Yoho Resources Inc. Announces Fiscal Q3 2014 Financial Results

CALGARY, ALBERTA--(Marketwired - Aug. 27, 2014) - Yoho Resources Inc. ("Yoho" or the "Company") (TSX VENTURE:YO) has filed today on SEDAR the financial statements for the three and nine months ended June 30, 2014 and the related managements' discussion and analysis ("MD&A"). Copies of these documents may be found on www.sedar.com.

Highlights

• Yoho's production during fiscal Q3 2014 averaged 1,563 boe per day (27% oil and natural gas liquids ("NGL")). Production for fiscal Q3 was negatively impacted by infrastructure issues in the Kaybob area, which are expected to be resolved by early September 2014 at which time Yoho's Duvernay production will be restored to 100% of capacity. Yoho estimates that current production capability for the company to be approximately 2,400 - 2,500 boe per day, consisting of 1,200 boe per day of conventional production and 1,200 - 1,300 boe per day of Duvernay production.
• Yoho generated funds from operations for fiscal Q3 2014 of $2.2 million ($0.04 per share basic and diluted). Operating netbacks for fiscal Q3 2014 were $24.44 per boe.
• Total exploration and development expenditures for the first nine months of fiscal 2014 were $25.1 million and included the costs for drilling 5 (2.8 net) and completing 2 (0.8 net) gas wells. The two wells that were completed in fiscal Q3 came on production during fiscal Q4.
• Total net debt was $12.3 million at June 30, 2014.
• For fiscal 2015, Yoho plans to participate in up to 8 (3.5 net) Kaybob horizontal wells targeting the Duvernay Formation, the details of which are currently being finalized. Yoho has demonstrated that recent changes to completion methodology have been very successful and will utilize this methodology where applicable in the upcoming drilling program.

OPERATIONS UPDATE

Kaybob Duvernay

During fiscal Q3, Yoho continued with its Duvernay drilling program with results previously press released on July 9, 2014. The 16-04-62-21 W5 well (50% working interest) was placed on production August 8, 2014 for 5 days before being shut-in for the SemCams KA gas plant turnaround. Over the 95 hour flow period, the well produced a cumulative 7.1 MMcf natural gas and 1,922 barrels of condensate and NGL, which equates to a daily rate of 780 (390 net) boe per day (270 barrels of NGL per MMcf). Approximately 68% of the NGL produced from the 16-04 well was condensate. During this initial flow period, the 16-04 well was flowing at an average tubing pressure of 38,000 kPa. The 16-02-60-19 W5 (33.33% working interest) was placed on-stream July 21, 2014 for a period of 23 days. Over this time, the well averaged 600 (200 net) boe per day consisting of 2.0 MMcf per day and 267 barrels per day of NGL. Approximately 65% of the NGL produced from the 16-02 was condensate.