Yoho能源有限公司宣布以5000万美元价格出售部分Duvernay区块

Yoho Resources Inc. Announces the Sale of Certain Duvernay Assets for $50 Million

CALGARY, ALBERTA–(Marketwired – Dec. 7, 2015) – Yoho Resources Inc. (“Yoho” or the “Company”) (TSX VENTURE:YO) announced today that it has entered into a definitive agreement to sell a portion of its Duvernay assets in the Kaybob area of Alberta (the “Subject Assets”) for cash consideration of $50 million (prior to adjustments) (the “Transaction”). Yoho will retain approximately 25% of its net Kaybob Duvernay acreage consisting of 5.5 sections at 100% working interest and Yoho’s recently completed well at 16-12-59-19 W5.

The Subject Assets are predominantly non-operated and consist of 10,290 net acres with an average working interest of 39%. Average production (net to Yoho) from the Subject Assets was approximately 890 Boe per day for the first nine months of fiscal 2015. The reserves attributable to the Subject Assets, based on Yoho’s reserves evaluation completed by its independent reserves evaluator, GLJ Petroleum Consultants Ltd. effective September 30, 2014, are as follows:

After closing of the Transaction, the Company expects to be undrawn on its bank credit facilities and will have estimated positive working capital of $16 to $17 million. The annual review of Yoho’s bank credit facilities is expected to be finalized on the closing of the Transaction. Shortly after closing of the Transaction, Yoho will make an offer to the holders of its outstanding $11.8 million aggregate principal amount of secured subordinated convertible debentures (the “Debentures”) to purchase such Debentures in accordance with their terms. Further details regarding such offer to will be available after closing of the Transaction.
Yoho’s annual financial statements and other year-end disclosures are expected to be released in early January 2016.

On completion of Transaction, Yoho will hold the following assets:
• 27 net sections (average working interest 90%) in the greater Inga area of British Columbia where the Company has a multi-zoned Triassic play, currently focused on the Montney Formation. Recent industry activity in close proximity to Yoho’s acreage confirmed excellent potential for a horizontal liquids rich Montney resource development play on these lands.
• 5.5 sections (100% working interest) of contiguous Duvernay land in Kaybob which will be continued by the recently completed well at 16-12-59-19 W5. The well was completed with 11 stages during October 2015 at a cost of $5.2 million. At the end of a 124 hour clean up flow period, the well was flowing at a restricted rate of 2.4 MMcf per day with approximately 80 barrels per MMcf of associated field condensate. Yoho is currently reviewing tie-in options for this well. Under full development, this land block could accommodate 25 to 30 horizontal wells.
• Other conventional assets with current estimated production of approximately 600 boe per day consisting of 2.5 MMcf per day of natural gas and 170 barrels per day of oil and natural gas liquids, with an additional 100 boe per day of gas production currently shut in due to pipeline restrictions.
• The Transaction has an effective date of December 1, 2015 and is expected to be completed on or before December 17, 2015 and is subject to customary conditions, including receipt of all applicable regulatory approvals. BMO Capital Markets acted as financial advisor to Yoho with respect to the Transaction. Details respecting Yoho’s fiscal 2016 capital program will be made available following closing of the Transaction.

CONTACT INFORMATION
• Yoho Resources Inc.
Brian McLachlan
President and Chief Executive Officer
403-537-1771 x103