Panic at boot after converting the root file-system to software raid

Issue

After converting my single disked root file-system (/) to software raid, the machine kernel panics at boot time

  Reading all physical volumes.  This may take a while...
  No volume groups found
  Volume group "VolGroup00" not found
Unable to access resume device (/dev/VolgRoup00/LogVol01)
mount: could not find filesystem '/dev/root'
setuproot: moving /dev/ failed: No such file or directory
setuproot: error mounting /proc: No such file or directory
setuproot: error mounting /sys: No such file or directory
Kernel panic - not syncing: Attemted to kill init!