Outlook Resources Inc.
TSX VENTURE : OLR

Outlook Resources Inc.

May 13, 2008 08:26 ET

Outlook/Prairie Bio Energy Transaction Terminated

TORONTO, ONTARIO--(Marketwire - May 13, 2008) - Outlook Resources Inc. (TSX VENTURE:OLR) wishes to announce that Prairie Bio Energy Inc. ("PBE"), of La Broquerie, Manitoba has terminated the acquisition agreement announced in the Press Release dated January 28, 2008. The agreement, which was to have closed by March 27, 2008, was extended to May 9, 2008 to allow Outlook additional time to raise the funds for the acquisition pursuant to the offering announced on March 25, 2008. Unfortunately the Company was unable to do so in the current market. The May 9, 2008 deadline was extended by PBE to 5 p.m. on May 12, 2008 pending last minute discussions by Outlook with an investor group but an agreement could not be reached in time to meet the May 12 deadline. Outlook is obligated to pay PBE $666.67 per day from the signing of the agreement to the termination date but otherwise has no further commitments to PBE.

About Outlook Resources Inc.

Outlook remains dedicated to the development of ecologically sound, Renewable Energy projects that result in environmentally sustainable alternatives to traditional fossil fuels that do not compete with food.

Outlook has approximately 88.5 million shares issued and outstanding listed on the TSX Venture Exchange under the symbol "OLR".

To find out more about Outlook Resources (TSX VENTURE:OLR), please visit our website at www.outlookresources.com.

The statements made in this press release include forward-looking statements that involve a number of risks and uncertainties. These statements relate to future events or future performance and reflect management's current expectations and assumptions. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements, such as the economy, generally, the demand for Outlook's products, the availability of funding, and the anticipated costs of Outlook's plant construction and operation. These forward-looking statements are made as of the date hereof and Outlook does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the expectations and projections.

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

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