Outlook Resources Inc.

Outlook Resources Inc.

November 08, 2006 16:42 ET

Outlook Closes Debt Settlement Agreement

TORONTO, ONTARIO--(CCNMatthews - Nov. 8, 2006) - Outlook Resources Inc. ("Outlook" or the "Company") (TSX VENTURE:OLR) wishes to announce that further to its press release of September 7, 2006, it has closed the debt settlement with an arm's-length creditor to settle a total of $31,120.31 in debt for services.

The Company paid the creditor $11,120.31 in cash and issued a total of 133,333 units priced at $0.15 per unit with each unit consisting of one (1) common share and one (1) share purchase warrant entitling the holder to acquire an additional common share at a $0.15 per share for a period of two (2) years.

The securities comprising the Units will be legended and restricted from trading until March 1, 2007.

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

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