Hoodoo Hydrocarbons Ltd.

Hoodoo Hydrocarbons Ltd.

March 07, 2005 14:19 ET

Hoodoo Announces Private Placement and Addition of Director


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: HOODOO HYDROCARBONS LTD.

TSX VENTURE SYMBOL: HOO

MARCH 7, 2005 - 14:19 ET

Hoodoo Announces Private Placement and Addition of
Director

CALGARY, ALBERTA--(CCNMatthews - March 7, 2005) - Hoodoo Hydrocarbons
Ltd. (TSX VENTURE:HOO) ("Hoodoo" or the "Corporation") is pleased to
announce that it has entered into an agreement with Waterous Securities
Inc. (the "Agent") for the private placement of a minimum gross proceeds
of $1,700,000 and maximum gross proceeds of $5,000,000, on a best
efforts basis (the "Offering"). The Offering will consist of common
shares and flow-through common shares priced at $0.25 per share and
$0.30 per share, respectively. Proceeds from the offering will be used
to fund future exploration and/or development activities and to provide
general working capital for the Corporation. The Offering is anticipated
to close no later than April 30, 2005.

Additionally, the management and directors of Hoodoo are pleased to
announce the addition of Mr. Ken D. MacRitchie to the Board of
Directors. Mr. MacRitchie has 25 years of public oil and gas company
financial experience and expertise, most recently as the Vice-President
Finance and CFO of a private oil and gas company. Previously, Mr.
MacRitchie was the Vice-President Finance and CFO of two public oil and
gas companies, with prior experience as a public company CEO, and
fourteen years as a banker to the oil and gas industry. Mr. MacRitchie
brings proven strengths in strategic planning, risk management and
corporate governance.

The completion of the Offering and the addition of Mr. MacRitchie to the
Board of Directors is subject to receipt of all required regulatory
approvals including the approval of the TSX Venture Exchange.

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 this private placement.

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.

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.
    Suite 750, 635-8th Avenue S.W.
    Calgary, AB T2P 3M3
    (403) 232-1409 (FAX)
    or
    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
    Waterous Securities Inc.
    Ms. Hilary A. Foulkes
    Managing Director
    (403) 261-4241
    Email: hfoulkes@waterous.com
    or
    Waterous Securities Inc.
    Mr. Rick Eremenko
    Director
    (403) 261-2374
    Email: reremenko@waterous.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.