Outlook Resources Inc.

Outlook Resources Inc.

March 23, 2006 15:21 ET

Outlook Announces Further Debt Settlement

TORONTO, ONTARIO--(CCNMatthews - March 23, 2006) - Outlook Resources Inc. ("Outlook" or the "Company") (TSX VENTURE:OLR) is pleased to announce that a further $77,000 of debt will be settled for common shares priced at $0.06 per share. The debt relates to legal fees rendered by a firm of which William R. Johnstone, Corporate Secretary and a director of the Company, is a partner. The insider debt settlement is exempt from the valuation and minority shareholder approval requirements of OSC Rule 61-501 (the "Rule") by virtue of the exemptions contained in section 5.5(2) and 5.7(2) of the Rule in that the fair market value of the consideration for the securities of the Company to be issued does not exceed 25% of its market capitalization. These securities will be subject to a one year voluntary escrow from Closing.

The transaction set out herein is subject to approval from the TSX Venture Exchange.

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

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