TSX-V: YGR www.yangarra.ca

February 2011

Corporate Presentation

Forward Looking Information

Statements in this presentation may contain forward-looking information including expectations of future production andcomponents of cash flow and earnings. Forward looking statements or information are based on current expectations,estimates and projections that involve a number of risks and uncertainties which could cause actual results to differmaterially from those anticipated by the Company and described in the forward looking statements or information. Theserisks and uncertainties which may cause actual results to differ materially from the forward looking statements orinformation include, among other things: general economic and business conditions; the risk of instability affecting thejurisdictions in which the Company operates; the risks of the oil and natural gas industry, such as operational risks inexploring for, developing and producing crude oil and natural gas and market demand; the possibility thatgovernment policies or laws may change or governmental approvals may be delayed or withheld; risks and uncertaintiesinvolving geology of oil and natural gas deposits; the uncertainty of reserves estimates and reserves life; the ability of theCompany to add production and reserves through acquisition, development and exploration activities; the Company’s abilityto enter into or renew leases; potential delays or changes in plans with respect to exploration or development projects orcapital expenditures; the uncertainty of estimates and projections relating to production (including decline rates),

Yangarra – January 2011 2

capital expenditures; the uncertainty of estimates and projections relating to production (including decline rates),costs and expenses; fluctuations in oil and natural gas prices, foreign currency exchange rates and interestrates; risks inherent in the Company’s marketing operations, including credit risk; health, safety and environmental risks;and uncertainties as to the availability and cost of financing. Readers are cautioned that the foregoing list is not exhaustiveof all possible risks and uncertainties.

The reader is cautioned not to place undue reliance on this forward-looking information. The forward looking statements orinformation contained in this presentation are made as of the date hereof and the Company undertakes no obligation toupdate publicly or revise any forward looking statements or information, whether as a result of new information, futureevents or otherwise unless required by applicable securities laws. The forward looking statements or information containedin this presentation are expressly qualified by this cautionary statement.

Introducing Yangarra

Publicly listed junior oil and gas company TSX-V: YGR

Shares OutstandingBasicOptions/Warrants (Weighted avg. price $0.57)

79.9 million17.1 million

Fully Diluted 96.9 million

Management and Director OwnershipBasicFully Diluted

25%31%Fully Diluted 31%

Market Capitalization (Based on $0.77 share price) $62 million

Preferred Shares $1.0 million

Bank Debt ($14.5 million credit facility) $10.0 million

December 2010 average production Approx. 975 boe/d

CAPEX spent in 2010 $26.0 million

CAPEX budget for 2011 $50.0 million

Yangarra – January 2011 3

*All amounts prior to the completion of the recently announced $15 million bought deal financing

Management and Directors

Directors• Gordon Bowerman – Lead

DirectorFounder of several successful private and public oil and gas companies

• Arthur Dumont – Independent Director

Management/Officers• Jim Evaskevich – President & CEO

30 years extensive executive experience with strong operations background

• Dan Helman, P.Eng. - VP Exploitation28 years of diversified oil and gas engineering experience, including reservoir indepth evaluation and optimization

• Robert Weir- Independent Director

• Joseph Durante – Independent Director (MD of Toscana Capital)

• Jim Evaskevich – Director

• Jeff Dyck – Corporate SecretaryPartner Gowlings

optimization• Ron Gardiner, P.Geol. – VP Exploration

30 years experience exploring and developing oil and gas reservoirs, skills conducive to horizontal drilling

• James Glessing, CA – CFOExecutive and financial experience with North Peace Energy Corp, BlackRock Ventures and Deloitte

Yangarra – January 2011 4

Company Highlights

• $50 million drilling budget for 2011- 31 gross (13.7 net) wells

Significant 2011 Capital program

• Total of 103 gross (45 net) drilling locations

Expanding Drilling Inventory

• 15% gross S/S override on 11 sections of existing Glauconite

Significant Override in place

Yangarra – January 2011 5

• 15% gross S/S override on 11 sections of existing Glauconiteand Cardium lands in Willesden Green

• Ability is adapt quickly and implement new horizontal drilling and fracturing technologies

Advancements in Technology

• Liquids Rich Gas Stream significantly improve economics

High Netbacks

Company History

Date Event

Dec 31, 2009 Completed corporate restructure

Mar 1, 2010 Purchased 15% gross S/S override on 11 sections

Mar 10, 2010 $6 million equity raise ($0.375)

Mar 17, 2010 Drilled initial Yangarra Glauconite well

Yangarra – January 2011 6

May 26, 2010 $2.1 million flow-through raise ($0.55)

Jun 28, 2010 $1.9 million raise ($0.60 FT & $0.56 equity)

Oct 25, 2010 Willesden Green/Ferrier acquisition

Oct 28, 2010 $13 million raise ($0.75 FT & $0.65 equity)

Dec 21, 2010 $14.5 million credit facility in place

Feb 14, 2011 $15 million equity raise ($0.73) – expected to close early March 2011

Key Corporate Strategies

• Lower operating costs through

operational presence and cost efficiencies

• Maintain control over infrastructure

• Maximize netbacks with liquids rich targets

• Maintain flexibility in implementation of• Maintain flexibility in implementation of

new technology

• Continue to grow drilling inventory through drilling, geology and strategic acquisitions

• Focus within core multi-zone areas

Yangarra – January 2011 7

Pictures

Testing Yangarra’s firsthorizontal Glauconite well

6-3-41-7W5

Testing13-2-41-7W5

Yangarra – January 2011 8

Core Areas (Alberta, Canada)

Willesden Green / Ferrier

• Interest in 45+ Sections of land

• 28,000+ acres

• Multi-zone potential

• 10 horizontal wells drilled

• Focus area for 2011 capital budget

Yangarra – January 2011 9

Medicine Hat

Willesden Green/Ferrier

Jaslan

Edmonton

Calgary

Rocky Mountain House

Medicine Hat

• Interest in 123 sections of land

• 40+ producing wells

Jaslan

• Interest in 17+ sections of land

Willesden Green/Ferrier – Multi Zone Potential

Cardium5m thick

Colorado Group650m thick

Second White Specks30m thick

Viking5m thick5m thick

Glauconitic20m thick

Ellerslie10m thick

Rock Creek15m thick

Yangarra – January 2011 10

Fracturing Technology

Yangarra – January 2011 11

Rock Seal Ball

Port

Impact of Liquids-Rich Gas

$1.12

$1.60

$1.62

$6.00

$7.00

$8.00

$9.00

$10.00

$/m

cf

Condensate Value

Butane Value

Propane Value

Heating Value Adjust

Dry Gas

$8.98/mcf

Yangarra – January 2011 12

$0.64

$1.12

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

Glauconite

$/m

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$3.80/GJ

January 1, 2011 pricing on liquids

2010 Drilling Summary

• Drilled six locations in 2010

• Four wells on production at year-end

• Averaged over 975 bbl/d for December 2010

• 180% increase from 2009Location HZ Length Fracturing

Program

Working Interest (w.i.)

IP Length Production

06-03-41-7W5 Glauconite 710 m 8 stages 100% w.i. IP 30 602 boe/d06-03-41-7W5 Glauconite(operated)

710 m 8 stages 200 tonne

100% w.i. IP 30 602 boe/d

09-20-41-7W5 Cardium(non-operated)

699 m 5 stages 150 tonne

68.15% w.i. plus 15% override

IP 30 85 boe/d

07-20-41-7W5 Cardium(operated)

725 m 8 stages 200 tonne

68.15% w.i. plus 15% override

IP 30 324 boe/d

13-02-41-7W5 Glauconite(operated)

1,106 m 12 stages 300 tonne

68.15% w.i. plus 15% override

IP 30 760 boe/d

14-36-37-8W5 Cardium(operated)

550m 6 Stages

300 tonne

100% w.i. IP 30 TBD

1-20-41-7W5 Cardium(operated)

1,067m 12 Stages

240 tonne

68.15% w.i. plus 15% override

IP 30 TBD

Yangarra – January 2011 13

Future Location Inventory

Total of 103 gross (45 net) wells

• Significant increase in locations from 2010

• Potential locations in multiple separate zones

• Drilling test wells in several other prospective tight sandstone reservoirs in 2011 on the existing land base in Willesden Green/FerrierWillesden Green/Ferrier

• Completing geology on other liquids rich natural gas targets

Zone Gross Locations Net Locations

Glauconite 32.0 gross 13.24 net

Cardium 29.0 gross 12.61 net

Other zones 42.0 gross 19.15 net

Yangarra – January 2011 14

$50 million capital budget for 2011• 21 gross (11.1 net) operated wells

• 10 gross (2.6 net) non-operated wells

• $26 million spent in 2010 (92% increase in 2011)

• Capital allocated for infrastructure and land/asset purchases

2011 Budget Highlights

• Drilling in several different zones at Willesden Green/Ferrier

Credit Facility increased to $14.5 million• Credit facility combined with production revenue and recently

announced equity financing will fully fund the 2011 capital budget

Strong Debt Ratios• Debt to equity ratio remains strong throughout 2011

Yangarra – January 2011 15

Glauconite - Willesden Green/Ferrier

• 25 km wide x 200 km long

• Sandstone very fine to fine grained with varying shale content

• Porosity: 3 – 12%

• Permeability: 0.01 - 1 md

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• Permeability: 0.01 - 1 md

• Horizontal drilling and multi-stage fracturing facilitated economic development in lower permeability areas

Yangarra – January 2011 16

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Porosity Trends

15% Override Land

Glauconite - Willesden Green/Ferrier

Yangarra Land

HoadleyGlauconiteBarrier Island Complex

3D Seismic

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GLAUCONITIC PRODUCING WELLS IN RED

6-2-41-7 U.SAND HAS 7-8% POROSITY AND 0.1 TO 0.5 md

PERMEABILITY IN CORE . L. SAND 10-12%POROSITY,0.2 TO

0.6 md

10-35-40-7 HAS CUMULATIVE PRODUCTION OF 745 MMCF GAS.

LOGS SHOW 5 METERS > 6% POROSITY WITH AN 11% STREAK

YANGARRA'S FIRST HORIZONTAL GLAUCONITIC WELL AT 6-3-41-7. IP30 602 BOE/d

T41T41

R6W5R7R8

32 locations

(13.2 net)

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10-34-40-7 CLEAN SAND WITH HIGH

RESISTIVITY. HOLE WASHED OUT .

ESTIMATE FROM SP AND GR 12.4 METERS

OF POROUS SAND. PRODUCES 70 MCF/D

AND 2 BBLS/D OIL

POROSITY WITH AN 11% STREAK

YANGARRA 13-19 WELL

HAS 11 METERS OF 9-10% POROSITY ON LOGS

11-21 WELL HAS 14m PAY > 6%

POROSITY. CUMULATIVE

PRODUCTION OF 32 MMCF

RECENT BONAVISTA GLAUC

HORIZONTAL. FLOWING

GAS AT RESTRICTED RATE.

3D SEISMIC

FERRIER/WILLESDEN GREEN

GLAUCONITIC SAND TREND

T40T40

R6W5R7R8

Yangarra – January 2011 17

(13.2 net)

15% Override

on 11 sections

Access to

facilities

Glauconite – Generic Type Curves & Economics

Yangarra – January 2011 18Note: Taken from Bonavista Energy Trust’s corporate presentation

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LOWER

CARDIUM

UPPER

CARDIUM

Harvest 9-20 IP30 85 BOPD

Bellatrix 13-19IP38 412 BOPD IP180 107 BOPD

Yangarra 1-20recent drill

Yangarra 7-20 IP30 324 BOPD

T41

T42

T43

T41

T42

T43

R4W5R5R6R7R8R9R10

Cardium - Willesden Green/Ferrier

• 29 locations (12.6 net)

• 15 % override on 12 locations

• Extent of upper and lower Cardium >6% porosity

Willesden Green

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29 gross potential

horizontal locations

WILLESDEN GREEN-FERRIER

EXTENT OF PROSPECTIVE AREAS

Only Cardium producing wells plotted

1.5

ABS

western edge of Cardium A sand

Yangarra 14-36

Angle 16-27, 3rd month prod 1267mcf/d,222 bbls oil/d

K

T37

T38

T39

T40

T37

T38

T39

T40

R4W5R5R6R7R8R9R10

Yangarra – January 2011 19

porosity

Yangarra Land

Upper Cardium

Lower Cardium

Cardium Oil

Ferrier

Cardium – Generic Type Curves & Economics

Yangarra – January 2011 20Note: Taken from Bonavista Energy Trust’s corporate presentation

Summary

• Multi zone potential in the Willesden Green/Ferrier area

• Significant 2011 Capital program

• Expanding Drilling Inventory

• Significant Override in place

• Advancements in Technology

• High Netbacks due to liquids-rich gas

Yangarra - September 2010 21

Appendix

Glauconite Well Analogy00/06-02-041-07W5/0

RR: 1980-01-27

FormTD: PEKISKO

Fluid: N/APOCO ET AL WILLGR 6-2-41-7Mode: Abnd

ProdForm:

KB: 1032.5 m

20665.0m to next well >

2450.00

G L AUC S S2 4 70. 5 (- 14 38. 0) [ TV D] < S >

C O AL

2 4 49. 9 (- 14 17. 4) [ TV D] < U >

2450.00

GL AU CS S24 70 . 5 (- 14 38 . 0) [ TV D ] <S >

CO AL

24 49 . 9 (- 14 17 . 4) [ TV D ] <U >

00/12-26-041-05W5/0RR: 1979-09-15

FormTD: BANFF

Fluid: GasAMOCO WILLGR 12-26-41-5

Mode: Pump

ProdForm: COLRAD,CARDSD

KB: 987.3 m

< 20665.0m to previous well

2170.00

CO AL

21 72. 7 (- 11 85. 4) [ TV D] < U >

GL AUC S S

21 90. 2 (- 12 02. 9) [ TV D] < U >

2170.00

CO AL

21 72 . 7 (- 1 1 8 5. 4 ) [ T V D ] <U >

GL AU CS S

21 90 . 2 (- 1 2 0 2. 9 ) [ T V D ] <U >

Diamond, conventionalCEMENT PLUG

2450

(-1417.5)

2475(-1442.5)

Diamond, conventional

2175(-1187.7)

2200

6% porosity

Upper Glauconitic

6% porosity

100500

Yangarra – January 2011 23

2500.00

OS TCZ

2 4 92. 8 (- 14 60. 3) [ TV D] < U >

G L AUC S S LW R

2 4 84. 0 (- 14 51. 5) [ TV D] < U >

2500.00

OS TC Z

24 92 . 8 (- 14 60 . 3) [ TV D ] <U >

GL AU CS S L WR

24 84 . 0 (- 14 51 . 5) [ TV D ] <U >

2220.00

OS TCZ22 08. 8 (- 12 21. 5) [ TV D] < U >

GL AUC S S LW R

22 00. 9 (- 12 13. 6) [ TV D] < U >

2220.00

OS TC Z22 08 . 8 (- 1 2 2 1. 5 ) [ T V D ] <U >

GL AU CS S LW R

22 00 . 9 (- 1 2 1 3. 6 ) [ T V D ] <U >

Diamond, conventional

(-1442.5)

2500(-1467.5)

2200(-1212.7)

Lower Glauconitic

Base of Glauconitic

• The 6 - 2 well which offsets Yangarra’s 6 - 3 horizontal well shows 7 - 8% porosity and up to 0.5 mdpermeability in the upper sand

• Yangarra’s 6 - 3 well showed 6 - 9% porosity throughout the horizontal section with streaks of 12% porosity in the lower sand

• The 12 - 26 well offsets Bonavista’s 02/01-27-41-5W5 well that had a three month IP of 2.8 mmcf/d. Porosity is 6 - 8% on logs and core in the upper sand. Permeability is 0.05 md to 0.2 md in the upper sand

Cardium Well Analogy

00/13-20-041-07W5/2RR: 2006-06-17

FormTD: NORD

Fluid: OilBIRCHILL WILLGR 13-20-41-7Mode: Pump

ProdForm: CARDSD

KB: 972.5 m

76653.4m to next well >

1970.00

CAR DSD19 7 1.3 (-9 98 .8 ) [T VD] < U >

CAR DSD M ID19 7 7.0 (-1 00 4. 5) [TVD] < U>

1970.00

CAR DSD1 97 1 .3 ( -9 98 .8 ) [T VD] <U >

CAR DSD M ID1 97 7 .0 ( -1 00 4.5 ) [ TVD] < U>

00/12-29-047-02W5/0RR: 2000-08-18

FormTD: ELLERSL

Fluid: N/AEXORO ENERGY PEMBINA 12-29-47-2Mode: Abd & Re

ProdForm:

KB: 912.6 m

< 76653.4m to previous well

1310.00

CAR DSD

1 31 8.6 (-4 0 6.0 ) [T VD] <U >

CAR DSD M ID1 32 2.3 (-4 0 9.7 ) [T VD] <U >

1310.00

CAR DSD

1 31 8 .6 ( -4 06.0 ) [T VD] <U >

CAR DSD M ID1 32 2 .3 ( -4 09.7 ) [T VD] <U >

JET PERFORATION

FRACTURED

1960(-987.5)

1970(-997.5)

1980

1310(-397.4)

1320(-407.4)

6%porosity6% porosity

UPPER CARDIUM

LOWER CARDIUM

1990.00

BL A CKSTN19 8 5.7 (-1 01 3. 2) [TVD] < U>

1990.00

BLA CKSTN1 98 5 .7 ( -1 01 3.2 ) [ TVD] < U>

1340.00

BLA CKSTN1 32 9.8 (-4 1 7.2 ) [T VD] <U >

1340.00

BLA CKSTN1 32 9 .8 ( -4 17.2 ) [T VD] <U >

1980(-1007.5)

1990(-1017.5)

1330(-417.4)

1340

(-427.4)

CARDIUM

BASE OF LOWER CARDIUM

CARDIUM WELL ANALOGY

This vertical well offsets the best east Pembina horizontal producer, Bonterra 8-30-47-2, which had an average 3 month oil IP of 317 BOPD and is currently 227 BOPD. The upper sand appears to be conglomeratic, based on the low density reading. It likely has porosity in the 12-15% range and good permeability in the 50 to 100md range.

Yangarra interest vertical well which had an average 3 month oil IP of 60 BOPD. Thiswell was completed in the upper sand onlywhich has log porosity of 15-16% and should have permeability in the 40-50 md range.

Yangarra – January 2011 24

• The cross section compares the Yangarra 13-20-41-7W5 vertical well (IP 60 boe/d cum 25,000 bbls, current 24 bopd) with the East Pembina 12-29-47-2W5 vertical well that offsets the Bonterra 8-30-47-2W5 horizontal well

• The Bonterra well had a first three month average daily production of 317 bopd

• The porosity, cleanliness and thickness of the upper sand are very similar to Yangarra’s 13 - 20 well

• The lower sand in the 13 - 20 well will contribute further production

24

Cardium Well Analogy – Section 36-37-8W500/10-36-037-08W5/0

RR: 1980-09-25

FormTD: CARD UPPER

Fluid: OilGRIFFON FERRIER 10-36-37-8Mode: Flow

TD: 2358.0 m [TVD]

KB: 1070.7 m

8655.4m to next well >

00/16-35-037-07W5/0RR: 2006-01-11

FormTD: BLACKSTN

Fluid: OilCREW FERRIER 16-35-37-7

Mode: Pump

TD: 2255.0 m [TVD]

KB: 1027.0 m

< 8655.4m to previous well

2300.00

CARD2306.8 (-1236.1) [TVD] <U>

CARD UPPER2321.0 (-1250.3) [TVD] <U>

CARD BASE2327.6 (-1256.9) [TVD] <U>

2300.00

CARD2306.8 (-1236.1) [TVD] <U>

CARD UPPER2321.0 (-1250.3) [TVD] <U>

CARD BASE2327.6 (-1256.9) [TVD] <U>

2160.00

CARD2160.0 (-1133.0) [TVD] <S>

CARD UPPER2172.0 (-1145.0) [TVD] <S>

CARD BASE2179.3 (-1152.3) [TVD] <U>

2160.00

CARD2160.0 (-1133.0) [TVD] <S>

CARD UPPER2172.0 (-1145.0) [TVD] <S>

CARD BASE2179.3 (-1152.3) [TVD] <U>

Diamond, conventional

JET PERFORATION

FRACTURED

1

2300

(-1229.3)

2325(-1254.3)

JET PERFORATION

FRACTUREDJET PERFORATION

2150(-1123.0)

2175(-1148.0)

Yangarra – January 2011 2525

BLACKSTN2340.2 (-1269.5) [TVD] <U>

BLACKSTN2340.2 (-1269.5) [TVD] <U>

2210.00

BLACKSTN2193.0 (-1166.0) [TVD] <S>

2210.00

BLACKSTN2193.0 (-1166.0) [TVD] <S>

2350(-1279.3)

2200(-1173.0)

Logs show 2m of 12-14% and 1m at 9% porosity.

Well has produced 32 MSTB and 107 MMcf of gas.

Producing 6 bopd when shut in due to pump

failure. SP permeability looks better than 16-35.

This well offsets recent Angle horizontal wells,

one of which is reported to be producing at

250 bopd and 3 MMcf/d (unsubstantiated).

Logs exhibit 1m at 16%, 1m at 14% and

3m at 9% porosity. Well has produced 7 MSTB

and 74 MMcf of gas.

Medicine Hat

• 90 sections:

− 100% working interest

• 4.0 mmcf/d plant:

− 100% ownership

• Current production:

− 800 mcf/d from vertical wells

Yangarra – January 2011 26

Yangarra Land Yangarra Wells

Jaslan

• Six sections

− 37.5% working interest

− Five wells drilled at 37.5%

• 15 sections

− 100% working interest

− Five wells drilled at 100%

Yangarra – January 2011 27

• 2.9 Mmcf/d compressor station

− 45% ownership

• 100% gas production

• Three Wabamun pools to develop

• Mannville secondary targets present

• 1.5 Mmcf/d current production

Yangarra Land Yangarra Wells

Contact Information

Yangarra Resources Ltd.

1530, 715 – 5 Ave. SW

Calgary, Alberta T2P 2X6

403-262-9558

Yangarra January 2011 28