AGM Documents 3

Yoho Resources’ Current Production Approaches 3,700 boe per day, Acquires Incremental Duvernay Lands at Kaybob and Completes Land Swap at Nig

Yoho Resources’ Current Production Approaches 3,700 boe per day, Acquires Incremental Duvernay Lands at Kaybob and Completes Land Swap at Nig

Calgary, Alberta – April 3, 2013 - Yoho Resources Inc. (“Yoho” or the “Company”) (TSXV:YO) is pleased to provide an update of operations at Kaybob, Alberta and Nig, British Columbia.

 Kaybob, Alberta

At Kaybob, Yoho’s recently drilled Duvernay wells at Tony Creek at 14-21-62-21 W5 (75% working interest) and at 1-16-62-21 W5 (75% working interest) (press release February 4, 2013) along with the 13-22-62-21 W5 well (50% working interest) have been on-stream and producing from one to four weeks. Total production from these three wells is currently estimated at 1,400 net (2,100 gross) boe per day (net 4.0 MMcf per day and net 730 barrels of natural gas liquids of which approximately 65% is condensate). Field netbacks for the Company’s’ Duvernay production were $39.61 per boe during fiscal Q1. Yoho’s current corporate production is estimated at 3,600 to 3,700 boe per day, including the early production from these wells. The high liquids content of the Company’s natural gas production (100 - 160 barrels per Mmcf) from the Duvernay formation makes this play's economics very attractive at current commodity prices. Yoho’s drilling and production results to date have been encouraging and costs have continued to come down. The Duvernay program continues to generate momentum and, as a result, Yoho plans to drill up to 4 gross (2 net) wells here by the end of 2013. Also at Kaybob, Yoho has acquired a 25% working interest in three additional highly-prospective sections of Duvernay P&NG rights in the gas-condensate window. The additional land is located approximately 1 ½ miles from the Company’s land at Tony Creek. Subsequent to this acquisition, the Company’s current Duvernay land position at Kaybob is 57 gross (21.75 net) sections. Yoho has an estimated 150 additional net Duvernay development drilling locations on existing lands at Kaybob. In a separate transaction, Yoho purchased gross overriding royalties from a third-party on eight gross sections of its Duvernay lands, including those lands containing the three Tony Creek wells mentioned above. The gross overriding royalties ranged from 4% to 6% on the Company’s Duvernay production and resulted from farm-in agreements that Yoho negotiated previously.

Nig, British Columbia

At Nig, British Columbia, Yoho has closed an asset exchange transaction with its partner in the Nig lands whereby each party exchanged 50% of their working interest in certain lands. As a result of this transaction, Yoho now holds 100% in 29 gas spacing units in the southern land block at Nig in exchange for the Company’s interest in the northern land block at Nig. This transaction was completed with only very minor changes in net production, reserves and net present value.

About Yoho

Yoho Resources Inc. is a Calgary based junior oil and natural gas company with operations focusing in West Central 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

Special Note Regarding Forward-Looking Information

In the interest of providing readers with information regarding Yoho, including management's assessment of the future plans and operations of Yoho, certain statements contained in this news release constitute forward-looking statements or information (collectively "forward-looking statements") within the meaning of applicable securities legislation. Forwardlooking statements are typically identified by words such as "anticipate", "continue", "estimate", "expect", "forecast", "may", "will", "project", "could", "plan", "intend", "should", "believe", "outlook", "potential", "target" and similar words suggesting future events or future performance. In particular, this news release contains, without limitation, forward-looking statements pertaining to: the Company’s intentions in respect of enhanced development operations at Kaybob, Yoho's planned capital expenditure program for the remainder of fiscal 2013, including the estimated budget and the allocation of capital to the Kaybob Duvernay area and the Nig area in fiscal 2014; Yoho's estimated average production levels for fiscal 2013 and estimated average production volumes for fiscal Q3 2013; Yoho's drilling plans for the remainder of calendar 2013 and fiscal 2014; and the sufficiency of funds, including cash flows and bank debt, to fund Yoho's anticipated capital program and other matters set forth in the “Outlook” section of this news release. Readers are 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: capital and skilled personnel will continue to be available at the level Yoho has enjoyed to date; Yoho will be able to obtain equipment in a timely manner to carry out exploration, development and exploitation activities; production rates for fiscal 2013 will be in line with the Company's estimates and type curves; Yoho will have sufficient financial resources (including cash flows and bank debt) with which to conduct its anticipated capital program; the current tax and regulatory regime will remain substantially unchanged; future commodity prices will be consistent with the Company's current pricing assumptions; pipeline, processing and other third party facility issues will not persist for time periods which may have an adverse affect on the Company’s plans as forecast; that Yoho will continue to conduct its operations in a manner consistent with past operations; the impact of increasing competition; and the ability of Yoho to add production and reserves through development and exploitation activities. Although Yoho believes that the expectations reflected in the forward-looking statements
contained in this news release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this news release, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur.

By their nature, forward looking statements involve numerous risks and uncertainties that contribute to the possibility that predictions, forecasts, projections and other forward-looking statements will not occur, which may cause Yoho's actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, without limitation: risks associated with oil and gas exploration, development, exploitation, production, marketing and
transportation; loss of markets; volatility of commodity prices; environmental risks; the inability to access credit and other debt facilities; 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; 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.

BOE Equivalency

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.

Non-IFRS Measure

In this press release the Company makes reference to the term “field netbacks” which is a non-IFRS financial measures that does not have any standardized meaning prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented by other issuers. The Company uses "field netbacks" as a key performance indicator. "Field netbacks" is determined by deducting royalties and operating and transportation expenses from petroleum and natural gas sales revenue. The Company considers "field netbacks" a key measure in assessing the efficiency of its oil and gas assets.