CALGARY, ALBERTA–(Marketwired – May 30, 2016) – Yoho Resources Inc. (“Yoho” or the “Company”) (TSX VENTURE:YO) has filed today on SEDAR the financial statements for the six months ended March 31, 2016 and the related managements’ discussion and analysis (“MD&A”). Copies of these documents may be found on www.sedar.com.
- Yoho’s production during fiscal Q2 2016 averaged 621 boe per day (23% oil and natural gas liquids (“NGL”)), compared to fiscal Q2 2015 production of 1,731 boe per day (34% oil and NGL). The decrease in production was due to the sale in December 2015 of certain of the Company’s Duvernay properties.
- The significant decrease in average benchmark commodity prices has contributed to a decrease in Yoho’s realized commodity prices received. Funds used in operations for fiscal Q2 2016 were $581,372 ($0.01 per share basic).
- With the extremely low natural gas prices received in fiscal Q2, Yoho has subsequently re-aligned natural gas transportation agreements to allow the Company to shut in certain of its higher cost properties, particularly in British Columbia. Yoho has also taken steps to further reduce both operating and general and administrative expenses.
- Yoho has entered into a natural gas swap contract at $2.00 per GJ for 1,000 GJs per day for the period from May 1, 2016 to December 31, 2017.
- Net exploration and development expenditures for fiscal Q2 2016 were $0.5 million.
- At March 31, 2016, Yoho had a cash balance of $2.98 million and was undrawn on its bank credit facility.
- During fiscal Q2, Yoho completed the purchase for cancellation of all of its outstanding 8.25% convertible secured subordinated debentures. With the cancellation of the 8.25% convertible secured subordinated debentures and no amounts currently drawn on the Company’s bank line, interest expenses are expected to be minimal during fiscal Q3 compared with $109,449 of interest expenses in fiscal Q2.
Routing of the pipeline to tie-in the Kaybob 16-12-59-19 W5 (100% WI) Duvernay well, which was completed in October 2015, is now finalized. Yoho is currently waiting on permit approvals in order to begin construction of the pipeline. This well is expected to add approximately 600 to 700 boe per day (50% liquids) to Yoho’s production in fiscal Q4.
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”.