Outlook Resources Provides Fourth Default Status Report

TORONTO, ONTARIO -- Outlook Resources Inc. ("Outlook" or the "Company") (TSX VENTURE: OLR) is providing this bi-weekly Default Status Report in accordance with National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"). On March 27, 2009, the Company announced that there would be a delay in filing its Annual Audited Consolidated Financial Statements ("Annual Financial Statements") and Management Discussion & Analysis ("MD&A") for the Company's financial year ended November 30, 2008 (collectively, the "Financial Disclosure") within the 120 day period prescribed for the filing of the Financial Disclosure for reasons disclosed within that announcement.

In accordance with NP 12-203, and as previously announced, the Company applied to the applicable securities commissions and regulators for a Management Cease Trade Order related to the Company's common shares to be imposed against certain of the Company's executive officers instead of a general Cease Trade Order being imposed against all securities of the Company. On March 31, 2009, the Ontario Securities Commission issued a temporary Management Cease Trade Order which imposes restrictions on the former Chief Executive Officer, John Bottomley, with respect to trading in and acquiring securities of the Company for a period of fifteen days from the date of the temporary Management Cease Trade Order. The temporary Management Cease Trade Order became permanent on April 13, 2009.

If the Financial Disclosure is not filed by May 30, 2009, the applicable securities commissions or regulators may impose a general Cease Trade Order. A general Cease Trade Order may be imposed sooner if the Company fails to satisfy the provisions of the Alternative Information Guidelines required pursuant to NP 12-203 (the "Alternative Information Guidelines").

The Company is working with its auditors to complete the audit of the Company's Annual Financial Statements as soon as possible and now anticipates filing the Financial Disclosure by May 29, 2009. Until its Financial Disclosure is filed, the Company intends to continue to satisfy the Alternative Information Guidelines by issuing bi-weekly Default Status Reports, each of which will be issued in the form of a press release.

The Company reports that since its original announcement on March 27, 2009 and its First Default Status Report on April 14, 2009, its Second Default Status Report on April 28, 2009 and its Third Default Status Report on May 12, 2009, there have not been any material changes to the information provided therein other than as described herein nor any failure by the Company in fulfilling its stated intentions with respect to satisfying the Alternative Information Guidelines. The Company is also in default of filing its interim financial statements and MD&A for the first quarter ended February 28, 2009 (the "Interim Financial Statements") which were to be filed on or before April 29, 2009 pursuant to relevant Securities Laws. The Interim Financial Statements cannot be completed and filed until the Financial Disclosure has been completed and filed. The Interim Financial Statements are substantially completed and will be filed immediately following the filing of the Financial Disclosure.

In addition to the information disclosed herein, there has not been any other specified default by the Company under NP 12-203, nor are any anticipated and there is no other material information concerning the affairs of the Company that has not been generally disclosed.

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 the Company's products, the availability of funding, and the anticipated costs of 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, except as required by law. Actual events or results could differ materially from the expectations and projections.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts: Outlook Resources Inc. Errol Farr President & CEO (647) 296-1270 errolf@sympatico.ca

SOURCE: Outlook Resources Inc.

mailto:errolf@sympatico.ca

Related terms: ceo, construction, executive, law, ontario, president, products, securities, toronto, trade