Outlook Resources Inc.

Outlook Resources Inc.

October 31, 2007 10:24 ET

Outlook Announces Default in Filing Financial Statements and Management Cease Trade Order

TORONTO, ONTARIO--(Marketwire - Oct. 31, 2007) - Outlook Resources Inc. ("Outlook" or the "Company") (TSX VENTURE:OLR) wishes to advise pursuant to Ontario Securities Commission (the "OSC") Policy 57-603 (the "Policy") that it is in default of filing its interim financial statements and MD&A for the nine months ended August 31, 2007 which were to have been filed on or before October 30, 2007 pursuant to relevant securities laws.

The Company has made an application to be granted a Management Cease Trade Order in respect of each individual that is, or was, at any time since the end of the period covered by the last financial statements filed by the Company, namely those in respect of the period ended May 31, 2007, a director, officer or other insider of the company who, during that time, had or may have had, access to material information with respect to the Company that has not been generally disclosed.

The Management Cease Trade order is revocable within 15 days if the Company files the required financial statements, MD&A and certifications within that time period. It is anticipated that such filings will occur within the 15 day time frame.

Mr. John Bottomley, President and Chief Executive Officer of Outlook advises that he accepts full responsibility for missing the deadline and is working diligently to ensure the Statements are completed and filed no later than November 6, 2007.

The Company intends to satisfy the provisions of the Alternate Information Guidelines as set out in the Policy for as long as it remains in default.

Should the Company fail to SEDAR file its financial statements on or before December 31, 2007, the OSC will impose a cease trade order that all trading in securities of the Company cease for such period specified in the OSC order.

Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. The use of the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by the Company with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as productivity of the Company's Aquaculture Operations, changes in demand for and prices for the products of the Company or the materials required to produce those products, labour relations matters, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements. Shareholders are cautioned not to put undue reliance on such forward-looking statements.

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

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