Outlook Resources Inc.
TSX VENTURE : OLR

Outlook Resources Inc.

November 29, 2007 10:41 ET

Outlook Updates Default in Filing Financial Statements and Retains Accounting Firm

TORONTO, ONTARIO--(Marketwire - Nov. 29, 2007) - Outlook Resources Inc. ("Outlook" or the "Company") (TSX VENTURE:OLR) wishes to advise that the interim financial statements for the nine months ended August 31, 2007 have now been filed on SEDAR.

The Company has retained Meyers Norris Penny LLP ("MNP"), a Western Canadian chartered accountancy and business advisory firm, as its accountants. MNP has identified a bookkeeper to prepare the accounting records for Outlook under the supervision of MNP and the financial statements of the Company will be prepared by management, with assistance from MNP commencing with the year end financial statements for November 30, 2007.

Further to its press releases dated October 31, 2007 and November 14, 2007 wherein it advised that it was in default of filing its interim financial statements and MD&A (the "Interim Filings") pursuant to Ontario Securities Commission Policy 57-603 and relevant securities laws, the Company also wishes to advise that having now filed interim financial statements it is now finalizing the MD&A and expects to file it on SEDAR shortly.

The OSC granted a Management Cease Trade Order on November 14, 2007. This Management Cease Trade Order applies to each individual that is, or was, at any time since the end of the period covered by the last financial statements filed by the Company, namely those in respect of the period ended May 31, 2007, a director, officer or other insider of the company who, during that time, had or may have had, access to material information with respect to the Company that has not been generally disclosed.

Should the Company fail to complete the filing of its Interim Filings on SEDAR on or before December 31, 2007, the OSC will impose a cease trade order that all trading in securities of the Company cease for such period specified in the OSC order.

Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. The use of the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by the Company with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as productivity of the Company's Aquaculture Operations, changes in demand for and prices for the products of the Company or the materials required to produce those products, labour relations matters, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements. Shareholders are cautioned not to put undue reliance on such forward-looking statements.

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

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