NKW Oceanic Wind Energy Inc

NaiKun Wind Energy Group Inc. (TSX VENTURE:NKW) continued in its most recent
financial quarter to realize significant progress and achieved key milestones in
the development of Canada's first offshore wind energy project, in British
Columbia's Hecate Strait.


"Our most significant milestone in the quarter was the Environmental Assessment
Certificate issued by the provincial government," said Paul Taylor, NaiKun
Wind's President and CEO. "The NaiKun Wind project is now one of only a handful
of projects participating in BC Hydro's Clean Power Call to have been granted a
provincial certificate."


The Environmental Assessment Certificate was granted on December 10, 2009, by
the British Columbia Environmental Assessment Office, marking 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.


During the quarter, NaiKun Wind signed a Letter of Intent with Danish firm MT
Hojgaard covering the design, supply and installation of foundations,
inter-array cables and other key project elements. MT Hojgaard is a leading
marine contractor for offshore wind energy projects in Europe.


Haida Enterprise Corporation (HaiCo), on behalf of the Council of the Haida
Nation, continued during the quarter to pursue the opportunity to acquire up to
40 per cent of the project.


Also, during the quarter, there were a number of actions taken by the B.C.
Government to support the growth of the renewable energy sector in the province.
On October 28, 2009, the Provincial Government provided direction to BC Hydro to
end its reliance on its Burrard Thermal generating facility. As well, on
November 2, 2009, the B.C. government announced the establishment of a Green
Energy Task Force to maximize the province's clean power potential, including an
electricity export policy.


"The Provincial Government's recent actions to support the development of the
renewable energy sector are very encouraging," said Taylor. "We look forward to
the awarding of contracts under the Clean Power Call in the very near future and
to understanding how the Green Energy Task Force's recommendations will
contribute to the development of successful power procurement in B.C."


During the quarter ended December 31, 2009, NaiKun Wind incurred a net loss of
$1.46 million ($0.04 net loss per share), compared to a net loss of $3.70
million ($0.09 net loss per share) for the quarter ended December 31, 2008. As
at December 31, 2009, NaiKun Wind had $11.52 million in cash and cash
equivalents, compared to $14.29 million at the end of September 2009.


The Company will continue efforts to preserve cash and ensure that its cost
structure is affordable while sustaining business objectives. The current
project plan will see operating revenue from the project begin to flow in the
second half of 2013, and the Company continues to seek opportunities to
complement this with near-term revenue.


NaiKun Wind Energy Group Inc. is a British Columbia-based renewable energy
company with offices in Vancouver, Masset and Skidegate. The 396MW offshore wind
energy project will generate enough energy to provide electricity to 130,000
B.C. homes and play a significant role in combating climate change. The project
will also create an estimated 200 jobs during construction and 50 permanent jobs
for maintenance and operations. NaiKun Wind is committed to working in
partnership with First Nations and collaboratively with stakeholder groups and
local communities in the development of its project. For more information on
NaiKun Wind, please visit 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.

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