Yoho Sees Increased Production During Q3 2012

Yoho Resources Inc. (TSXV:YO) announced its financial and operating results for the third quarter of 2012, commenting that it achieved production of 2,442 barrels of oil equivalent per day at 75 percent natural gas, up 10 percent from the previous quarter.

According to the press release, other highlights of the results include:

• Notwithstanding substantially decreased natural gas prices, Yoho generated funds from operations for fiscal Q3 2012 of $2.4 million ($0.05 per share basic and diluted).
• Net exploration and development expenditures for the nine months ended June 30, 2012 were $27.7 million with Yoho participating in drilling 5 (2.1 net) liquids-rich gas wells with an overall success rate of 100%.
• The Company maintained a flexible balance sheet with total net debt of $21.2 million at June 30, 2012 with a bank credit facility of $52 million. The credit facility was reconfirmed with the Company’s lender in June 2012. At June 30, 2012, Yoho had spent approximately 85% of the estimated capital expenditures for the year and plans on spending an additional $6 to $8 million for the balance of fiscal 2012.

Click here to read the full Yoho Resources Inc. (TSXV:YO) press release.