AWESOME! I've been trying to remember the name of this game for almost a decade, and couldn't remember what it was called (if you don't know the name of an obscure indie title, it makes it nigh impossible to find)! The last time I played this was back when I had an old Softkey 40 Games CD-ROM on my Windows 98! (probably same CD as you mentioned)
It doesn't really play much like Outpost does; I think. It plays more like a simplified "time/turn-based" equivalent of Master of Orion (Time can be accelerated), if I recall properly. You control multiple colonies, deal with certain events (depends on the choices you make which determines which events you encounter) and send resources from one colony to the other, with I believe the end goal of surviving some calamity.
On side note: Did you enjoy the version of Gravity Well (by software engineering) that came on that disc? It also had a few more commonly known Steve Moraff titles (the less common, were the dungeon crawlers I enjoyed, such as Dungeons of the Unforgiven)