Using the repository

Edit /etc/apt/sources.list.d/mydist.list:

deb http://localhost mydist main
	

Import the key:

wget -qO- http://localhost/key|sudo apt-key add -

And see that your package is indeed available for download:

sudo apt-get update
sudo apt-cache policy hello
hello:
  Installed: (none)
  Candidate: 2.7-2
  Version table:
     2.7-2 0
        500 http://osmirror.rug.nl/ubuntu/ precise/main amd64 Packages
     2.7-1 0
        500 http://localhost/ mydist/main amd64 Packages