PAST PRIVATE PLACEMENT RESULTS FOR HALO RESOURCES!

Press Release December 24th, 2004

HALO CLOSES ON $6.37 MILLION FINANCING

VANCOUVER, BRITISH COLUMBIA, December 24th, 2004 Halo Resources Ltd. (TSX.V: HLO, OTC.BB: HLOSF) is pleased to announce that it has closed on its brokered financing with Canaccord Capital Corporation and Pacific International Securities Inc. announced November 24th, 2004. The Company issued 4,317,951 flow-through units ("FT Unit"), at a price of $0.95 per unit, and 2,673,530 non-flow-through units ("NFT Unit"), at a price of $0.85 per unit, for total gross proceeds of $6,374,554. The agents exercised their over allotment option to increase the offering from the base deal of $5,450,000.

Each FT Unit will consist of one common share and one-half share purchase warrant. Each whole share purchase warrant entitles the holder to acquire one additional share of the Company for a period of two years, at a price of $1.25 during the first year, and at a price of $1.50 during the second year. Each NFT Unit will consist of one common share and one share purchase warrant. Each whole share purchase warrant entitles the holder to acquire one additional share of the Company for a period of two years, at a price of $1.10 per share during the first year, and at a price of $1.35 during the second year.

As consideration for acting as Agents, the Company has paid a cash commission of $478,092 and issued 699,147 Agents' warrants, with each Agents' warrant exercisable, at a price of $1.05, into a common share for a period of two years from closing. The Company also issued 40,000 corporate finance units, each unit comprised of one common share and one-half share purchase warrant, each such warrant having similar terms as the warrants issued under the NFT Units.

The net proceeds of the placement will be used for exploration and development and for general working capital purposes.

Halo Resources Ltd. (TSX.V:HLO/OTC.BB: HLOSF) is a Canadian-based resource company focused on the acquisition of near production base and precious based metal deposits. 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. Website: www.halores.com

ON BEHALF OF THE BOARD

"Marc Cernovitch"
Vice President Corporate Development

For more information contact:

Marc Cernovitch
Vice President Corporate Development
Tel: 604-601-8208
Fax: 604-601-8209


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