AGM Documents 3

Yoho Resources Inc. Announces Fiscal Q3 2012 Financial and Operating Results and Provides Operational Update

Calgary, Alberta – August 22, 2012 - Yoho Resources Inc. (“Yoho” or the “Company”) (TSXV:YO) has
filed today on SEDAR the financial statements for the nine months ended June 30, 2012 and the related
managements’ discussion and analysis. Copies of these documents may be found on


  • Yoho’s production during fiscal Q3 2012 averaged 2,442 boe per day (75% natural gas), a 10%
    increase from fiscal Q2 production. The Company has approximately 700 boe per day of behind
    pipe production that is scheduled to come on-stream over the next few months.

  • Notwithstanding substantially decreased natural gas prices, Yoho generated funds from
    operations for fiscal Q3 2012 of $2.4 million ($0.05 per share basic and diluted).

  • Net exploration and development expenditures for the nine months ended June 30, 2012 were
    $27.7 million with Yoho participating in drilling 5 (2.1 net) liquids-rich gas wells with an overall
    success rate of 100%.

  • The Company maintained a flexible balance sheet with total net debt of $21.2 million at June 30,
    2012 with a bank credit facility of $52 million. The credit facility was reconfirmed with the
    Company’s lender in June 2012. At June 30, 2012, Yoho had spent approximately 85% of the
    estimated capital expenditures for the year and plans on spending an additional $6 to $8 million
    for the balance of fiscal 2012.

Operations Update

Kaybob, Alberta

At Kaybob, Yoho participated in a horizontal Duvernay well at 5-11-60-20 W5 which was drilled in fiscal
Q2 and completed in Q3 (Yoho 33.33% working interest). Due to drilling issues and impending spring
breakup, the well lateral section was shortened to 889 metres. Completion operations commenced in
June, 2012 and the operator experienced difficulty in successfully fracing all of the planned frac stages,
with approximately 40% of the planned intervals experiencing a successful frac. The well did, however,
test at rates of 2.7 mmcf per day and 130 barrels per day of condensate through production tubing at the
end of a 48 hour in-line test. Total liquids recovery, including propane, butane and condensate, is
expected to be approximately 80 to 100 barrels per mmcf. This well is tied into production facilities, but
currently shut-in for a 30 day period to conduct a pressure build-up test.

This is the fifth horizontal Duvernay well that Yoho has participated in the Kaybob area. All five of the
horizontal wells, which were drilled strategically throughout Yoho’s land base, have tested gas with very
high associated liquids. The results of the wells drilled to date have delineated the extent of the
hydrocarbon resource over Yoho’s entire land base at Kaybob. The Company is currently participating in
one additional delineation well located at 16-33-59-19 W5 (13.8% working interest) situated in the very
south-east part of Yoho’s land block.

Yoho is currently planning its first company operated development pad consisting of two horizontal wells
(50% working interest) on the Tony Creek land block (Township 62, Range 21 W5) for calendar Q4 2012.
It is expected that the efficiencies achieved drilling multiple wells on a common pad will substantially
reduce costs on a per well basis.

Due to extremely wet conditions in the Kaybob area over the last several months, Yoho has suspended
pipelining operations of the 11.6 kilometer Yoho operated pipeline (50% working interest) that will tie-in a
liquids-rich gas well at the northern portion of the land base. The Company will monitor ground conditions
and will recommence pipelining activity when field conditions are appropriate. If surface conditions
persist for the balance of summer and fall, resumption of pipelining activity may take place after freezeup.
To date, approximately 25% of this project has been completed.

Nig, British Columbia

At Nig, British Columbia, Yoho is planning to drill a vertical Montney well in September 2012 on the southeast
portion of its land block. Yoho is also proceeding with the construction a 7.2 kilometer operated sour
gas pipeline at Nig (50% working interest) which will enable gas/liquids wells from the northern portion of
the Company’s land block, currently shut in, to be brought on-stream. Additional activity at Nig for fiscal
2013 will be reviewed in light of current commodity prices.


For fiscal 2013, Yoho is currently planning a total capital program of between $35.0 and $38.0 million.
The exploration program and related capital budget is weighted to drilling the two unconventional plays at
Kaybob and Nig, with the majority of the capital allocated to the Duvernay at Kaybob. A total of seven
horizontal Duvernay wells (3 net wells) at Kaybob are currently planned to be drilled for fiscal 2013.
Yoho’s fiscal 2013 budget assumes an oil price of $90.00 per barrel at Edmonton and posted gas price of
$2.82 per GJ at AECO. It is estimated that overall production for fiscal 2013 will average approximately
3,100 to 3,200 boe per day with exit production estimated at 3,400 to 3,500 boe per day. Activity levels
for both the remainder of fiscal 2012 and for fiscal 2013 will continue to be monitored to align 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, northeast British Columbia and the Peace River Arch of Alberta. 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

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; completion and testing operations on certain of its gas wells; and estimated average and exit production rates
for fiscal 2012.

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.

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.