expected that the Contingent Resources
will be booked into the reserves category. Estimates of DPIIP and Contingent Resources described
herein are estimates only; the actual resources may be higher or lower than those calculated in the
independent evaluation. There is no certainty that it will be commercially viable to produce any portion of
the resources described in the evaluation.

The most significant positive and negative factors with respect to the contingent resource estimates relate
to the fact that the field is currently at an evaluation/delineation stage. As well, the resource evaluation
includes the Upper Montney only and does not include an assessment of the Lower Montney. The Lower
Montney formation will be tested at a future date. The contingent resource assessment covers 40% of
the Company’s current land holdings at Nig. Resource-in-place, productivity and capital costs may be
higher or lower than current estimates. Additional drilling and testing are required to confirm volumetric
estimates and reservoir productivity for the contingent resources to be reclassified as reserves.

Nig Montney

Summary of Company Montney DPIIP and Best Estimate Contingent Resources
Forecast Prices and Costs
As at August 31, 2011

   

(Bcf)

 

DPIIP (gross raw Bcf)

 

841.4

 

Contingent Resource (gross raw Bcf)

 

364.2

 

DPIIP (working interest raw Bcf) (1)

 

420.7

 

Contingent Resource (working interest raw Bcf) (1)

 

182.1

 

Economic Contingent Resource (working interest sales Bcf) (1) (3)

 

165.7

 

Unrecoverable DPIIP (working interest raw Bcf)

 

238.6

 
         

Notes:

(1) Yoho’s total working interest DPIIP before deducting royalties owned by others.

(2) There has been no cumulative production attributable to Yoho in the area subject to the GLJ Reports.

(3) Economic Contingent Resources are lower that Contingent Resources primarily due to gas shrinkage.

Resource Evaluation

Summary of Company Montney Contingent Resource Net Present Values of Future Revenue (1)(2)(3)(4)(5) (7)
Forecast Prices and Costs
Before Income Taxes ($ thousands) as at August 31, 2011

 

Discounted at

 
 

Undiscounted

 

5%

10%

15%

 

20%

 
                     

Low Estimate (6)

 

826,599

 

355,020

 

173,687

 

93,480

 

53,973

Best Estimate (6)

 

1,141,428

 

447,009

 

211,037

 

112,789

 

65,628

High Estimate (6)

 

1,446,630

 

537,213

 

251,161

 

135,394

 

80,087

                           

 

Notes:

(1) The estimated future net revenues are stated before deducting income taxes and future estimated site restoration costs, and are reduced for estimated future abandonment costs and estimated capital for future development associated with the contingent resource.

(2) It should not be assumed that the undiscounted and discounted net present values represent the fair market value of the contingent resource.

(3)The estimates of net present values for individual properties may not reflect the same confidence level as estimates of net present values for all properties, due to the effects of aggregation.

(4) GLJ price deck dated July 1, 2011.

(5) Numbers in this table are subject to rounding error.

(6) See note on probabilities under “Special Note Regarding Disclosure of Reserves or Resources” below.

(7) There has been no cumulative production attributable to Yoho in the area subject to the GLJ Reports.

 

Summary of Company Montney Contingent Resources (1)(2)(3)(4)(6)
Forecast Prices and Costs
As at August 31, 2011

 

Natural Gas

 

Natural Gas Liquids

 

BOE

 
 

(MMcf)

 

(Mbbl)

 

(MBoe)

 

Low Estimate (5)

134,015

 

4,124

 

26,459

 

Best Estimate (5)

165,711

 

5,099

 

32,717

 

High Estimate (5)

195,605

 

6,019

 

38,620

 
               

Notes:

(1) Yoho’s total working interest contingent resources are before deducting royalties owned by others.

(2) Oil equivalent amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil. BOEs maybe 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

(3) The estimates of contingent resources for individual properties may not reflect the same confidence level as estimates of net present values for all properties, due to the effects of aggregation.

(4) May not add due to rounding.

(5) See note on probabilities under “Special Note Regarding Disclosure of Reserves or Resources” below.

(6) There has been no cumulative production attributable to Yoho in the area subject to the GLJ Reports.

Reserves Evaluation

After the recent drilling success announced in June 2011, the Company’s interest of total proved plus probable reserves for the Montney at Nig at August 31, 2011 are 2,021 Mboe.  There were no reserves assigned to the Montney at Nig as a September 30, 2010.  This evaluation incorporates 438 net acres of current Montney lands or approximately 2% of Yoho’s land base at Nig, British Columbia.

Summary of Nig Montney Company Working Interest Reserves (1) (2) (3) (4) (5)
Forecast Prices and Costs
As at August 31, 2011

 

Natural Gas

 

Natural Gas Liquids

 

BOE Total Barrels of Oil Equivalent

 
 

(MMcf)

 

(Mbbl)

 

(MBoe)

   

Total proved

4,982

 

153

 

984

   

Total probable

5,256

 

162

 

1,037

   

Total proved plus probable

10,238

 

315

 

2,021

   
                   

Notes:

(1) Yoho’s total working interest reserves are before deducting royalties owned by others.

(2) Oil equivalent amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil. BOEs maybe 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.

(3) The estimates of reserves for individual properties may not reflect the same confidence level as estimates of reserves for all properties, due to the effects of aggregation.

(4) Includes non-associated gas, associated gas and solution gas.

(5) Numbers in this table are subject to rounding error.

 

Summary of Nig Montney Company Net Present Value of Future Revenue from Reserves (1) (2) (3) (4) (5)
Forecast Prices and Costs
Before Income Taxes ($ thousands)

 

As at August 31, 2011

 

Discounted at

 

Undiscounted

 

5%

10%

Proved

 

23,954

 

14,733

 

9,933

 

Probable

 

31,356

 

15,236

 

8,808

 

Total proved plus probable

 

55,310

 

29,969

 

18,741

 
                 

Notes:

(1) The estimated future net revenues are stated before deducting income taxes and future estimated site restoration costs, and are reduced for estimated future abandonment costs and estimated capital for future development associated with the reserves..

(2) It should not be assumed that the undiscounted and discounted net present values represent the fair market value of the reserves.

(3) The estimates of net present values for individual properties may not reflect the same confidence level as estimates of net present values for all properties, due to the effects of aggregation.

(4) GLJ price deck dated July 1, 2011.

(5) Numbers in this table are subject to rounding error.

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, CA
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

Special Note Regarding Forward-Looking Information

This news release contains certain forward-looking statements, which are based on numerous assumptions including but not
limited to (i) drilling success; (ii) production; (iii) future capital expenditures; (iv) net present values of future net revenues; and
(v) cash flow from operating activities. The reader is cautioned that assumptions used in the preparation of such information may
prove to be incorrect.

With respect to forward-looking statements contained in this document, Yoho has made a number of assumptions. The key
assumptions underlying the aforementioned forward-looking statements include assumptions that: (i) commodity prices will be
volatile throughout 2011; (ii) capital, undeveloped lands and skilled personnel will continue to be available at the level Yoho has
enjoyed to date; (iii) Yoho will be able to obtain equipment in a timely manner to carry out exploration, development and
exploitation activities; (iv) production rates in 2011 are expected to show growth from the first quarter of 2011; (v) Yoho will
have sufficient financial resources with which to conduct the capital program; and (vi) the current tax and regulatory regime will
remain substantially unchanged. Certain or all of the forgoing assumptions may prove to be untrue.

Certain information regarding Yoho set forth in this document, including estimates of the quantities of the Company's proved
reserves, probable reserves, contingent resources and DPIIP, estimates of the net present value of future net revenue of the
estimates of the Company's proved reserves, and probable reserves and contingent resources, may constitute forward-looking
statements under applicable securities laws and necessarily involve substantial known and unknown risks and uncertainties.
These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond Yoho's control,
including without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and
transportation, loss of markets, volatility of commodity prices, environmental risks, inability to obtain drilling rigs or other
services, capital expenditure costs, including drilling, completion and facility costs, unexpected decline rates in wells, wells not
performing as expected, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient
capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas,
industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and
changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or
management, fluctuations in foreign exchange or interest rates, and stock market volatility and market valuations of companies
with respect to announced transactions and the final valuations thereof. Readers are cautioned that the foregoing list of factors is
not exhaustive.

Yoho's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward
looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking
statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company
will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to the Company or
persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Additional information on
these and other factors that could affect Yoho’s operations and financial results are included in reports on file with Canadian
securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) or Yoho’s website
(www.yohoresources.ca).

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

Special Note Regarding Disclosure of Reserves or Resources

This news release contains references to estimates of petroleum classified as DPIIP in the Nig area in British Columbia which
are not, and should not be confused with, oil and gas reserves. DPIIP is defined in the Canadian Oil and Gas Evaluation
Handbook as the quantity of hydrocarbons that are estimated to be in place within a known accumulation prior to production.
DPIIP is divided into recoverable and unrecoverable portions, with the estimated future recoverable portion classified as
reserves and contingent resources and the remainder as at evaluation date is by definition classified as unrecoverable. There is
no certainty that it will be economically viable to produce any portion of the resources. Projects have not been defined to
develop the resources in the Nig as at the evaluation date. Such projects have historically been developed over a number of
drilling seasons and are subject to annual budget constraints, Yoho’s policy of orderly development on a staged basis, the timing
of the growth of third party infrastructure, the short and long-term view of Yoho on gas prices, the results of exploration and
development activities of Progress and others in the area and possible infrastructure capacity constraints. Yoho’s belief that it
will establish significant additional reserves over time is a forward looking statement and is based on certain assumptions and is
subject to certain risks, as discussed above under the heading "Special Note Regarding Forward-Looking Information".

Contingent resources is defined in the Canadian Oil and Gas Evaluation Handbook (“COGE Handbook”) as those quantities of
petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or
technology under development, but which are not currently considered to be commercially recoverable due to one or more
contingencies. Contingencies may include factors such as economic, legal, environmental, political, and regulatory matters, or a
lack of markets. It is also appropriate to classify as contingent resources the estimated discovered recoverable quantities
associated with a project in the early evaluation stage. Contingent resources are further classified in accordance with the level of
certainty associated with the estimates and may be subclassified based on project maturity and/or characterized by their
economic status.

The contingent resources estimates, including the corresponding estimates of before tax present value estimates, are estimates
only and the actual results may be greater than or less than the estimates provided herein. There is no certainty that it will be
commercially viable or technically feasible to produce any portion of the resources.

Probability

"Low Estimate" is a classification of estimated resources described in the COGE Handbook as being considered to be a
conservative estimate of the quantity that will actually be recovered. It is likely that the actual remaining quantities recovered
will exceed the Low Estimate. If probabilistic methods are used, there should be a 90% probability (P90) that the quantities
actually recovered will equal or exceed the Low Estimate. "Best Estimate" is a classification of estimated resources described in
the COGE Handbook as being considered to be the best estimate of the quantity that will actually be recovered. It is equally
likely that the actual remaining quantities recovered will be greater or less than the Best Estimate. If probabilistic methods are
used, there should be a 50% probability (P50) that the quantities actually recovered will equal or exceed the Best Estimate.
"High Estimate" is a classification of estimated resources described in the COGE Handbook as being considered to be an
optimistic estimate of the quantity that will actually be recovered. It is unlikely that the actual remaining quantities recovered
will exceed the High Estimate. If probabilistic methods are used, there should be a 10% probability (P10) that the quantities
actually recovered will equal or exceed the High Estimate.

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.