Outlook's Alliance with Econcept, Results in the Formation of Nexum Bio-Energy Corporation.

TORONTO -- Outlook Resources Inc. ("Outlook" or the "Company") (TSX VENTURE:OLR)

Outlook Resources and Econcept Bio-Energy Corp. ("Econcept") are pleased to announce the signing of a Memorandum of Understanding to form a new company to be known as Nexum Bio-Energy Corp. ("NBC") to pursue the mutual development of EnviroPlus(TM) ethanol and bio-gas projects.

Outlook and Econcept will vend their combined interests in four (4) existing ethanol projects and Econcept will vend its interest in a fifth ethanol project plus its one hundred percent (100%) interest in five (5) bio-gas plants associated with the five (5) ethanol projects into the new entity.

Nexum Bio-Energy Corp., will be the exclusive vehicle through which both companies will pursue all future EnviroPlus(TM) ethanol and bio-gas projects.

As part of the signed MOU, Outlook is required to provide $2,000,000 in funding to Nexum Bio-Energy Corp., with $1,000,000 due in 45 days and a further $1,000,000 due within six (6) months. For its contributions of four (4) project interests, project financing for up to 100% debt and $2,000,000 in working capital, Outlook will hold a thirty-five percent (35%) interest in the newly formed Nexum Bio-Energy Corp.

Econcept will in turn hold a sixty-five percent (65%) interest in exchange for providing its project interests and the licensing rights for the EnviroPlus(TM) ethanol/bio gas model to the newly formed Nexum Bio-Energy Corp.

The initial financing for Outlook's interest in Nexum Bio-Energy Corp., will be achieved through the issuance of up to 14,000,000 Outlook common share purchase units at $0.15 per unit to raise gross proceeds of up to two million dollars ($2,100,000). Each common share purchase unit consists of one (1) common share and one (1) share purchase warrant exercisable for a period of eighteen months from closing at a price of $0.30 per share for the first six months; $0.60 per share for the next six months and $0.90 per share for the final six months. These transactions are subject to the approval of the TSX Venture Exchange.

The EnviroPlus(TM) ethanol model brings a unique bio-gas production element to the traditional ethanol industry now operating in numerous locations all over North America. EnviroPlus(TM) Biofuels facilities operate fossil fuel free, and energy independent.

By incorporating unique Anaerobic Digestion technology with proven Ethanol refinery technology, EnviroPlus(TM) ethanol projects produce bio-gas in quantities sufficient for the entire project to operate energy independently. The produced bio-gas is used to produce "Green Power" in the forms of steam and electricity.

The EnviroPlus(TM) bio-gas plants have the capacity to produce more energy in the forms of electricity and steam than is required for the ethanol production and will in turn produce excess electrical power that can be sold into the power grid as a "Renewable" or "Green" electricity.

Nexum Bio-Energy Corp. will initially hold interests in the following five (5) projects:

1. Parkland Biofuels Inc., Grandview, MB

The Parkland Biofuels project, originated by Outlook Resources in 2003, is located near Grandview, Manitoba in the middle of the Parkland region. The Parkland area provides excellent access to both cereal grain feedstock supplies and ethanol markets centrally located between the major urban centres of Saskatoon, Regina, Brandon, and Winnipeg. The selected site, located along the north side of highway #5 and adjacent to the main east - west CN rail line, consists of 55 acres of land located in the Rural Municipality of Grandview.

Over 2.2 million acres of land are in crop production in the Parkland region and there are more the 5,200 farms in the area. Total cereal grain (wheat and barley) acres in the Parkland are over 474,000 (long term average). When surrounding areas are included, total cereal grain acres becomes 1.087 million. Historically the Parkland region has produced some of the lowest cost feed grains in Manitoba and Saskatchewan.

The Parkland project involves the construction and operation of a bio fuels facility with a nameplate capacity of 150 million litres of ethanol and 31.6 Mega Watts of "Green Power" per year. The Feedstock requirements for the Project will be approximately 410,000 metric tons of feed wheat per year, supplied by rail or truck to the Project site. The fuel ethanol production from the plant will be delivered to market via rail cars and fuel transport trucks. Parkland Biofuels has entered into a letter of intent with Plains Marketing, Canada L.P., for up to 100% of the yearly production of Ethanol.

Parkland Ethanol Co-op, a local farmer owned cooperative, has committed to provide Cdn$12.0 million in equity and has agreed to enter into four year, fixed price grain supply contracts in exchange for a twenty-five (25%) interest in the Biofuels project (see Outlook Press Release dated January 13, 2005).

2. North West Bio-Energy Inc., Unity, SK

The North West Bio-Energy project, originated by Econcept in 2004, will be constructed on the site of North West Terminals Ltd. in Unity Saskatchewan. The site offers exceptional infrastructure such as utilities, rail and road access and all feed stock handling components including weighing, cleaning, drying, storage, rail and truck unload and load out capabilities. These attributes make this an ideal location for the production of Ethanol and green power.

Currently North West Terminal Ltd., Unity, SK, holds a 50% interest in the project with Econcept owning 50%.

3. Belledune Biofuels Inc., Port of Belledune, NB

The Belledune Biofuels Project, initiated by Outlook Resources in 2002, involves the construction and operation of a Biofuels plant with a nameplate capacity of 150 million litres of fuel grade ethanol and 31.6 MW of "Green Power".

The Project will be situated in the Renviro Industrial Park at the Port of Belledune, on a heavy industrial zoned property consisting of approximately 65 acres of land. The Port of Belledune is located in the centre of the Atlantic Region, on the south shore of Chaleur Bay, 36 km's north west of the City of Bathurst, New Brunswick.

The Port of Belledune offers both deepwater ship and lake freighter access in addition to rail road facilities on site providing unparalleled access to both supplies of feedstock and markets for ethanol. In addition to the rail and ship facilities, the Port of Belledune is offering the use of an existing 60 million litre tank farm for storage of fuel grade ethanol to the project.

The multiple feedstock supply for the Project will consist of approximately 410,000 metric tons of corn, barley and or feed wheat per year, supplied by ship, rail or truck to the Project site. The production from the plant, Fuel Ethanol, will be delivered to market via rail car and container or tanker ship.

4. CP Biofuels Incorporated, Portage La Prairie, MB

The CP Biofuels Project, initiated jointly by Outlook Resources and Econcept in 2005, involves the construction and operation of a Biofuels plant with a nameplate capacity of 150 million litres of fuel grade ethanol and 31.6 MW of "Green Power".

The Project is located at the Poplar Bluff Industrial Park, in the Rural Municipality of Portage La Prairie, Manitoba. The project is situated on sixty acres of designated land located 2 kilometres west of Portage La Prairie adjacent to the Trans-Canada Highway and bisected by the main line of the CP and CN Rail Systems.

The Feedstock supply for the Project will be approximately 410,000 metric tons of feed wheat per year, supplied primarily by train and augmented by truck to the Project site. The product from the plant, Fuel Ethanol, will be shipped to market via rail car.

Currently the Brokenhead Ojibway Nation of Scanterbury, Manitoba hold a 25% interest in the project in exchange for committing to contribute Cdn$12 million in equity capital to the project. (See Outlook press release dated January 18, 2005).

5. Wales Biofuels Corporation, Milford Haven, Wales

Outlook Resources, with the support of the Welsh Development Agency, has agreed to form Wales Biofuels Corporation for the development of a Biofuels facility in Milford Haven on the southern coast of Wales. Outlook & Econcept have identified a former refinery site on 120 acres of industrial land in Milford Haven and intend to utilize the existing infrastructure, which includes a jetty, railroad access, fresh water, natural gas and electricity, to support the construction of a new state of the art Biofuels facility utilizing the EnviroPlus(TM) model.

Milford Haven is located on the Southern Coast of Wales near Pembroke and is well connected by water, road and rail links. The envisioned facility is designed to improve the environment with the primary goal of supporting efforts to reduce greenhouse gas emissions under the Kyoto Protocol, not just through the increased use of ethanol in automobile fuels, but also through improved methods involved in manufacturing. The Project involves the construction and operation of a Biofuels facility producing 150 million litres of fuel ethanol and 31.6 MW of "Green Power" (electricity) per year.

In summary, the above noted projects will be financed partly through equity contributions from the existing partners that Outlook and Econcept have in three of the projects. Further financing will come from either equipment suppliers and/or third party financing arrangements for up to 100% of the project costs by way of debt financing. The 100% debt financing would be provided in consideration for an equity interest in each project financed.

Outlook currently holds its interest in the various ethanol projects through its subsidiary, Atlantol Industries Inc. ("Atlantol"). Atlantol has $310,000 worth of preferred shares issued and outstanding. Outlook proposes to make an exempted share exchange take-over bid for those preference shares in exchange for Outlook shares priced at $0.15 per share.

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

Outlook Resources Inc. (TSX VENTURE:OLR)