NKW Oceanic Wind Energy Inc

NaiKun Wind Energy Group Inc. (TSX VENTURE: NKW) has released its financial results for the year ended September 30, 2009, a period of major milestones in the development of Canada's first offshore wind energy project, in British Columbia's Hecate Strait.

NaiKun Wind's activities and accomplishments during the year include the following:

--  The formal submission of the project proposal, on November 24, 2008,
    into BC Hydro's Clean Power Call. The 396MW project will harness the
    power of the strong winds in Hecate Strait using up to 110 turbines
    installed several kilometres off the eastern shore of Haida Gwaii
    (formerly the Queen Charlotte Islands). The project will produce enough
    clean, renewable power to meet the electricity needs of 130,000 B.C.
    homes, and will also help the province meet its goals for the reduction
    of greenhouse gas emissions and electricity self-sufficiency. In
    addition to creating a wide variety of local jobs, the project will
    support economic development on Haida Gwaii and eliminate the islands'
    reliance on diesel generators for electricity.

--  The signing of a limited partnership agreement, on January 29, 2009,
    between NaiKun Wind subsidiary NaiKun Wind Operating Inc. and the
    Council of the Haida Nation to create an equal partnership which will
    operate and maintain the project after construction. The comprehensive
    limited partnership agreement provides for extensive benefits to the
    Haida Nation, including a revenue stream from the partnership,
    environmental stewardship, and employment and economic development
    opportunities. The agreement formalizes the relationship between the
    Haida Nation and NaiKun Wind which has been ongoing since 2002, and
    builds on an earlier agreement signed by the two parties in May 2007.

--  The acceptance, on May 20, by the British Columbia Environmental
    Assessment Office of NaiKun Wind's application for an Environmental
    Assessment Certificate, which led to the granting of a provincial
    Environmental Assessment Certificate on December 10, 2009. The issuance
    of the Certificate marks the culmination of over six years of extensive
    environmental studies, analysis and community consultation. The federal
    government's decision on the environmental assessment application is
    expected in early 2010. The Haida Nation has also undertaken an
    environmental assessment of the project. The NaiKun Wind project is one
    of only a handful of projects in the Clean Power Call to have been
    granted a provincial Environmental Assessment Certificate.

--  The signing of a Memorandum of Understanding (MOU), on August 13, with
    the Haida Enterprise Corporation (HaiCo), acting on behalf of the Haida
    Nation. The MOU provides HaiCo with the opportunity to acquire up to 40
    per cent of the wind energy project. The acquisition is consistent with
    the original objective of bringing in a strategic equity partner that
    can contribute to the success of the project. The Haida Nation is
    currently evaluating the opportunity and seeking the support of the
    federal government for the proposed ownership position.

As at September 30, 2009, NaiKun Wind had $14.29 million in cash and cash equivalents, compared to $27.94 million at the end of September 2008.

During the year ended September 30, 2009, NaiKun Wind incurred a net loss of $11.77 million ($0.30 net loss per share), compared to a net loss of $12.80 million ($0.35 net loss per share) for the year ended September 30, 2008.

The Company's financial statements include a restatement for prior year comparative figures relating to the accounting for the tax implication of renunciated flow-through share expenditures and the timing of the associated interest charges. This restatement is disclosed in the notes to the Company's financial statements. On the comparative figures as at September 30, 2009, the restatement results in a decrease to the future income tax liability of $4.0 million, an increase in accounts payable and accrued liabilities of $0.2 million, and a decrease in deficit of $3.8 million, as compared to amounts previously reported. This restatement also results in the recording of a future income tax recovery of $3.5 million and an interest expense of $0.2 million for the year ended September 30, 2008. KPMG LLP has audited NaiKun Wind's consolidated balance sheet as at September 30, 2009 and the consolidated statements of loss, comprehensive loss, and deficit and cash flows for the year then ended and issued an unreserved opinion on these financial statements. In addition, KPMG LLP has audited the adjustments resulting from the restatement and find that the adjustments in all material aspects are appropriate and properly applied.

In the new fiscal year key milestones for NaiKun Wind include the issuance of Electricity Purchase Agreements by BC Hydro under the Clean Power Call, the finalization of arrangements with equity partners, and the finalization of the project financing plan.

NaiKun Wind Energy Group Inc. (TSX VENTURE: NKW) is a B.C.-based renewable energy company that is traded on the TSX Venture Exchange. Additional information is available on NaiKun's website: www.naikun.ca.

Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf.

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

Contacts: NaiKun Wind Energy Group Inc. - Media Enquiries Doug McClelland Director, Communications 604-631-4487 dmcclelland@naikun.ca NaiKun Wind Energy Group Inc. - Investor Enquiries Peter Murray Manager, Investor Relations 604-631-4494 pmurray@naikun.ca www.naikun.ca