AGM Documents 3

Yoho Resources Inc. Announces Results from Second Nig Upper Montney Well and Updated Nig Contingent Resource Assessment

Calgary, Alberta – November 14, 2011 - Yoho Resources Inc. (“Yoho” or the “Company”) (TSXV:YO) 
is pleased to provide an update on its drilling and completion operations at Nig, British Columbia and to 
announce an updated reserve and contingent resource assessment (the “GLJ Report”) of certain of the 
Company’s Nig Montney assets as evaluated by GLJ Petroleum Consultants Ltd. (“GLJ”).

Highlights

  • The most recent horizontal well drilled by Yoho at Nig (50% working interest) production tested 5.6 Mmcf per day with 96 barrels per day of free condensate.  Total liquids production from the natural gas is expected to be in excess of 30 barrels per Mmcf.  This well’s positive production test result extends the prospective Upper Montney trend over the northern portion of Yoho’s extensive land base in the Nig area.
  • GLJ’s best estimate of Yoho’s Discovered Petroleum Initially in Place (“DPIIP”) (Company Interest) for the evaluated area at Nig is 576.4 billion cubic feet (“Bcf”).  Approximately 55% of the Company’s current Montney acreage at Nig was evaluated as part the GLJ Report and includes the Upper Montney only.  The previous DPIIP and Contingent Resource study for Nig evaluated approximately 40% of Yoho’s land.
  • The best estimate for the Company’s Contingent Resources for the evaluated area at Nig is 44.6 million BOE net, consisting of 225.7 bcf of natural gas and 6.9 million barrels of natural gas liquids.  
  • The best estimate of Contingent Resources has a net present value to Yoho of $258.3 million (after the recovery of all anticipated capital) using a discount rate of 10% and utilizing the GLJ price forecast as at October 1, 2011.
  • Based on the recent drilling success, Yoho’s net proved and probable reserves at Nig as at October 31, 2011 are 3.4 million BOE and have a net present value of $22.7 million using a discount rate of 10%.  There were no reserves assigned at Nig as at September 30, 2010.
  • Yoho is also currently participating in the drilling of two horizontal Duvernay wells at Kaybob.  One well is Yoho operated at 50% working interest and the other is partner operated (Yoho 33.33% working interest).

Drilling Update

Nig, British Columbia

In August 2011, Yoho, with partner Progress Energy Resources Corp. (each 50% working interest),
drilled the d-97-H/94-H-4 horizontal gas well targeting the Upper Montney formation. The well was
drilled in the northern part of Yoho’s land block, approximately 8 miles north of the first Yoho operated
well at Nig. In September 2011, the well was completed in the horizontal section with a 7 stage fracture
stimulation using plug and perf completion methodology. The well was then flowed on clean-up and
production tested at various choke settings and flowing pressures over a 144 hour (6 day) period.
During the flow test, the well flowed up tubing at a rate of 5.6 Mmcf per day at 700 psig on a 38/64”
choke setting with an average over the production test period of 96 barrels per day of free condensate.
The well is currently shut-in for pressure build-up. The Company estimates that liquids production with
the natural gas is expected to be in excess of 30 barrels per Mmcf with approximately 40-50% of the
liquids being condensate. The Company is extremely pleased with the production test results of the d-
97-H/94-H-4 well as it extends the prospective Upper Montney trend over the northern portion of the
Yoho lands at Nig.

The first Yoho horizontal well at Nig, a-41-A/94-H-4, was placed on production in November 2011
through third party facilities at initial rates of 5.0 Mmcf per day. The d-97-H/94-H-4 well will also be tiedin
to third party facilities and is expected to be on production early in calendar Q1 2012.

Yoho has been active at recent Crown land sales and has now accumulated 40,751 gross (20,375 net)
acres of land at Nig. A third horizontal well at Nig is currently being drilled by Yoho and its partner,
again targeting the Upper Montney formation. The area is also prospective for Lower Montney, which is
expected to be tested in early 2012 with the drilling of a fourth well. Yoho anticipates it will be applying
to license a 25 Mmcf per day compressor station at Nig, construction of which will be dependent on
upcoming drilling results.

Kaybob, Alberta

Yoho is also currently participating in the drilling of two horizontal Duvernay wells at Kaybob.  One well
is Yoho operated at 50% working interest and the other is partner operated (Yoho 33.33% working
interest).

RESOURCE AND RESERVES EVALUATION AT NIG

With the drilling success on the northern part of Yoho’s land block at Nig, GLJ was engaged to prepare
an independent evaluation report of Yoho’s reserves and contingent resources effective as at October
31, 2011. The GLJ Report is dated November 11, 2011 and was prepared in accordance with National
Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (“NI 51-101”) of the Canadian
Securities Administrators. The GLJ Report is an update to the report previously prepared by GLJ which
evaluated approximately 40% of Yoho’s acreage at Nig. As a result of recent drilling activity, as
disclosed in this press release, GLJ has been able to evaluate an additional 15% of the Company’s
acreage at Nig as compared to the prior GLJ report.

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 resources 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 GLJ Report. 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 area is also prospective for Lower Montney, which will be tested in early 2012 with the
drilling of a fourth well. The contingent resource assessment covers approximately 55% 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 (2)
Forecast Prices and Costs

As at October 31, 2011


(Bcf)

 
DPIIP (gross raw Bcf)   1,152.8  
Contingent Resource (gross raw Bcf)  

496.2

 
DPIIP (working interest raw Bcf) (1)   

576.4

 
Contingent Resource (working interest raw Bcf) (1)  

248.0

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

225.7

 
Unrecoverable DPIIP (working interest raw Bcf)  

328.4

 
         

Notes:

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

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

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

Resource Evaluation

Summary of Company Montney Contingent Resources Net Present Values of Future Revenue (1)(2)(3)(4)(5) (7)
Forecast Prices and Costs

Before Income Taxes ($ thousands) as at October 31, 2011

 

Discounted at

 
 

Undiscounted

 

5%

10%

15%

 

20%

 
                     

Low Estimate (6)

 

1,075,883

 

445,358

 

207,253

 

104,637

 

55,667

Best Estimate (6)

 

1,509,156

 

572,423

 

258,342

 

130,663

 

71,156

High Estimate (6)

 

1,935,359

 

697,208

 

312,843

 

160,858

 

90,211

                           

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) Based on GLJ’s price deck dated October 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 Report.

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

 

Natural Gas

 

Natural Gas Liquids

 

BOE

 
 

(MMcf)

 

(Mbbl)

 

(MBoe)

 

Low Estimate (5)

182,564

 

5,617

 

36,045

 

Best Estimate (5)

225,771

 

6,947

 

44,575

 

High Estimate (5)

267,177

 

8,221

 

52,750

 
               

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 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 

(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 Report.

Reserves Evaluation

After the recent drilling success at Nig, the Company’s interest of total proved plus probable reserves for the Montney at Nig as at October 31, 2011 is estimated by GLJ to be 3,369 Mboe.  There were no reserves assigned to the Montney at Nig as at September 30, 2010.  The reserves evaluation incorporates approximately 4% of Yoho’s land base at Nig, British Columbia.

Summary of Nig Montney Company Working Interest Reserves (1) (2) (3) (4) (5) (6)
Forecast Prices and Costs
As at October 31, 2011

 

Natural Gas

 

Natural Gas Liquids

 

BOE Total Barrels of Oil Equivalent

 
 

(MMcf)

 

(Mbbl)

 

(MBoe)

   

Proved

             

  Developed Non-producing

2,764

 

85

 

546

   

  Undeveloped

5,528

 

170

 

1,092

   

Total proved

8,292

 

255

 

1,637

   

Total probable

8,770

 

270

 

1,732

   

Total proved plus probable

17,062

 

525

 

3,369

   
                   

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 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.

(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.

(6) There were no proved developed producing reserves as at October 31, 2011.

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 October 31, 2011

 

Discounted at

 

Undiscounted

 

5%

 

10%

Total proved

32,546

 

18,546

 

11,068

Total probable

47,520

 

22,024

 

11,654

Total proved plus probable

80,066

 

40,570

 

22,722

 

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) Based on GLJ’s price deck dated October 1, 2011.

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

 

About Yoho

Yoho Resources Inc. is a Calgary based junior oil and natural gas company with operations focusing in
northeast British Columbia, West Central Alberta and the Peace River Arch of Alberta. 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 forwardlooking
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.