We’ve liked the idea of an ad network that makes it easy for place bloggers, local news sites and others to combine their audiences for advertisers wanting to target on a hyperlocal basis. The Sacramento Press has been working on this. And Outside.in was developing something along these lines before it was acquired by AOL. Now we have Local Yokel, which is being developed by former Yahoo, AOL Media Nets and DoubleClick exec Dick O’Hare.

O’Hare tells us that the New Canaan, Connecticut-based company has already signed up 200 blogs and community papers in the New York DMA and is getting checks from advertisers that he’s got lined up. There is also some activity in the Bay Area. The network is seeing 3 million page views per month, and expects to have 10 million by the end of September.

The development of the network currently relies on self-serve, but Local Yokel will ultimately have three sales channels, adds O’Hare: Self-serve, direct sales and on a limited basis, “the right resellers.” “We don’t want to turn this into ReachLocal, he says. “We are more of an inventory specialist.”