Yoho reports 30% increase in proved reserves

CALGARY – Yoho Resources Inc. has filed on SEDAR the financial statements for the year ended September 30, 2012 and the related managements’ discussion and analysis.
Yoho also filed its Annual Information Form for the year ended September 30th, 2012 which includes the Company’s reserves data and other oil and gas information for the year ended September 30th, 2012.
Yoho is also pleased to announce the results of a reserve and contingent resource assessment of the Company’s Kaybob Duvernay assets and an updated reserve and contingent resource assessment of certain of the Company’s Nig Montney assets as evaluated by GLJ Petroleum Consultants Ltd..
Yoho’s proved plus probable reserves as evaluated by GLJ as at September 30th, 2012 increased 96% to 27.4 MMboe from 14.0 MMboe at September 30th, 2011.
The Company’s proved reserves as of September 30th, 2012 increased 40% to 10.8 MMboe from 7.7 MMboe.
The percentage of Yoho’s proved plus probable reserves that are natural gas liquids has increased to 29% at September 30th, 2012 from 17% at September 30th, 2011.
The net present value of Yoho’s estimated future net revenue before income taxes from proved plus probable reserves as at September 30th, 2012 and utilising GLJ’s October 1st, 2012 price forecast and discounted at 10%, is $216.4 million and the net present value of total proved reserves as at September 30,th 2012 is $87.7 million Yoho’s production during fiscal 2011 averaged 2,207 boe per day, a 10% decrease from fiscal 2011 production of 2,475 boe per day.
Fiscal 2012 production was impacted by disruptions in third party pipelines and a resulting delay in obtaining regulatory approvals for re-commissioning.
These disruptions have been remedied and current production is estimated at 2,500 boe per day. Yoho has an additional 700 boe per day behind pipe to be tied-in following completion of pipeline construction. Notwithstanding a year of low natural gas prices.

Follow

Comments

comments