Outlook Resources Inc.

Outlook Resources Inc.

April 17, 2008 12:40 ET

Outlook Resources Applauds Manitoba's Proposed Kyoto Commitment Legislation

SELKIRK, MANITOBA--(Marketwire - April 17, 2008) - Outlook Resources Inc. (TSX VENTURE:OLR) ("Outlook" or "the Company") today commented on proposed provincial legislation announced on April 11, 2008, whereby Manitoba would legislate reductions in greenhouse gas emissions backed by a $145 million investment over four years to enable the province to meet its Kyoto commitment by 2012. If passed, Outlook and ultimately its Prairie Bio-Cube® customers, would qualify as recipients of cash and/or Carbon tax credit incentives from the government's programs for its carbon-neutral biomass fuel and diversion of wastes from landfills, of approximately $2 million dollars annually commencing in July, 2011(i).

President and CEO of Outlook, John Bottomley, commented "Premier Doer's announcement is very encouraging to Manitobans, Canadians, North Americans and our Company. Through the government's pledge of real dollars to support corporations and agribusinesses converting to alternative fuels and reducing emissions, Premier Doer has corroborated Manitoba's goals by taking real and measurable steps forward toward a cleaner environment and a prosperous green economy. The province is the first in North America to propose such legislation categorically supporting its Kyoto obligation. We are very proud to be based in Manitoba."

Adding to voices supporting Premier Doer's proposal is noted environmentalist David Suzuki, who said, "I congratulate Manitoba for taking a leadership role on climate change. Not only will Manitoba's efforts help reduce harmful emissions but it sets a positive example for other provinces and territories to follow."

Outlook has entered into an agreement to acquire a 75% interest in Prairie Bio Energy Inc. ("PBE") (please see news release dated January 28, 2008). PBE is the developer of an innovative, patent-pending conversion process that creates a proprietary renewable fuel product ("Prairie Bio-Cubes®") out of a combination of agricultural, municipal and industrial residues. These residues or wastes, which would otherwise have ended up in landfills, are instead converted into a renewable energy product that is essentially carbon-neutral. Surpassing the energy content of Lignite coal on a Gigajoule per metric tonne basis, Prairie Bio-Cubes® can deliver in excess of 17.44 Gigajoules of heat energy per metric tonne without increasing carbon emissions. Outlook has signed an agreement with the waste management giant BFI Canada Inc that will provide Outlook and PBE with a constant supply of non-hazardous processing residues for the production of the Company's Prairie Bio-Cubes®. (please see press release dated February 14, 2008).

Outlook is currently offering up to $6.7 million by way of a non-brokered private placement offering of Units (please see news release dated March 25, 2008). Outlook will own 75% of PBE upon completion of the financing and a payment of $744,000 to retire a consolidated debt on behalf of PBE.

(i) Calculated based on the proposed provincial "CO2 Emissions Tax on Coal" of $10-per-tonne on carbon-dioxide-equivalent emissions offset by 108,000 tons of Prairie Bio-Cubes® being produced each year eliminating the use of more than 108,000 tons of Lignite coal currently being consumed in the province annually. One ton of Lignite coal emits the carbon-dioxide-equivalent of 2 tons of CO2 when burned. Prairie Bio-Cubes® are in fact considered "carbon neutral" due to the carbon sequestered during the growth cycle of the biomass they are produced from.

About Outlook Resources Inc.

Outlook is focused on delivering cost effective alternative energy solutions that will help to improve the quality of our environment. As the cost of using fossil fuels continues to increase, the Company in cooperation with Prairie Bio Energy Inc. and with the assistance of BFI Canada plans to produce a unique renewable fuel product from agricultural, industrial and municipal biomass residues. This renewable fuel product, Prairie Bio-Cubes®, is comparable to Lignite coal in form and use (i.e. heat value and energy potential per pound or kilogram). Prairie Bio-Cubes® are produced by a patent-pending densification process that combines 50% agricultural residues with a mixture of paper, cardboard and wood waste residues. These residues, if simply discarded would otherwise be contributing to our increasing disposal and pollution problems. By diverting these residues from the landfill and using them to create a renewable, carbon-neutral energy product, Outlook has found a unique way to help reduce our reliance on fossil fuel energy sources that in turn reduces CO2 emissions.

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 the website at www.outlookresources.com.

Should you wish to receive Company news via email, please email sasha@chfir.com and specify "Outlook Resources" in the subject line.

Forward-Looking Statements

Except for statements of historical fact, all statements in this news release - including, without limitation, statements regarding production estimates and future plans and objectives of Outlook Resources as well as statements about the proposed Arrangement with Prairie Bio Energy, including the timing, implementation or completion of the Arrangement - are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: risks relating to estimates of production and recoveries of receivables; risks relating to the completion of the PBE Arrangement on its proposed terms, in the time frame proposed or at all; production and operating cost assumptions; development risks and costs; the risk of commodity price fluctuations; political and regulatory risks; and other risks and uncertainties as disclosed under the heading "Risk Factors" in Outlook Resources documents filed from time-to-time with the TSX and other regulatory authorities. Further, any forward-looking statement is made only as of a certain date and the Company undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or reflect the occurrence of unanticipated events, except as may be required by applicable securities laws. New factors emerge from time to time, and it is not possible for management of the Company to predict all of these factors and to assess in advance the impact of each such factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement.

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

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