Outlook Resources Inc.
TSX VENTURE : OLR

Outlook Resources Inc.

January 18, 2007 11:52 ET

Outlook Proposes Debt Settlement

TORONTO, ONTARIO--(CCNMatthews - Jan. 18, 2007) - Outlook Resources Inc. ("Outlook" or the "Company") (TSX VENTURE:OLR) wishes to announce that it is in the process of arranging debt settlements, which if completed, will greatly reduce its liabilities and better position the Company to move forward with its enterprises.

The Company has negotiated Non-Arm's Length (NAL) settlements with John Bottomley and Dennis Patkau for Management Services and Advances to fund prior Company obligations and with Gardiner Roberts LLP, the Company's current legal counsel, and Johnstone & Company, the previous legal counsel, to settle outstanding legal fees and disbursements all at $0.05 per share. Overall the total amount of debt to be settled is $777,542.

Additionally, the Company is negotiating a settlement with an Arm's Length ("AL") creditor that will involve a combination of cash, shares priced at $0.05 per share and convertible debt totalling $238,000 to avoid legal action.

The Company intends to settle other Arm's Length creditor debts in conjunction with the debts discussed here and will detail those proposals in subsequent releases as they are finalized. These may include as much as $150,000 in total also to be settled at $0.05 per share.

The NAL Settlements are subject to receipt of disinterested shareholder approval which will be sought at a special meeting of shareholders proposed for March 5th, 2007. The AL Settlements and the NAL Settlements are also subject to the approval of the TSX Venture Exchange.

The NAL Settlements are exempt from the valuation and shareholder approval requirements of Ontario Securities Commission Rule 61-501 (the "Rule") by virtue of the exemptions contained in sections 5.5 2 of the Rule and 5.7(1) 2 in that the fair market value of the shares being issued pursuant to the NAL Settlements does not exceed 25% of the Company's market capitalization.

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

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