Mr. Michael O'Connor reports

OCEANIC WIND ENERGY ANNOUNCES EXTENSION OF MOU WITH MING YANG SMART ENERGY

Oceanic Wind Energy Inc. has extended its memorandum of understanding (MOU) with Ming Yang Smart Energy Group Ltd. regarding a proposed $120-million investment in Oceanic Wind's Hecate Strait offshore wind project in British Columbia.

The extension reflects the parties' continued interest in evaluating a potential strategic partnership to advance the Hecate Strait project, which has the potential to make a significant contribution to British Columbia's future clean electricity supply.

Proposed $120-million strategic investment

Under the MOU, Ming Yang is evaluating potential participation through equity or debt financing, a strategic partnership, project-level financing, or a joint venture. The proposed $120-million investment represents a potential opportunity to support the development of the Hecate Strait offshore wind project.

The parties intend to continue discussions and due diligence as they assess the project's technical, environmental and commercial parameters, and potential investment structure.

Michael O'Connor, president and chief executive officer of Oceanic Wind Energy, commented:

"We are pleased to extend our MOU with Ming Yang Smart Energy and continue advancing discussions regarding a proposed $120-million investment in our Hecate Strait offshore wind project.

"Hecate Strait offers an exceptional offshore wind resource, with years of wind-measurement data confirming average wind speeds exceeding 10 metres per second. Of particular importance to British Columbia, the project is expected to achieve a winter capacity factor of approximately 65 per cent, during the season when B.C. Hydro's need for electricity is greatest.

"We believe that combining this outstanding natural resource with Ming Yang's expertise in wind energy technology and project development presents a compelling opportunity to advance offshore wind energy in British Columbia. We look forward to continuing our discussions as we work toward realizing the potential of this important project."

The project is being evaluated for phased development; the first phase being approximately 600 megawatts; with the potential to provide approximately 1.5 to 2.0 gigawatts (GW) of generating capacity, subject to further engineering, environmental assessment, regulatory approvals and project development.

Advancing offshore wind energy in British Columbia

The Hecate Strait offshore wind project is being advanced by Oceanic Wind Energy Inc. in collaboration with Coast Tsimshian Enterprises (CTE), which is owned by the Metlakatla and Lax Kw'alaams First Nations.

The project represents a significant opportunity to develop British Columbia's offshore wind resources, support the province's growing demand for clean electricity, and create potential economic and employment opportunities through the development of a new renewable energy industry on the North Coast.

The MOU is non-binding, except for its confidentiality provisions. The proposed investment is not committed financing, and any potential transaction remains subject to due diligence, negotiation and execution of definitive agreements, and any applicable approvals. There can be no assurance that a transaction will be completed.