YANGARRA RESOURCES LTD.

YANGARRA RESOURCES LTD.

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Company Overview
Yangarra Resource Ltd. is a Canadian company engaged in the exploration, development and production of oil and natural gas. The company was formed through the merger of Yangarra Resources Inc. and TriOil Ltd. on November 9, 2005. It is registered as a publicly quoted company, traded on the TSX Venture Exchange under the ticker symbol YAN.V. The main business office of the company is located in Calgary, Canada.
The company has three core operating areas in the province of Alberta, namely Ferrier, Medicine Hat, and Jaslan. It also has non-core operations in Saskatchewan and other areas of Alberta.
Yangarra Resource Ltd. strives to increase the value of its corporate assets through the drill bit and by assembling a large land base in Alberta that features high-quality, long life gas reserves.
The company is active and operational in Canada.
Business Summary
The Company is involved in the production, exploration and development of resource properties.
Description and history
The Company is involved in the production, exploration and development of resource properties.
It was formed by the amalgamation on November 9, 2005, under the Business Corporations Act (Alberta), of Yangarra Resources Inc. and TriOil Ltd
May 29, 2008

Yangarra Announces its Annual and Special Meeting to be held on Tuesday, July 22, 2008 at 2:00 pm at Suite 1600, 333 – 7 Avenue S.W., Calgary, AB

June 25, 2007

Yangarra Announces its Annual and Special Meeting to be held on July 25, 2007 at 2:00 pm at Suite 1600, 333 – 7 Avenue S.W., Calgary, AB

June 25, 2006

Notice of Annual General and Special Meeting of Shareholders to be held in the offices of Burstall Winger LLP, at Suite 1600, Dome Tower, 333 – 7 Avenue S.W. Calgary, Ab on Tuesday, July 25th, 2006 at 3:00 p.m.

April 15, 2006

Yangarra has packaged six properties and retained Kobayashi Partners Limited to conduct a sale of these properties, including Inland/Mundare, Bigstone, Viking South, Provost and Brazeau from Alberta and Bayhurst Saskatchewan. Proceeds realized from the sale of these non-core properties will be utilized for debt reduction. Bids closed June 2, 2006 for the properties, with a sale completion expected by mid July 2006.

December 12, 2005

December 12, 2005

Yangarra Resources Inc. and TriOil Ltd. have successfully completed the merger of the two companies to form Yangarra Resources Ltd. as of November 9, 2005. The new company has 1,574 Mboe of Proven Reserves and 1,271 Mboe of Probable Reserves. The amalgamated company has a $10 million debt and working capital deficiency, with $11.5 million line of credit in place and current annualized cash flow of $9.9 million. Yangarra Resources Ltd. has 110,000 gross and 91,200 net undeveloped acres, which have been independently evaluated at $5.7 million. In addition, the Company has 31,000 gross acres of farm-in lands upon which it has the opportunity to drill to earn.

Medicine Hat – 100% working interest
Yangarra has 135 sections of land, plus an additional 29 sections available under farm-in terms from two different companies. Current production is 250 boe/d of gas through the company owned facility.
2 deep wells, 3 shallow wells, as well as an additional deep well which the company earned a 40% working interest for tieing in of the well to our facility; are all currently being tied into the compressor station (100% working interest) at 5-25-9-6W4. 1-3 additional deep tests will be drilled in late Q4 or early Q1/06 and a 40 well program is being planned for mid summer, 2006.

Ferrier – Average 40% working interest
Yangarra has 23 sections of land, plus an additional 11 sections available under farm-in terms. The current production is 250 boe/d net to the company of gas, oil and NGL’s. 3 wells are currently being tied into the company owned facility at 2-4-41-7W5 (50% working interest), 1 well currently drilling under farm-out terms (Yangarra has a carried 19.75% working interest) and 1 well planned for late Q4 or early Q1/06 (37.5% working interest APO). Drilling plans for 2006 include up to 5 development oil wells and 5 deep gas wells.

Mundare
Yangarra has 9 sections (30% working interest) plus 2 sections available under farm-in terms. Nine wells currently produce 200 boe/d of gas with 2 wells planned for Q1/06 and further drilling of 1-4 wells planned for 2006.

Jaslan
Yangarra has 7 sections (37.5% working interest) and 5 sections (100% working interest) with one well producing 10 boe/d net to the company. A 100% working interest well is planned for Q4, with extensive seismic currently being shot for Yangarra. Plans call for the installation of a gathering system and boost compression for Q1/06 and a follow-up 3-6 well drilling program for 2006. The area is characterized by shallow, multizone gas potential with crown land available for future growth.

Peace River Arch (100% working interest)
Yangarra has farm-in terms on 10 sections of land in the Mega area (north of Cranberry) of Alberta. Extensive seismic was acquired in the area and 1-2 wells are planned for Q1/06.

NON CORE
Bayhurst, Saskatchewan – 30 % working interest
1 well has been drilled in Q4/05 and another is planned for Q1/06. A total of 10 gas wells are standing and a development plan is being formulated. The company owns 18 sections in the area and 17 sections are being earned by drilling under farm-in arrangements.

Paradise Valley, Alberta
This property has recently been sold.

Smoky Heights, Alberta
A review of the property will commence in 2006.

Chinook/Provost, Alberta
A review of the property will commence in 2006.

November 9, 2005

YANGARRA RESOURCES LTD. WILL POST THEIR UDPATED WEBSITE CONTAINING YANGARRA AND TRIOIL AMALGAMATION OPERATIONS AND STOCK INFORMATION UPDATED SHORTLY…

February 9, 2005

MEDICINE HAT (50 % Working Interest)

10 wells were drilled and 12 wells were put on stream during Q4/2004. One of the 10 wells was a Sunburst test, which was successful and absolute open flow (AOF) tested at 12.75 million cubic/day. As the productive zone is over water, the well is restricted to 300 mcf/day. The shallow wells continue to be stable at approximately 75 mcf/day. Water rates on the latest round of shallow wells are two times lower than previous shallow wells due to wetter zones being avoided during completion. The water disposal and gathering system is working well and has significantly reduced operating costs. On-stream costs in the last round of drilling were less than $13,000 per producing BOE (6-1). Current production net to Yangarra is 180 BOE/day (6-1).

FERRIER / BRAZEAU

Current production at Ferrier is 305 BOE/day. One gas well was drilled, cased and completed in Q4/2004, with plans underway to tie it in by spring. Two standing gas wells were tied into the company owned (50% working interest) compressor station in Q1/2005.
Drilling plans include two Viking oil wells and one Rock Creek gas test for the first half of 2005.

October 25, 2004

Medicine Hat

The existing shallow gas wells are stable @ 80 mcf/day at the wellhead, with a deeper Sawtooth well stable @ 125 mcf/day. The water disposal and gas gathering system is working well with lifting costs declining significantly. Net production is 108 boe/d (6-1) to Yangarra.

Phase II will commence November 1, 2004 with the drilling of eight shallow and two deep Bow Island/Sunburst tests. These wells together with three standing wells should be tied into the 5-25-9-6W4 compressor station by year end. Net production should reach 200 boe/d with these tie-ins. Additional lands are being acquired regularly and several additional farm ins are being pursued in the area.

Ferrier / Brazeau

The Brazeau well is on stream and producing at 800 mcf/d with 150 bbls/mmcf of associated liquids.

In Ferrier, the five original wells continue to produce @ 1.5 mmcf/d (gross) with 60 bbls/mmcf of associated liquids.

Of the additional six wells drilled in Ferrier, one oil well has been tied in, two gas wells are in the process of being tied in, two gas wells are being evaluated, and one well is uneconomical and will be abandoned.

Current production is 300 boe/day.

Drilling plans are proceeding for one oil well and one gas well for Q4/’04 and an additional one oil well and one gas well for Q1/’05. Management expects 600 boe/d (6-1) total production with these new wells.

Smoky Heights / Paradise

No development plans are in place for either Smoky Heights (Grande Prairie) or Paradise.

July 6, 2004

MEDICINE HAT

130 Sections 50% working interest

20 wells are tied into the compressor station with 5 wells down waiting for workovers. Due to the extremely wet spring, road bans are still in place. The 14 producing shallow wells currently average 80 mcf/d per well at the wellhead. A Sawtooth well is also tied in and producing at 200 mcf/d.

Water rates are still high; however, a water disposal well is operational and the gathering system has eliminated all water trucking and disposal costs.

Management has decided to watch production for the summer and providing rates stay stable a 30 well development program will commence.

FERRIER

27 Ѕ Sections, working interest 10% to 50%

A 10.0 mmcf/d gas plant has been constructed and put on stream May 15, 2004. 5 wells are currently tied into the plant with seven additional wells currently being drilled which will also be tied into the plant. Current gross production is 2.3 mmcf/d with liquid recoveries of 35 bbl/per million cubic feet.

A new 6 section block has been aquired to the northwest of the existing production through a farmin deal with Burlington. Of the 6 section block, 1 ј section is owned outright by Yangarra and the remaining 4 _ sections are earning sections with company interests of 20% BPO and 10% APO. The first well will spud in late July.

BRAZEAU

1 Section, working interest 25%

A 3000m Rock Creek test is standing cased awaiting completion and tie in.

GRANDE PRAIRIE AND PARADISE

Projects have been put on hold due to limited success.

Deals are pending on other minor interest properties.

February 14, 2004

Medicine Hat
130 Sections – 50% working interest

A 4.0 million cubic feet per day gas plant and gathering system was completed and onstream December 21, 2003. 19 wells are currently tied in with 14 operating at this point. Debottlenecking has been required on the gathering system and this process is ongoing. Current gross production is 1.8 million cubic feet per day.

Currently we are drilling a Sunburst Test well, a Water Injection well, and 4 more shallow wells. As water rates are initially quite high, a water transfer system and injection well are key to low operating costs. The water system should be operational by mid March.

Optimization of the current wells have begun. The 5 shut-in wells and 2 of the new shallow wells will be operational by the end of March.

Phase II planning is currently underway and additional lands are being acquired in the area.

Ferrier
9 Sections – 50% working interest
12 sections – 24.375% working interest

4 wells are drilled to date (100% success) with one currently drilling and three more wells planned prior to breakup. The wells are targeting the Ostracod, Ellerslie and Rock Creek zones at depths of +2600 meters. These wells typically costs $1.5 million drilled, cased, completed and tied in. The area is characterized by long life, liquid rich gas with low operating costs ($3.00 boe). Average wells for the area produce 1-3 mmcf/day with 35 bbls liquids per million. Plans are underway to access plant capacity.

Grande Prairie
5 Sections – 33 1/3 % working interest
5 Sections – 50% working interest

A Kiskatenau well is scheduled for drilling March 1, 2004. This is a high risk, high reward shot at a well potentially capable of 10-20 mmcf/day. The cost of drilling and acquiring land is low relative to the upside potential.

Paradise
7 Ѕ sections – 50% working interest

1 well drilled to date. Test results show heavy oil plugging with associated low productivity. A second well is licensed and will drill as soon as a rig is procured. An agreement has been reached with a producer in the area to partner on a new gas plant. The decision to go ahead will be contingent on the success of the second well.

November 15, 2003

Medicine Hat
A 17 well shallow gas drilling program has been completed the week of November 15th 2003. All wells have been completed and fraced. The initial rates are encouraging. A 18 well gathering system and a 4.0 million cubic feet a day gas plant are slated to kick off November 17th 2003 with an expected on stream date of December 10th 2003.

Ferrier
One well has been drilled and completed to date with an expected on stream date of February 28th 2004.

Three more locations have been picked and drilling will commence once these locations are ready.

East Central Alberta
The first well will spud November 18th 2003 with 2 follow up wells identified.


Formed through the merger of Yangarra Resources Inc. And TriOil Ltd

Business Line
Engaged in the exploration, development and production of oil and natural gas
Subsidiary
ATHABASKA ENERGY LTD
Advisor
MEYERS NORRIS PENNY LLP
IPO date
8/21/1985
US SIC Code
1311
Company Address
Suite 1530
715, 5th Avenue South West
City province or state postal code
T2P 2X6, CALGARY, AB
Phone: +1 403 262 9558
Fax: +1 403 262 8281
Country address: CANADA
Website url: www.yangarra.ca