25nl at UB--how many outs?

[stuartharris]

I've played less than 20 hands vs villain. No significant reads. Maybe I should have c-bet, but it seems risky vs 4 opponents. Then I called, counting on implied odds--a mistake, I'm sure. What I'm most interested in is how deeply we should discount our outs once we have it heads up.

Ultimate Bet No-Limit Hold'em, $.25 BB (8 handed) Hand History Converter Tool from FlopTurnRiver.com (Format: 2+2 Forums)

saw flop|<font color="#C00000">saw showdown</font>

Button ($26.85)
SB ($14.29)
BB ($16.11)
UTG ($12.58)
UTG+1 ($13.20)
MP1 ($24.99)
<font color="#C00000">Hero ($13.35)</font>
<font color="#C00000">CO ($5.97)</font>

Preflop: Hero is MP2 with A[img]/images/graemlins/heart.gif[/img], Q[img]/images/graemlins/spade.gif[/img].
<font color="#666666">2 folds</font>, MP1 calls $0.25, <font color="#CC3333">Hero raises to $1.1</font>, CO calls $1.10, <font color="#666666">1 fold</font>, SB calls $1, <font color="#666666">1 fold</font>, MP1 calls $0.85.

Flop: ($4.65) 4[img]/images/graemlins/diamond.gif[/img], 2[img]/images/graemlins/diamond.gif[/img], 3[img]/images/graemlins/club.gif[/img] <font color="#0000FF">(4 players)</font>
SB checks, MP1 checks, Hero checks, <font color="#CC3333">CO bets $2.5</font>, SB folds, MP1 folds, Hero ?????