Hoodoo Hydrocarbons Ltd.

Hoodoo Hydrocarbons Ltd.

June 10, 2005 18:03 ET

Hoodoo Closes $3.75 Million Private Placement

CALGARY, ALBERTA--(CCNMatthews - June 10, 2005) - Hoodoo Hydrocarbons Ltd. (TSX VENTURE:HOO) ("Hoodoo" or the "Company") is pleased to announce that, it has closed its previously announced non-brokered private placement to 37,500,000 common shares at a price of $0.10 per common share, for gross proceeds of $3,750,000. Proceeds from the private placement will be used to address the Company's initial anticipated expenses under its previously announced participation agreement, with the balance allocated for general working capital purposes. All common shares issued are subject to a four-month hold period expiring on October 11, 2005. In addition, those common shares purchased by management and directors of the Corporation and subscribers purchasing in excess of 10% of the issued and outstanding common shares of the Corporation are escrowed pursuant to the terms of a TSXV Form 5D Value Escrow Agreement.

About the Company

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. Hoodoo anticipates that, following completion of the private placement, it will meet the minimum listing requirements for a tier 2 oil and gas issuer on the TSXV and trading in its common shares will be reinstated.

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 the Company 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. The Company 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.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

Contact Information

  • Hoodoo Hydrocarbons Ltd.
    Mr. Douglas Meiklejohn
    Chief Executive Officer
    (403) 232-1405
    Email: dmeiklejohn@hoodoo.ca
    Hoodoo Hydrocarbons Ltd.
    Mr. Kurt D. Miles
    President and Chief Operating Officer
    (403) 232-1406
    Email: kmiles@hoodoo.ca
    Hoodoo Hydrocarbons Ltd.
    Suite 750, 635 - 8th Avenue S.W.
    Calgary, AB T2P 3M3
    (403) 232-1409