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News out this morning for Qualibou Energy (OTC: QALB). New power deal that is anticipated to generate an initial $12Million in annual revenues and $100Million as project is fully developed.

Qualibou Energy Signs Term Sheet for Power Supply to LUCELEC

HENDERSON, Nev., Jul 28, 2010 (GlobeNewswire via COMTEX) -- Qualibou Energy, Inc. (Pink Sheets:QALB) today confirmed that it will deliver all electricity from phase one of its geothermal power project to St Lucia Electricity Services Limited (LUCELEC). LUCELEC is the sole electric utility of St Lucia since being founded in 1964.
"We recently finalized a Term Sheet for the Power Purchase Agreement (PPA) with LUCELEC which contains all principal commercial terms under which power will be delivered," said Stephen Baker, CEO of Qualibou. "The PPA will follow in due course. Initial revenues are anticipated to be US$12 million growing to over US$100 million as the project is fully developed."

St Lucia has a peak electricity demand of 56 Megawatts and LUCELEC currently generates all of the electricity consumed on St Lucia through diesel generation. Geothermal power will cut St Lucia's carbon footprint significantly, enhancing its exotic destination reputation.

"LUCELEC is recognized as an industry leader throughout the Caribbean," added Mr. Baker. "We are very fortunate to have such a high quality utility to deal with and look forward to a very long relationship with LUCELEC."

Qualibou Energy, Inc. is an emerging renewable energy company with a growth strategy emphasizing greenfield developments. The company's first geothermal concession is located on St Lucia with a development goal of 120 Megawatts. The Company's proven and probable reserves are 170 Megawatts or 60.1 million barrels of oil equivalent (BOE).

On behalf of the Board of Directors

'Stephen Baker' President & CEO Qualibou Energy, Inc.

For further information about the company, please visit our website at www.qualibou.com.

The Qualibou Energy, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7763

Safe Harbor: Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the safe harbors created thereby. The Company is a development stage company who continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.

This news release was distributed by GlobeNewswire, www.globenewswire.com

SOURCE: Qualibou Energy, Inc.