Halo Resources Ltd.
FRANKFURT : HRL
OTC Bulletin Board : HLOSF
TSX VENTURE : HLO

Halo Resources Ltd.

September 29, 2005 17:53 ET

Halo Resources Ltd.: Corporate Update

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 29, 2005) - Mr. Marc Cernovitch, President and CEO of Halo Resources Ltd. (TSX VENTURE:HLO)(OTCBB:HLOSF)(FWB:HRL) is pleased to announce that further to the Company's news release of September 22, 2005, the Company has closed on an additional 357,000 flow-through common shares at $0.70 per share and closed on an additional 83,000 units at $0.60 per unit, with each unit consisting of a share and a warrant to purchase an additional share at $0.70 for two years. There is a finder's fee of 7.5% cash and 44,000 warrants having the same terms as the private placement warrants. This completes the Company's financing, in the aggregate, the Company has placed 1,980,166 units at $0.60 per unit and 3,293,070 flow-through common shares at $0.70 per flow-through common share. The Company is well financed to implement its work programs on its various properties.

The Company is also pleased to announce that Mr. James Paterson has joined the Company's advisory Board. Mr. James G. Paterson is an Assistant Vice-President within the Corporate Lending Group of GE Commercial Finance, a provider of leveraged finance to public and private companies. From September 2002 to December 2003, Mr. Paterson was an Associate with Digital Coast Partners, a Santa Monica, California-based investment bank, providing merger and acquisition advisory services to private companies within the business services industry. From January 2001 to September 2002, Mr. Paterson was an Associate with Banc of America Securities, a full-service, New York-based investment bank, providing capital raising and merger and acquisition advisory services to private and public companies within the financial services industry. From August 1999 to January 2001, Mr. Paterson was an Associate with Donaldson, Lufkin & Jenrette, a full-service, New York-based investment bank, providing capital raising and merger and acquisition advisory services to private and public companies within the insurance industry. Since August 2005, Mr. Paterson has been a Director of Galleria Opportunities Inc. a public company listed on the NEX board of TSX Venture. Mr. Paterson is a twelve year veteran of the investment banking and leveraged finance industry. He received an Honors Bachelor of Arts degree in Business Administration from the Richard Ivey School of Business at the University of Western Ontario in 1994 and a Masters of Business Administration from the Stephen M. Ross School of Business at the University of Michigan in 1999.

The Company has also concluded a Fiscal Advisory Services Agreement with Canaccord Capital Corporation and will, subject to regulatory approval, issue 85,715 units, which each unit comprising a share and a transferable warrant exercisable at $0.75 per share for a period of two years.

Options to purchase 655,000 common shares at $0.75 per share for a term of three years have been granted.

Halo Resources Ltd. is a Canadian-based resource company focused on the acquisition of near production base and precious base metal deposits. Currently the Company owns or has an interest in 3 projects: Duport, which is an advanced stage gold project; Bachelor Lake, which is a gold exploration project with, and a letter of intent regarding Quarter Moon, which is a grass roots gold project. The Company is operated by an experienced management team and backed by a strong network of mining financiers. The Company's growth strategy is to develop a diversified portfolio of advanced mining projects.

ON BEHALF OF THE BOARD

Marc Cernovitch, President and CEO

Except for the historical statements contained herein, this news release presents forward-looking statements that involve inherent risks and uncertainties. Although the management and officers of Halo Resources Ltd. believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, they give no assurance that their expectations will be achieved. Certain risks and uncertainties inherent in the Company's operations include political, economic, environmental and geological issues, including but not limited to, the continued need for additional capital, the competition within the mining industry, and other risks detailed from time to time in the Company's periodic reports filed with the British Columbia Securities Commission.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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