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Yoho Sees Production Drop After Duvernay Asset Sale
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Yoho Resources Inc. reported financial results for the six months ended March 31, 2016.
Highlights: 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…
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