Hoodoo Hydrocarbons Ltd.

Hoodoo Hydrocarbons Ltd.

March 09, 2005 13:50 ET

Hoodoo Announces 2004 Year-end Reserves


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: HOODOO HYDROCARBONS LTD.

TSX VENTURE SYMBOL: HOO

MARCH 9, 2005 - 13:50 ET

Hoodoo Announces 2004 Year-end Reserves

CALGARY, ALBERTA--(CCNMatthews - March 9, 2005) - Hoodoo Hydrocarbons
Ltd. (TSX VENTURE:HOO) ("Hoodoo" or the "Corporation") is pleased to
announce the results of its 2004 year-end reserves evaluation. Hoodoo
retained Ryder Scott Company to update its previous reserves evaluation
of the Corporation's shut-in South Swan Hills property. In addition,
Hoodoo closed the acquisition of a private company on December 29, 2004
and subsequently engaged Paddock Lindstrom & Associates Ltd. to update
its previous reserves evaluation of the private company. As a result of
the acquisition, the Corporation exited 2004 with approximately 37 boepd
of production.

The reserves evaluation of Hoodoo's assets as of December 31, 2004 by
both of the qualified engineering consulting firms was prepared
utilizing the methodology and definitions set out under National
Instrument 51-101 ("NI 51-101"). Highlights of the combined reserves
reports include:



December 31, 2004
---------------------------------------------------------------------
- Total proved reserves (mboe) 361
- Total proved plus probable reserves (mboe) 1,005

- NPV (10%) of Total proved reserves ($M) 2,652
- NPV (10%) of Total proved plus probable reserves ($M) 9,926


The following tables summarize certain information contained in the
combined year-end reserves report. The year-end reserves presented
herein include the Corporation's working interests before royalties and
gross overriding royalty interest reserves and use forecast price and
cost assumptions. Where volumes are expressed on a barrel of oil
equivalent ("boe") basis, gas volumes have been converted to boe at
6,000 cubic feet per barrel (6 mcf/bbl).



RESERVES SUMMARY TABLE - FORECAST PRICES AND COSTS As at
December 31, 2004 (1)

Oil NGL Gas Total
(Mbbl) (Mbbl) (MMcf) (Mboe)
-----------------------------------

Proved
Developed Producing 47 2 204 83
Developed Non-Producing 0 0 71 12
Undeveloped 192 32 248 266
-----------------------------------

Total Proved 239 35 524 361
Probable 433 86 744 644
-----------------------------------
Total Proved plus Probable 673 121 1,267 1,005

(1) Due to rounding, some columns may not add precisely.


NET PRESENT VALUE OF RESERVES - FORECAST PRICES AND COSTS

Hoodoo's crude oil, natural gas and natural gas liquids reserves were
evaluated using the Gilbert Laustsen Jung price forecasts effective
January 1, 2005 and are prior to any provision for income taxes,
interest, debt service charges, general and administrative expenses, but
include the Alberta Royalty Tax Credit, and are reduced for estimated
future abandonment costs and estimated capital for future development
associated with the reserves. It should not be assumed that the
discounted future net production revenues estimated herein represent the
fair market value of the reserves.



As at December 31, 2004 (1) Discounted at
-----------------------------------
0% 5% 10% 15%
($M) ($M) ($M) ($M)

Proved
Developed Producing 1,798 1,446 1,223 1,069
Developed Non-Producing 184 152 127 106
Undeveloped 3,168 2,018 1,303 835
-----------------------------------
Total Proved 5,150 3,616 2,652 2,010
Probable 15,777 10,173 7,274 5,569
-----------------------------------
Total Proved plus Probable 20,927 13,789 9,926 7,580

(1) Due to rounding, some columns may not add precisely.


Additional reserves disclosure as required under NI 51-101 will be filed
on SEDAR.

Hoodoo Hydrocarbons Ltd. is a public junior oil and gas company engaged
in the acquisition, exploration, exploitation and production of
petroleum and natural gas in western Canada. Hoodoo is listed on the TSX
Venture Exchange under the symbol "HOO" but has been suspended from
trading since July 2003.

The Corporation expects to receive regulatory approval to reinstate
trading of its common shares and will meet minimum listing requirements
for a Tier 2 oil and gas issuer on the TSX Venture Exchange following
the closing of the private placement announced on March 7, 2005.

CAUTIONARY STATEMENTS

The information in this news release includes certain information and
statements about management's view of future events, expectations, plans
and prospects that constitute forward looking statements. These
statements are based upon assumptions that are subject to significant
risks and uncertainties. Because of these risks and uncertainties and as
a result of a variety of factors, the actual results, expectations,
achievements or performance may differ materially from those anticipated
and indicated by these forward looking statements. Although Hoodoo
believes that the expectations reflected in forward-looking statements
are reasonable, it can give no assurances that the expectations of any
forward looking statements will prove to be correct. Hoodoo disclaims
any intention and assumes no obligation to update or revise any forward
looking statements to reflect actual results, whether as a result of new
information, future events, changes in assumptions, changes in factors
affecting such forward looking statements or otherwise.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Hoodoo Hydrocarbons Ltd.
    Mr. Douglas Meiklejohn
    Chief Executive Officer
    (403) 232-1405
    Email: dmeiklejohn@hoodoo.ca
    or
    Hoodoo Hydrocarbons Ltd.
    Mr. Kurt Miles
    President and Chief Operating Officer
    (403) 232-1406
    Email: kmiles@hoodoo.ca
    or
    Hoodoo Hydrocarbons Ltd.
    Suite 750, 635-8th Avenue S.W.
    Calgary, AB T2P 3M3
    (403) 232-1409 (FAX)
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.