AGM Documents 3

Yoho Resources Inc. Announces Fiscal Q1 2012 Financial and Operating Results

Calgary, Alberta – February 22, 2012 - Yoho Resources Inc. (“Yoho” or the “Company”) (TSXV:YO)
has filed today on SEDAR the financial statements for the three months ended December 31, 2011 and
the related managements’ discussion and analysis. Copies of these documents may be found on
www.sedar.com.

Highlights

  • Yoho’s production during fiscal Q1 2012 averaged 2,322 boe per day, a seven percent decrease
    from Q1 2011 production of 2,505 boe per day. With recent drilling success, Yoho has
    approximately 1,000 boe per day of production scheduled to come on-stream starting in March
    2012.

  •  Notwithstanding decreased natural gas prices, Yoho generated funds from operations for fiscal
    Q1 2012 of $3.7 million ($0.09 per share basic and diluted), an increase of 5% from $3.6 million
    during Q1 fiscal 2011.

  •  Net exploration and development expenditures for Q1 fiscal 2012 were $12.3 million. During the
    first quarter, Yoho drilled 4 (1.8 net) gas wells with an overall success rate of 100%.

  •  The Company maintained a flexible balance sheet with total net debt of $27.2 million at
    December 31, 2011. The bank credit facility was increased during the quarter to $52 million from
    $40 million.

  •  Yoho closed equity issues in December 2011 for total gross proceeds of $5 million (1,250,000
    flow-through shares at $4.00 per share) and closed equity issues in January and February 2012
    for total gross proceeds of $17.2 million (5,227,325 shares at $3.30 per share).

Operations Update

Nig, British Columbia

In December, 2011 Yoho operated the drilling and completion of the Company’s first horizontal well (50%
working interest) at Nig targeting the Lower Montney formation. This formation had not been tested in
this area to date. This well at c-29-A/94-H-4 was drilled to a total measured depth of 2,830 metres with a
horizontal lateral section of 900 metres in length within the Lower Montney formation. In February 2012
the well was fracture stimulated in 6 stages with approximately 900 tonnes of sand and 33,000 barrels of
slick water used. During an abbreviated production test, the well flowed up tubing at rates averaging 1.0
MMcf per day and 75 barrels per day of condensate (75 barrels per MMcf). Although the gas rates are
lower that other Montney tests in the area, Yoho is encouraged by the high liquids ratio in C-29-A. Yoho
expects to significantly increase productivity on further Lower Montney wells through by optimizing both
frac size and frac fluid technology. There have been no reserves booked to date by Yoho for the Lower
Montney formation.

Kaybob, Alberta

Yoho is proceeding with its fiscal 2012 operations in the Duvernay at Kaybob with one well currently
drilling. The Company is also continuing to exchange data with other operators in the area on a number
of recently licensed and drilled Duvernay wells.

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. Production for fiscal
2012 is budgeted to average approximately 3,000 boe per day with exit production of between 3,300 and
3,400 boe per day. The fiscal 2012 capital program is expected to generate funds from operations of $15
to $16 million based on a natural gas price of $2.75 per GJ at AECO and an oil price of $90.00 per barrel
at Edmonton. With the continued volatility in commodity prices, the activity levels for fiscal 2012 will be
monitored to match capital expenditures with expected cash flow and available credit lines.

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”.

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

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", “schedule”, "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 forwardlooking
information and statements pertaining to the following: the estimated volumes associated with certain of
Yoho’s wells; Yoho’s and its partner's development plans on certain of their properties; estimates of timing for tie-in
of certain gas wells; estimated costs associated with completing certain wells; estimated reductions in costs on
drilling and completing certain future wells; future capital spending levels and focus areas for fiscal 2012 and
2013; estimated natural gas liquids yields on a go-forward basis on certain wells; and completion and testing
operations on certain of its gas wells.

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 information provided to Yoho
by the operator is accurate and correct; 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, the ability of Yoho
and its partners to realize costs savings under multi-well pad operation scenarios and the ability of Yoho and its
partners 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 defer 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, pressure declines or production declines; changes in the mix of
commodity type production associated with Yoho’s wells; 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 forwardlooking
statements or information, whether as a result of new information, future events or otherwise, except as may
be required by applicable securities laws.

Non-IFRS Financial Measures

The MD&A contains the term “funds from operations” and “funds from operations per share” which do not have
any standardized meaning prescribed by International Financial Reporting Standards (“IFRS”). 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 IFRS
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 IFRS 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.

Disclosure of Well-Flow Test Results

The Company cautions that the test results described in the press release are not necessarily indicative of long-term
performance or ultimate recovery. Additionally, as well test interpretations have not been completed on the wells
described in this press release, the results and data described in this press release should be considered preliminary
until such interpretations have been completed.

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. Given the value ratio based on the current price of crude oil as
compared to natural gas is significantly different from the energy equivalency of 6 mcf: 1 bbl, utilizing a conversion
ratio of 6 mcf: 1 bbl may be a misleading indication of value.